This report is read as follows:
Revenue in 2021 is expected to increase by 40.44% and return to the mother by 11.59%. The company's scientific and technological innovation service has a strong competitive advantage. At present, many reserve projects on hand prove that the strength is super and accord with the national strategic orientation. Yunji new material industrialization is expected to accelerate.
Main points of investment:
Maintain and increase holdings. The company revealed its performance in 2021, KuaiBao, with an estimated revenue of 3.067 billion yuan, an increase of 40.44%, a net profit of 656 million yuan, an increase of 11.59%, and a non-net profit of 444 million yuan, which was slightly better than expected.
We raised the forecast company's EPS from 2021-23 to 0.54 prime 0.62 yuan 0.68 yuan (formerly 0.52 prime 0.61 yuan) and maintained the target price of 14.9 yuan and increased holdings by 12%.
The operation of science and technology and investment incubation contributed to the growth of performance, and Q4 income recorded a high increase. 1) Attribution of performance growth:
(1) the scientific and technological innovation ability continues to improve, basic incubation services and park carrier sales maintain good growth, and profitability is improved; (2) continue to enhance the ability of investment incubation services to promote the growth and value-added of investment incubation enterprises; fair value change income growth; 3 Venture Capital Fund performance reward income increase 2) according to the performance Express, Q1-Q4 revenue increased by 30%, net profit by 537%, net profit by 537%, and non-net profit by 173%, respectively. We judge that the high increase in Q4 income or the carry-over of the park / investment project is mainly reflected in Q4 (2019Q4 income accounts for 35%, 2020Q4 accounts for 47%), but the net profit is slightly negative or due to factors such as high base / minority shareholder profit and loss in the same period last year.
Continue to be optimistic about the application process of Lihe Yunji new materials. 1) the self-killing and antiviral functional materials of Lihe Yunji were previously selected into the Winter Olympic Science and Technology epidemic Prevention Project team and used in the Winter Olympic Village / athletes' Restaurant / Nucleic Acid testing Point / Science and Technology Exhibition Hall. Winter Olympic Games application or form a strong brand endorsement, broad application prospects; 2) up to now, the new materials have been used in large stadiums, office buildings, hotels, banks and other scenes 3) recently, the epidemic situation in many places has repeatedly or accelerated the pace of new materials.
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 scientific research strength is strong, and the scientific innovation service system has been recognized by the state (won the Special Award for Scientific and technological Progress of Guangdong Province in 2014, etc.), accumulating many service / incubating enterprises; 2) there are many reserve projects on hand: Qingyan environment; Lihe Houpu; refreshing intelligence; digital cloud interscience; image technology; security source; strategic investment hydrogen blue era (independent research and development of automotive hydrogen fuel cell system) Graphene / biodegradable / semiconductor reserves.
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.