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力合科创(002243)21年年报点评:科创服务再下一城 战略新兴潜力巨大

Comments on the 21-year Annual report of Lihe Kechuang (002243): the strategic emerging potential of science and technology innovation service in the next city is huge.

東北證券 ·  Mar 28, 2022 13:11  · Researches

Events:

The company released its annual report for 2021, with an operating income of 3 billion yuan in 2021, an increase of 37.77 percent over the same period last year, a net profit of 630 million yuan, an increase of 7.24 percent over the same period last year, and a gross sales margin of 36.94 percent, an increase of 0.9 percent over the same period last year. The company announced that it intends to invest in the construction of Zhuhai Lihe Optoelectronic Industrial Park.

Comments:

The revenue of each business increases, and science and technology services contribute to the core profits. The platform service revenue of the innovation base is 1.028 billion yuan, + 99.07% compared with the same period last year, and the gross profit margin is 48.25%,-2.18% over the same period last year. The revenue of scientific and technological innovation operation services is 327 million yuan, + 105.01% compared with the same period last year, and the gross profit margin is 72.46%,-2.69% compared with the same period last year. The operation capacity of the science and technology innovation service plate is improved, the revenue is high, and the fluctuation of gross profit margin belongs to the normal range, which is expected to be caused by the change of the proportion of different subdivided products. The revenue of the new materials industry was 1.573 billion yuan, + 6.39% compared with the same period last year, and the gross profit margin was 22.76%,-3.82% compared with the same period last year, which was caused by the rise in raw materials and freight charges for plastic packaging in 2021. Investment incubation contributed fair value change income of 280 million yuan, investment incubation and entrusted financial management contributed investment income of 180 million yuan, and scientific and technological services contributed a lot of profits.

The "environmental vaccine" is expected to be released quickly, and the digital economy is in the ascendant. Self-killing antiviral functional materials have been used in many scenes, such as Winter Olympic stadiums, isolated hotels in Shenzhen, offices, banks and schools. With the improvement of product influence and public awareness of disinfection and sterilization, product sales are expected to grow rapidly. The subsidiary Digital Cloud International provides digital construction solutions, and the market scale of digital economy in the construction industry based on BIM tends to be trillions. In 2021, Digital Cloud International will provide full-life-cycle data butler services for Shenzhen District Public works Department, Water Affairs Group, Guangzhou key projects and Foshan Lishui Town project, and 3 new invention patents have been declared. The revenue of the digital economy industry was 45.21 million, an increase of 4791 times over the same period last year. The company has outstanding technology and customer resources, and the digital economy industry is expected to develop at a high speed.

Science and technology innovation service system relayout, investment in the construction of Zhuhai Lihe Optoelectronic Industry Park. The project is located in Sanxi Kechuang Town, Zhuhai, with an investment of no more than 950 million yuan. The project covers an area of about 30,000 square meters and a construction area of 160,000 square meters. It will be laid out around the development of the optoelectronic industry, integrating the resources of talents, technology and industry in the optoelectronic field, and creating an optoelectronic industrial park. The company's scientific innovation service business is expected to achieve considerable development.

Profit forecast: the digital economy is booming and the "environmental vaccine" is gradually released. It is estimated that the company's revenue and net profit from 2022 to 2024 will be 35.2 / 42.7 / 5.19 billion yuan and 7.11 / 8.28 / 970 million yuan respectively. The current share price is 19 / 16 / 14 times corresponding to PE. Maintain the "buy" rating with a target price of 14 yuan.

Risk hint: the expansion of science and innovation services is not as expected, and the business development of "environmental vaccine" is not as expected.

The translation is provided by third-party software.


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