\u3000\u3000 Runjian Co.Ltd(002929) (002929)
Events
The company released the performance forecast for 2021, and it is expected to achieve an operating revenue of 6.25-6.55 billion yuan, a year-on-year increase of 49-56%; The net profit attributable to the parent company was 341-372 million yuan, a year-on-year increase of 43-56%. 21q4 single quarter revenue of RMB 1.67-1.97 billion, a year-on-year increase of 24-46%; The net profit attributable to the parent company was RMB 90-120 million, with a year-on-year increase of - 10% - 23%.
Our comments are as follows:
Based on the management and maintenance of communication network, the company continues to expand the energy network and information network market, gives full play to the service network covering more than 23 provinces, 200 prefectures and cities and 1200 counties and districts in China, as well as the platform organization and innovation and R & D ability, promotes the sustained and rapid growth of revenue, and the expected scale effect is gradually emerging.
Specifically:
Energy network management and maintenance: the company has achieved rapid growth in business performance in new energy, smart electric energy, power grid digitization and other sectors. In terms of new energy business, the company has strategically cooperated with a number of large energy enterprises, initially formed regional competitive advantages in Guangxi, Sichuan, Guangdong and other provinces, achieved breakthroughs in typical projects such as "roof distributed photovoltaic power generation in Yongfu County, Guilin", landed and reserved a number of photovoltaic operation and maintenance projects, and laid a foundation for long-term growth in the future.
Information network management and maintenance: continue to consolidate and expand cooperation with operators and industry leaders, and form replicable products and solutions in key areas such as cloud and IDC, comprehensive social governance, smart education and extended reality (MR / VR / AR). Give full play to the national personnel and service network, and the information network management and maintenance business has achieved rapid growth. The civil engineering project of Wuxiang Yungu IDC invested and constructed by the company has been completed and will be put into operation in 2022, bringing greater business increment.
Communication network management and maintenance: the company's market share continues to improve, the leading position of private management and maintenance is further consolidated, and incremental orders are expected to continue to land, promoting the continuous growth of the company's communication network management and maintenance business. The company continues to expand business categories such as communication integrated energy management, further expand the market space that can be reached, and then realize the full reuse of personnel and resources. Relying on the fine management of digital management and maintenance platform, the business gross profit margin is expected to increase steadily.
Reiterate the company's core development logic:
As a leader in the management and maintenance of private communication networks, the company has steadily increased its market share, a stable leading position and stable long-term business development. Focusing on the core advantages of the company's technical reserves, customer relations, nationwide service network and strong R & D and innovation ability, the company focused on expanding the business layout of energy network and information network management and maintenance. The new business layout began to enter the harvest period in 21 years, and the quarterly revenue continued to grow rapidly. The company continued to win important orders in the main communication industry, photovoltaic, smart campus and other new business sectors, It shows the company's competitive strength in the four business segments. With the growth of the income scale of the main business segments, the initial investment is expected to continue to be diluted, the income scale continues to increase rapidly, the full reuse of superimposed personnel and resources, and the per capita income and profit of the company is expected to grow steadily. In the future, with the continuous embodiment of scale effect, the overall profitability of the company is expected to continue to increase.
Investment advice and profit forecast:
The company is the leader of private communication network management and maintenance. It has worked hard to expand new business segments such as energy network management and information network management. The business boundary is constantly opened. There are many incremental highlights such as photovoltaic operation and maintenance, VR / AR and smart electric energy. The revenue is expected to achieve a compound growth of more than 30% in the next three years. It is estimated that the net profit attributable to the parent company in 21-23 years will be 360 million yuan, 490 million yuan and 650 million yuan respectively, Reaffirm the "buy" rating corresponding to 16 times and 12 times P / E ratio in 22-23 years.
Risk tip: the downstream demand is lower than expected, the industry competition is higher than expected, the progress of new business is slower than expected, the impact of epidemic situation is higher than expected, the performance forecast is the preliminary result, and the actual performance is subject to the annual report
