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电科数字(600850)2021年三季报点评:业绩增长符合预期 公司结构进一步完善

Telecom Digital (600850) 2021 Third Quarter Report Review: Performance Growth Meets Expectations Further Improvement of Company Structure

民生證券 ·  Nov 5, 2021 00:00

I. Overview of events

On October 30, 2021, the company released the third quarterly report of 2021, and the company achieved operating income of 2.43 billion yuan in the third quarter of 2021, an increase of 19.64% over the same period last year.

II. Analysis and judgment

The company's performance growth rate is in line with expectations.

On October 30, 2021, the company released its third quarterly report of 2021. The company realized operating income of 2.43 billion yuan in the third quarter of 2021, an increase of 19.64% over the same period last year. Net profit belonging to shareholders of listed companies was 94.8992 million yuan, up 1.29% over the same period last year. Net profit belonging to shareholders of listed companies after deducting non-recurring gains and losses was 90.6915 million yuan, down 1.33% from the same period last year; basic earnings per share was 0.2223 yuan The company's performance is growing steadily.

In March 2021, the company launched a major asset restructuring project by acquiring Baifei Electronics and expanding its "cloud-edge-to-end" integrated digital solution. It is proposed to purchase a total of 100% stake in Baifei Electronics from 12 controlling shareholders, including CLP Digital Technology (Group) Co., Ltd., by issuing shares. Through the acquisition of Baifei Electronics, it will help to support the company's ability to form a "cloud-edge-end" integrated digital solution, and form a pattern of "taking the solution as the traction to promote the development of its own products".

The company launched the second phase of the stock option incentive plan, and the company's qualitative change continued to occur. The company launched the second phase of the stock option incentive plan in March 2021. This incentive plan intends to grant 25.123376 million stock options to the incentive object, corresponding to 25.123376 million underlying shares, accounting for about 5.89% of the company's total share capital of 426.852228 million shares on the date of announcement of the draft incentive plan. The number of stock options eventually granted may be adjusted. The company has further improved the governance structure and improved the medium-and long-term incentive mechanism of the combination of corporate incentives and constraints, which is conducive to fully mobilize the enthusiasm of the business backbone of the company.

III. Investment suggestions

This year, the company issued important announcements such as the acquisition of Yaxun Network and Baifei Electronics, the launch of the largest equity incentive in the company's history, in order to enhance the company's key technical capabilities in providing industry solutions, broaden the breadth of digital transformation, and tap the depth of digital transformation. the company is expected to have a revenue of 93.50,107.53 and 12.37 billion yuan respectively from 2021 to 2023, and a net profit of 3.12,4.27 and 505 million yuan. The PE corresponding to the current market capitalization in 2021, 2022 and 2023 is 51,37,32 times respectively, and the EPS is 0.73,1.00,1.18 yuan respectively. Cover for the first time, giving a "recommended" rating.

Fourth, risk tips:

The prosperity of the industry is not as good as expected; the scale of Xinchuang is not as expected; the progress of restructuring is not as expected.

The translation is provided by third-party software.


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