Main points of investment:
Maintain and increase holdings. The company's performance forecast for 2021 is expected to achieve a return net profit of 5.9-690 million yuan, a growth rate of 0.31-17.31%, and a growth rate of 1.28-25.99%, deducting non-4.1-510 million yuan, which is better than previously expected. We raised the forecast company's EPS for 2021-23 to 0.52, 0.61, 0.61, 0.61, 0.61, and maintained the target price of 14.9, with a growth rate of 70.17. 11%, maintaining the target price of 14.9 yuan, and maintaining the increase of holdings, we raised the forecast company's growth rate from 0.61 yuan to 0.61 yuan.
Scientific and technological operation and investment incubation contribute to performance growth. Performance growth attribution: 1) benefiting from the continuous improvement of scientific and technological innovation operation capability, basic incubation services and park carrier sales have maintained good growth compared with the same period last year, and profitability has been improved; 2) in the process of providing scientific and technological innovation services, the company has continuously enhanced the ability of investment incubation services, which has promoted the growth and value-added of investment incubation enterprises, and the fair value change income has maintained an increase over the previous year. 3) the scientific and technological innovation service system has achieved remarkable results, and the performance reward income of venture capital funds managed by the company has increased, leading to the growth of business performance.
The competitive advantage of science and innovation service is significant, and there are many projects on hand. 1) relying on the research institute of Tsinghua University in Shenzhen, the company has strong scientific research strength, and the scientific and technological innovation service system has been recognized by the state (won the Special Award for Science and Technology Progress of Guangdong Province in 2014, etc.). There are many cumulative service / incubation enterprises; 2) many reserve projects on hand prove the strong strength:
Qingyan Environment growth Enterprise Board IPO will pass; Lihe Houpu cathode material project; strategic investment in the hydrogen Blue era (independent research and development of automotive hydrogen fuel cell system); refreshed intelligent wireless electronic thermometer has been used in the Winter Olympic Curling World Championships; Digital Cloud provides BIM and digital asset operation services for the buildings and infrastructure of the new smart city. Zhenxiang Technology is engaged in the research and development of naked-eye 3D display, virtual reality and other related products; the source of sequencing is the developer of gene sequencing and diagnostic equipment.
Continue to be optimistic about the application process of Lihe Yunji new materials. 1) the self-killing and antiviral functional material of Lihe Yunji has been used in the epidemic prevention construction of some places of the Winter Olympic Games, following the use of the isolation hotel in Shenzhen, the application of the Winter Olympic Games may form a strong brand endorsement; 2) the epidemic prevention and control efforts have not been reduced. With the promotion of other testing, it is optimistic that the industrialization of new materials is accelerated and the application prospect is broad.
Risk tips: the progress and effect of the project is not as expected, the failure of investment incubation and the risk of project exit, etc.