\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 87 Guangzhou Sie Consulting Co.Ltd(300687) )
Event: the company released its 2021 annual report. In 2021, it realized an operating revenue of 1.935 billion yuan, a year-on-year increase of 39.68%; The net profit attributable to the parent company was 224 million yuan, a year-on-year increase of 27.53%; The net profit attributable to the parent company after non deduction was 208 million yuan, a year-on-year increase of 27.84%.
The company released the first quarterly report of 2022, realizing an operating revenue of 492 million yuan, a year-on-year increase of 28.93%; The net profit attributable to the parent company was 14 million yuan, a year-on-year increase of 28.26%; The net profit attributable to the parent company after deduction was 10 million yuan, with a year-on-year increase of 14.17%.
The performance is in line with expectations. In terms of products, the company’s Pan ERP revenue in 2021 was 1.117 billion yuan, a year-on-year increase of 37.07%; The revenue of intelligent manufacturing was 592 million yuan, a year-on-year increase of 43.23%; The income from other businesses was 225 million yuan. After deducting the impact of share based payment expenses of about 36.84 million yuan, the profit growth rate reached 45.6%, and the performance was in line with expectations. In 2021, the gross profit margin of the company’s sales was 35.33%, an increase of 0.43 percentage points year-on-year.
Sufficient orders to further expand customer coverage. In 2021, the company signed more than 2.5 billion new orders, with a year-on-year increase of about 39%, serving more than 800 customers. The sales license contract of self-developed software exceeds 100 million yuan. The company has continuously obtained intelligent manufacturing orders from leading customers in the industry in the fields of semiconductor packaging and testing and medical devices, and the customer coverage has been further expanded.
Policies encourage the development of industrial software industry. In 2021, the Ministry of Industry issued the development plan for software and information technology service industry in the 14th five year plan, which proposed that “key breakthrough in industrial software” is one of the main tasks for the development of software and information services in the 14th five year plan. On September 10, 2021, Shanghai Economic and Information Technology Commission, Shanghai development and Reform Commission and other institutions issued the Shanghai action plan for promoting the high-quality development of industrial software (20212023).
Investment suggestion: the company started with the implementation of ERP and gradually developed into the field of industrial software. Over the years, the company has accumulated profound experience in the field of industrial software. It is estimated that the EPS of 22-24 years will be 0.76, 1.02 and 1.33 yuan respectively, maintaining the “buy” rating.
Risk warning: the progress of industrial software is not as expected; The growth rate of ERP industry slows down; Industry competition intensifies.
