\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 588 Yonyou Network Technology Co.Ltd(600588) )
Event: the company released the first quarterly report of 2021, realizing an operating revenue of 1.279 billion yuan, a year-on-year increase of 5.4%; Net profit attributable to parent company -393 million yuan; The net profit attributable to the parent company after deduction of non-profit is -362 million yuan. Cloud business is growing rapidly. In 2022, the company’s software + cloud business realized a revenue of 1.270 billion yuan, a year-on-year increase of 20.1%. From the perspective of spin off of various businesses of the company:
Cloud business realized a revenue of 748 million yuan, a year-on-year increase of 45.1%. The company’s contract liabilities reached RMB 2.265 billion, including RMB 1.715 billion related to cloud business, an increase of 8.5% over the end of last year, an increase of 39.5% over the end of the first quarter of last year, and RMB 961 million related to subscription, an increase of 13.4% over the end of last year and an increase of 95.5% over the end of the first quarter of last year.
The software business realized a revenue of 522 million yuan, a year-on-year decrease of 3.7%.
Release Lihe plan +. Based on the 2021 Lihe plan, the company will deeply integrate with Huawei, banks, operators and other partners; At the same time, we will promote the joint plans of leading enterprises such as Tencent cloud, Alibaba cloud, China Mobile Shanghai Research Institute, China Mobile Suzhou Research Institute, Tsinghua University, Jinke industry, Ping An International Smart City, Zhejiang Dahua Technology Co.Ltd(002236) and build a model project to build an industrial ecosystem.
Repurchase is used for equity incentive, spin off UFIDA and go public. The company announced that it plans to buy back 600-1 billion yuan of shares from March 11, 2022 to March 10, 2023 at a repurchase price of no more than 32.4 yuan / share for equity incentive for future employees. The proposed spin off of its subsidiary UFIDA Automotive Information Technology (Shanghai) Co., Ltd. is listed on the science and innovation edition, which has been approved by the Shanghai Stock Exchange. As of April 13, 2022, the cumulative number of shares repurchased by the company through centralized bidding transaction is 34709463 shares, accounting for 1.01% of the current total share capital of the company, at a cost of 803 million yuan.
Investment suggestion: the company is currently in the stage of increasing cloud transformation, and the company has continued to increase investment since 21 years. It is estimated that the company’s EPS from 2022 to 2024 will be 0.28 yuan, 0.33 yuan and 0.44 yuan respectively, maintaining the “buy” rating.
Risk warning: industry competition intensifies; The equity incentive assessment cannot be achieved; The promotion progress of large enterprises is less than expected.
