Securities code: Yusys Technologies Co.Ltd(300674) securities abbreviation: Yusys Technologies Co.Ltd(300674)
Yusys Technologies Co.Ltd(300674)
Record of investor relations activities
No.: 2022008
Investor relations activity □ research on specific objects □ analyst meeting □ media interview \uf0fe performance description meeting category □ press conference □ roadshow activity □ on-site visit □ others
Organization name participant name organization name participant name
Sinolink Securities Co.Ltd(600109) Zhao Tong China Industrial Securities Co.Ltd(601377) Yang benhong
Sinolink Securities Co.Ltd(600109) Zhou Yongji China Industrial Securities Co.Ltd(601377) Jiang Jialin
China Europe Fund Liu Jinhui China Industrial Securities Co.Ltd(601377) Gui Yang
Harvest Fund Liu Ye Gf Securities Co.Ltd(000776) Wang Qijue
Guoyuan Securities Company Limited(000728) Geng Jun junguohua life insurance Chen Tunan
CICC asset management Zhu Jiansheng Guohua Xingyi insurance Liu Xuming
CICC Asset Management Feng Da China Securities Co.Ltd(601066) securities Yang Ruiqi
Xinhua endowment insurance Xiao Naiyuan Xinda Aoyin fund Wei Zeyu
Xitai investment Chen Mengbi Bauer Sega (Shanghai) investment Zhou Junkai
Ping an endowment insurance Shao Jinming Pengyang fund Luo Cheng
China stock market news securities Fangke pioneer securities Wang xiansen
China International Capital Corporation Limited(601995) Qi Ziying Orient Securities Company Limited(600958) Yin Yi
Name of participant: China Post life insurance Zhu Zhanyu Guohua Xingyi insurance Wang Ting
Xing Zheng Global Fund Lu Shijie Tianjin Yuance investment Zhang Xiaoyu
And name of person: Chang Siyuan of BOCI Securities Changjiang Securities Company Limited(000783) Xiao Zhiyu
Haitong Securities Company Limited(600837) Yanglin Tibet Dongcai fund Bao Goran
CMB international capital Yang xiaoshushang bank fund Li zhunqi
Tianfeng Securities Co.Ltd(601162) Chen Yijiao Xintai life insurance Liu Yue
Sumitomo Mitsui desi asset management Liu Ming hel ved capital Liu Changtai
Shanghai Ruochuan assets Hu Xiaojun Shanghai Linze investment Zhai Yunlong
Qingdao PENGYUAN asset Qin Jianli Centennial insurance Xu JUANJUAN
Huatai Securities Co.Ltd(601688) Guo Yali Yimi fund Yang Zhen
Huachuang securities Meng can Hangzhou Baixi asset management Yu Yuntian
Xinghua fund Gao Weixuan xingyinji jinlao Kaijun
Huatai Securities Co.Ltd(601688) Wang Yawen, Zhu Zhanyu of China Post life insurance
Tianfeng Securities Co.Ltd(601162) Xie yaoyoushan (Shanghai) asset management Liu Hongjie
Haitong Securities Company Limited(600837) Lu Xinyue Xinghua fund Gao Weixuan
Bairong yunchuang Wu Xinghui
Time: 10:00-11:00, April 29, 2022
15:00-16:00, April 29, 2022
Location and form: Beijing; Performance presentation for the first quarter of 2022 (teleconference)
Mr. Dai Shiping, director, chief financial officer and Secretary of the board of directors of the listed company
Name: Ms. Zhou fan, chief securities Officer
Mr. Dai Shiping, director of the company, chief financial officer and Secretary of the board of directors, and Ms. Zhou fan, chief securities officer, explained the performance of the company in the first quarter of 2022:
The operating revenue of the company in the first quarter of 2022 decreased by 2.5% compared with the same period of 2021, and the operating revenue maintained an average annual growth rate of 26% from 2020 to 2022; In the first quarter of 22 years, the company turned losses into profits year-on-year, with a net profit of 1.5974 million yuan, an increase of 27.93 million yuan year-on-year, and a significant growth rate of deducting non net profit.
The company's software business continued to grow, with a year-on-year increase of 24%, and the newly signed contract amount was 530 million, with a year-on-year increase of 25%; The system integration business changed greatly. The revenue in the first quarter was 49.8 million yuan, and the proportion of revenue decreased from 34.74% in the same period of last year to 12% in the first quarter of this year. The reason is that the extreme seasonality in the first quarter of last year and the epidemic this year affected the revenue recognition. The change of system integration revenue led to a year-on-year decrease of 2.5% in the company's revenue and investor relations activities in the first quarter of 2022; The innovative operation business of the company increased by 130% year-on-year, and the revenue accounted for 10%. Due to the decline in the proportion of integrated business and the increase in the proportion of innovative operation, the company's comprehensive gross profit jumped sharply in the first quarter. In terms of segments, the gross profit of software business decreased; The gross profit of system integration business fluctuates by 10%; For innovative business, due to the maturity of digital credit business and controllable cost, the gross profit performance is good.
In the first quarter of 2022, the management expense rate and sales expense rate of the company decreased gradually, and the downward trend was more obvious after excluding share based payment expenses; At the same time, the company maintained a sustained growth in R & D investment in the first quarter, with a year-on-year increase of 14.28%, accounting for 19.18% of quarterly revenue; The number of R & D personnel increased by 1.9% month on month.
In terms of the impact of the epidemic, the uncertainty in time and space caused by the epidemic will affect the company's business delivery and the delay in obtaining new orders. At present, the company ensures remote delivery through VPN and other means. In addition, orders in Jiangsu and Zhejiang have been affected to some extent, but they are now within the controllable range.
Q & a related to this exchange activity:
1. The company contracted integration related businesses in Q1 in 2022, while there were 150 million integration businesses in Q1 in 2021. Would you like to ask whether the company has taken the initiative to shrink this part of the business, or whether the external financial industry Xinchuang has gone through the peak of hardware Xinchuang and entered the stage of software?
A: it's mainly the company's active choice. From the perspective of the company's long-term development, the company is positioned as a software product company, and the gross profit and value embodiment of the integration business are not so obvious. Therefore, in the company's long-term business strategy, we hope to put the company's human resources on more valuable software business.
As of this year, this idea has been implemented and more resources have been invested in software business, operation business and even overseas business. The company's long-term development will be based on the long-term development of the company's projects and better choices.
2. In terms of cash flow, the cash paid for purchasing goods and receiving labor services decreased by more than 300 million, of which the contraction of integration business probably affected 100 million, and how to understand the reduction gap of the other 200 million?
A: in the cash flow statement, the cash received from selling goods and providing labor services decreased by 32% year-on-year. This is mainly affected by the contraction of the integration business, because the integration business in the same period last year has relatively large revenue recognition and cash inflow. Compared with the same period last year, the cash flow of the integration business in the first quarter of this year contracted. If the business is taken apart, the cash inflow of software business increases year-on-year, and the cash inflow of software business is basically consistent with the development of the company's overall business.
3. The economy has been affected by the epidemic in the first quarter, but the company's software business still maintained a steady and positive growth rate, and the growth rate of orders on hand is basically the same as that at the end of 2021. It seems that from the perspective of income and signing, the epidemic has not had a great impact on the company. How does the management interpret this?
A: the impact of the epidemic in the first quarter was mainly at the end of March. From the business situation of the company, the first quarter was relatively normal. This is because the company has cooperated with customers for a long time and has made plans to ensure timely delivery under the epidemic. Therefore, in terms of software revenue, the company can still perform delivery in a timely manner.
In the first quarter of 2022, the company paid close attention to the orders and signing at the beginning of the year, but in fact, the orders and signing on the spot in the Yangtze River Delta must be affected.
In terms of internal layout and management of the company, the growth of personnel and per capita cost have been carefully controlled. In the first quarter, the total number of the company increased by 1.4% compared with the end of 2021, and the number of R & D personnel increased by 1.9%. The company basically stopped recruiting people for management posts, sales posts or other functional posts. The company adopts a proactive strategy, and the specific follow-up measures also depend on the situation.
4. In the innovative operation business of the company, the company has newly launched a full range of solutions for auto finance. Can you share the business model and the value provided by Yuxin?
A: the innovative cloud auto finance solution is still the company's application under the digital credit scenario. It can be understood as a smaller scenario under the C-end digital credit scenario, mainly in the field of auto consumption, which can help banks better evaluate, score and lend to customers in the field of auto consumption. This is actually equivalent to the company having a new business scenario and module, which can help banks better promote digital credit business, support the increase of digital credit scale and loan amount.
This business is at the level of the company's digital credit. In the first quarter of 2022, digital credit is still a business that contributes greatly to the growth of the company's innovative operation business. The company has signed two new banks and launched a whole range of auto finance solutions. At the same time, the company has also launched new platform products at the functional platform level to support banks to increase the scale of digital credit. The company continues to iterate products, platforms and operations.
At the level of innovative operation, the highlight of the company in the first quarter lies in the marketing level. The joint operation project with the two banks has been implemented and achieved good results in the trial operation stage. The subsequent project will be officially launched soon. This grandfather
