This report is read as follows:
The company combs a clear strategic path, and currently has many reserve projects on hand, continues to be optimistic about the rapid development of scientific and technological innovation business, and hopes to accelerate the industrialization of Yunji new materials.
Main points of investment:
Maintain and increase holdings. The 2021 revenue is 3.01 billion yuan / + 37.8%, the net profit is 630 million yuan / + 7.24%, and the deduction of non-440 million yuan / + 8.5% is in line with expectations. Maintain the forecast for 2022-23 EPS of 0.62 yuan 0.68 yuan growth rate of 140.11%, forecast EPS of 0.76 yuan growth rate of 11% in 2024, maintain the target price of 14.9 yuan, maintain the increase of holdings.
The revenue of science and technology has greatly increased, and minority stakes affect profits. 1) Sub-business format: science and technology income 1.36 billion yuan / + 100% 45%, cosmetic packaging 1.57 billion yuan / + 6% 52%, digital economy industry 45 million yuan 2) Quarterly: Q1-Q4 revenue increased by 30pm 19max 9max 75%, homing net profit increased by 5MB 3725max 12%, deduction of non-profit increased by 173x x 5x x 11m q4, high income increase due to park project carry-over mainly reflected in Q4 (2019/2020Q4 revenue accounted for 35x47%), net profit slightly negative due to the increase in profit and loss of minority shareholders last year (Q4 reflected 100 million yuan) 3) Gross / net interest rate 36.9%/+0.9pct, 26% Maxim 2.7pctMagne ROE 10.28% Maxim 0.7pctmit4) expense rate 19.6% RMB1.6pctwitter5) net cash flow of operation-1.07 billion yuan (- 125 million yuan in the same period last year) due to the increase in capital expenditure for carrier construction of the park.
The strategic path is sorted out clearly and there are many projects in hand. 1) take the incubation ability of scientific innovation as the core engine, focus on strategic emerging areas such as new energy and new materials / digital economy, and form the development concept of "scientific and technological innovation services + strategic emerging industries". 2) continue to invest and incubate in hard science and technology fields such as new materials / digital economy / new generation information technology / intelligent manufacturing / life and health, with a large number of reserve projects such as refreshing intelligence / Lihe Houpu, etc., with a net income of 280 million yuan from fair value changes in 2021.
Lihe Yunji / Digital Cloud Technology, as an important holding subsidiary, is optimistic about the acceleration of future development. 1) Lihe Yunji self-killing antiviral functional material has the advantages of efficacy persistence / security / broad-spectrum effectiveness. It was previously selected into the Winter Olympic Science and Technology epidemic Prevention Project team. So far, it has been used in large-scale stadiums / offices / hotels / banks and other scenarios; recently, many epidemics have repeatedly or accelerated its pace; 2) Digital Cloud Technology has obvious advantages in providing digital solutions for buildings / facilities.
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.