\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 03 Beijing Compass Technology Development Co.Ltd(300803) )
Core view
In the 21st year, the revenue and profit increased steadily, and the intensity of advertising increased. In 2021, the company’s revenue reached 930 million yuan, a year-on-year increase of 34.6%, the net profit attributable to the parent was 180 million yuan, a year-on-year increase of 97.5%, and the net profit deducted from non attributable to the parent was 160 million yuan, a year-on-year increase of 101.9%. From the revenue side, the company’s revenue growth mainly comes from financial information services, mainly relying on the company’s launch of financial information software such as private version and pioneer version. In 2021, the revenue was 860 million yuan, accounting for 92% of the revenue. At the same time, the company used its own flow to guide the securities company to obtain advertising business revenue. In 2021, the revenue was 73 million yuan, accounting for 8% of the revenue. From the profit side, the company’s gross profit margin was 88.1%, which remained at a high level. The sales / management / R & D / financial expenses increased by 30.5% / 17.9% / 17.9% / 4.2% respectively year-on-year. The increase in sales expenses was mainly due to the increase in Internet marketing expenses in 21 years (the advertising expenses in 21 years were 240 million yuan) for customer acquisition.
Revenue grew rapidly in the first quarter, and the forward-looking indicators performed well. The company’s revenue in the first quarter accelerated again, mainly because the company promoted private home products with high value in the first quarter. At present, the company’s main products include private home version with high value (1500020000 yuan), dynamic dragon catching Version (7800 yuan) and dynamic all win Version (1580 yuan). Generally, companies will choose to promote high-value products in the first quarter, so the performance in the first quarter increased rapidly. At the same time, we also performed well from the perspective of forward-looking indicators of the company’s business. In the first quarter, the cash inflow of goods sold was 800 million yuan, an increase of 86.5% year-on-year, the contract liabilities were 48 million yuan (an increase of 07 million yuan over the beginning of the period), and other non current liabilities reached 630 million yuan (an increase of 130 million over the beginning of the period). The company generally records the advance collection of service contracts within one year as contract liabilities, and the service contracts over one year as non current liabilities, These are forward-looking indicators of financial information service products. The rapid growth of forward-looking indicators has also brought a solid foundation for future performance growth.
The acquisition of wechat securities has been gradually promoted, and the synergy can be expected in the future. The company is actively acquiring full license securities firm Wangxin securities, and the current process is advancing steadily. After the acquisition, it is expected to give further play to the synergy between Internet financial information service business and securities business. At present, the company has accumulated a total of 15 million registered users and 1.5 million paid users. At the same time, it spent 240 million to buy customers in 2021. From the revenue growth of the company in the first quarter, it can be seen that the company’s products have strong user stickiness. In the future, it can guide the flow in the brokerage business, as well as the two financial services and funds. With the combination of the company’s Internet-based business philosophy and securities business, it is expected to replicate the rise of China stock market news.
Risk warning: the customer’s ability to get customers decreases; Product viscosity decreases; The acquisition was less than expected.
Investment suggestion: for the first time, give a “buy” rating.
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 324 / 457 / 619 million, with a year-on-year growth rate of 83.7 / 41.2 / 35.5%; Diluted EPS = 0.8/1.13/1.53 yuan, and the current share price corresponds to PE = 58.8/41.6/30.7x. The company is actively acquiring wechat securities and transforming into an Internet brokerage, covering it for the first time and giving it a “buy” rating.
