\u3000\u3 Guocheng Mining Co.Ltd(000688) 111 Beijing Kingsoft Office Software Inc(688111) )
The revenue is in line with expectations, the contract liabilities are growing rapidly, and the income is bright after restoration.
Q1 company achieved an operating revenue of 868 million yuan. A year-on-year increase of 12.26%, which is in line with the overall expectation; The net profit attributable to the parent company was 251 million yuan, a year-on-year decrease of 18.42%; The non net profit attributable to the parent company was 201 million yuan, a year-on-year decrease of 21.78%; The net cash flow from operating activities was 153 million yuan, a year-on-year decrease of 32.76%. The overall contract liabilities (contract liabilities + other current liabilities + other non current liabilities) reached RMB 1.832 billion, with a year-on-year increase of 80.67%. The added value in a single quarter was 150 million. After adding back, the restored income was RMB 1.018 billion, with a year-on-year increase of 24.75%. The restored income was bright.
The C-end grew steadily, institutional subscriptions increased significantly, and the revenue structure was significantly optimized.
China's personal office service subscription business revenue was 426 million, with a year-on-year increase of 36.72%. The number of monthly active equipment of the company's main products was 572 million, with a year-on-year increase of 14.86%, and the growth of customers was steady. The revenue of China's institutional subscription and service business was 145 million yuan, with a year-on-year increase of 78.72%. The "cloud and collaboration" strategy continued to be promoted. The previously released Jinshan digital office platform began to gradually achieve results in the revenue side and business model changes of institutional subscription. The authorized business of Chinese institutions was 232 million yuan, a year-on-year decrease of 10.84%, which was mainly affected by the high base in the same period of last year and the uncertain specific promotion rhythm of the information innovation field in the current period. The subsequent implementation of information innovation may be improved.
The gross profit on the cost side was stable, and the R & D investment increased rapidly.
The gross profit margin of Q1 company is 86.53%, which is slightly lower than 86.91% in 2021. It is generally stable. At present, it has not been affected by the increase of upstream costs. The R & D investment was 305 million yuan, a year-on-year increase of 49.29%, and the proportion of R & D investment increased to 35.19%. The growth of R & D personnel in the early stage has a great impact on the cost growth. At the same time, we believe that this part of new personnel is expected to accelerate the release of human efficiency.
Investment suggestion: maintain the company's revenue forecast of RMB 4.428/59.78/7.951 billion from 2022 to 2024, maintain the net profit forecast of RMB 1.426/19.51/2.603 billion from 2022 to 2024, and maintain the "buy" rating.
Risk tip: the order of Xinchuang is less than expected, the subscription promotion of end C is less than expected, the promotion of new products of end B is less than expected, and the increase of payment penetration is less than expected.
