Event: the company announced the 2021 annual report, realizing the total income and income of the main business of 575 million yuan,-9.3% year-on-year, net profit of 420 million yuan, + 24.9%, 0.43 yuan per share, + 16.2% of the same period last year.
The scale of supply chain financial services has further expanded, and revenue under Pratt-Whitney fee reduction has declined compared with the same period last year. The company uses technology platforms to provide diversified supply chain financial solutions, including accounts receivable financing and financing guarantee services. In 2021, the company realized factoring and guarantee service income of 430 million yuan,-6.7% compared with the same period last year, and its contribution to the company's revenue increased from 72.7% to 74.4%. By the end of 2021, the total amount of supply chain assets handled by the company through the platform was about 132 billion yuan, + 33% compared with the same period last year. On the one hand, the decline in company revenue is due to the landing of the platform strategy, directing more resources to the platform business, on the other hand, the business risk of this sector is lower, the rate of return is low, and the company actively responds to the call of the national inclusive financial policy. reduce the interest rate, the company's interest income in 2021 is 410 million yuan,-7.4% compared with the same period last year.
The platform strategy continues to advance, and platform services are growing strongly. In 2021, the company's platform service revenue was 48.48 million yuan, + 38.4% compared with the same period last year, and its contribution to the company's revenue increased from 5.5% to 8.5%. Mainly driven by platform Pratt & Whitney matchmaking business development, the company's platform Pratt & Whitney matchmaking service revenue is + 234% to 40.02 million yuan compared with the same period last year. With the deepening of the company's platform strategy, the company effectively matches the high-quality assets with the capital side in the supply chain ecology. the average daily balance of Pratt & Whitney matchmaking is 1.62 billion yuan, which is + 83% compared with the same period last year. By the end of 2021, the total number of customers of the platform exceeded 10300, + 39% year-on-year, and 86 financial partners, + 87% year-on-year. Under the background of strong financing demand and favorable policies of small and medium-sized enterprises, the company's platform services as a whole will maintain steady growth.
Continue to lay out industrial science and technology and strengthen customer cooperation: the company provides supply chain technology solutions for core customers. in 2021, the company's supply chain science and technology service income increased from 0 to 1.67 million yuan, contributing 0.3% to the company's revenue. In 2021, the company actively carried out strategic exchanges with various parties, providing solutions for one of China's largest pharmaceutical commercial groups and one of China's largest construction groups in the fields of medicine and infrastructure, respectively, highlighting the company's reputation and ability to be recognized.
Investment advice: give a Buy-An investment rating. The company continues to implement the digitally driven platform strategy, continues to increase R & D investment, and continues to build digital technology and strength around the supply chain ecology. In the future, the further integration of the capital side and the important participants in the supply chain ecology will bring great opportunities and synergy to Shengye's platform-driven strategy. We estimate that the BVPS of the company from 2022 to 2024 will be 4.30 yuan / 4.50 yuan / 4.80 yuan respectively, with a target price of 7.8 Hong Kong dollars, corresponding to 1.8x 2022E Phand B.
Risk hints: large fluctuations in the capital market, less than expected strategic advance, and macroeconomic downturn.