Incident company released its 2021 semi-annual report: in 2021, the company achieved revenue of 98.97767 million yuan, an increase of 70.94% over the previous year; net profit attributable to shareholders of the parent company was 5.2722 million yuan, up 265.08% year on year; net profit attributable to shareholders of the parent company after deduction was 3.97779 million yuan, an increase of 95.13% over the previous year;
The strategic upgrade achieved phased results, and the volume of enterprise services grew rapidly. As the company's strategic upgrade progressed gradually, the company achieved new breakthroughs in various businesses. In terms of the enterprise acceleration service business, revenue was 60.2644 million yuan during the reporting period, an increase of 98.53% over the same period last year. The number of customers increased 366.67% over the same period last year to 2,800, and year-end contract orders reached 697.88 million yuan, an increase of 201.95% over the same period last year; the enterprise service business achieved revenue of 350795 million yuan during the reporting period, an increase of 54.57% over the same period last year. The number of enterprise service customers was 5,726, an increase of 536.22% over the same period last year; contracts signed at the end of the period were 10,9221 million yuan. An increase of 203.94% over the same period last year.
Continuing to expand its business coverage, Inclusive SME Corporation used Beijing as the group headquarters, centered on Tianjin, Guangzhou, Chongqing, Nanjing, Qingdao, Xiamen and other regions, with digitalization and intelligence as the core, providing digital and intelligent service plans for enterprises, parks and governments, and its business coverage covered the whole country. At the same time, the company continues to expand its coverage of second- and third-tier cities, create industrial incubation systems and resources with the characteristics of each city, and provide urban development services and intellectual property services for the regional layout of a large number of small and medium-sized enterprises. Up to now, there are 59 subsidiary companies and offices in cities, helping enterprises in various regions transform, upgrade and accelerate growth. Up to now, the company has served 106 of the more than 4,000 “specialized innovative enterprises” in the country, and the proportion of services will increase further in the future. It is a “specialized innovative enterprise” serving domestically
A leading company.
The digital transformation and upgrading of enterprises is accelerating, and SaaS service systems are worth looking forward to as digital construction deepens. SaaS services have various advantages such as lower cost and greater convenience. While improving the offline service system, the company has set up a 100-person R&D team to deeply integrate enterprise acceleration services, science and innovation services, intellectual property rights, big data and ecological resources, and continue to build and improve the enterprise service SaaS platform. R&D investment increased 207.96% year-on-year within half a year. The SaaS service system will be launched in Q3, which is expected to increase the company's cost advantage.
Investment recommendations We expect the company's revenue from 2021-2023 to reach 302/514/823 million yuan in that order, an increase of 85%/70%/60% over the previous year. The current market capitalization of 2021-2023 corresponds to 7.15 times, 4.21 times, and 2.63 times PS respectively, maintaining the “recommended” rating.
Risks indicate the risk of market competition; the risk of business development falling short of expectations; policy risks, etc.