Company announcement: revenue of 3.009 billion yuan / + 37.77% (year-on-year, the same below) in 2021, net profit of 631 million yuan / + 7.24%, non-return net profit of 439 million yuan / + 8.50%, net cash flow of-1.069 billion yuan.
The service of scientific and technological innovation has doubled, and the business of new materials has advanced steadily. 1) in 2021, the company's innovation base platform service revenue was 1.028 billion yuan / + 99.07%, and science and technology innovation operation service revenue was 327 million yuan / + 105.01%. Both of them doubled, mainly due to the continuous improvement of the company's scientific and technological innovation operation capability. In addition, in the process of providing scientific and technological innovation services, the company continues to enhance the ability of investment incubation services to promote the growth and appreciation of investment incubation enterprises. to achieve fair value change profit and loss of 280 million yuan / + 230.39% bot 2) the revenue of the new materials industry dominated by Tongxing is steadily rising; 3) the revenue of the digital economy industry is 45 million yuan, compared with less than 10,000 yuan in the same period last year.
The scale effect is significant, and the premium rate has decreased during the period. In 2021, the company period rate 19.60%/-1.60pct, in which the sales rate 3.28%/-0.17pct decreased slightly, and the management rate 9.70%/-2.00pct decreased significantly, mainly due to the economies of scale brought about by rapid revenue growth, R & D rate 3.97%/-0.89pct and financial rate 2.65%/+1.46pct increased. It is mainly due to the increase of interest-bearing liabilities such as external borrowing and issuing bills due to the expansion of scientific and technological innovation business, which leads to an increase in interest expenses and the increase in financing costs recognized by the implementation of the new lease standards.
One of the transformation of scientific and technological achievements-- digital cloud interdisciplinary. Digital Cloud International is jointly established by the BIM team of the School of Software of Tsinghua University and Lihe Science and Technology Innovation Group, in which the company owns 51% of the shares and is committed to providing advanced digital solutions for construction / facilities and digital governance solutions for the construction industry for the new smart city. In 2021, Digital Cloud International provides lifecycle data butler services to key customers such as Shenzhen Futian, Luohu, Longgang, Shenzhen Water Group, Guangming District Huanshui Company, Guangzhou key projects and Foshan Lishui Town project.
The second expert in scientific and technological achievements-- Lihe Yunji. Lihe Yunji was born in the Optoelectronic New Materials Research and Development Center of the Research Institute of Tsinghua University in Shenzhen, and was officially merged in November 2021, in which the company holds 51.17%. Lihe Yunji mainly provides self-killing and antiviral functional materials, the products have been used in Shenzhen isolation hotels, some venues of the Winter Olympic Games and other scenes, in the context of epidemic prevention and control normalization of the development space. At present, the products and services provided by Lihe Yunji are less competitive in the market, but it still takes time to open the market, and the company will support its development through key customer diversion, improving the team and other ways.
Profit forecast and investment rating: the company's performance has increased steadily in the past 21 years, and the two main industries will continue to work together in the future. Several Cloud Technology and Lihe Yunji, which are incubated by science and technology services, will become new performance growth points. It is estimated that the EPS for 22-24 will be 0.58, 0.62, and the stock price will be 18.6, 17.3, and 16.2 times of PE on March 23, maintaining a "prudent overweight" rating.
Risk hints: policy risks in science and technology innovation service industry, lower-than-expected schedule of investment-raising projects, macroeconomic downside risks, etc.