Focus on domestic small and medium-sized entrepreneurship and innovation to provide full life cycle services for enterprises. Founded in 2008, Venture Dark Horse provides accelerated services for enterprises, as well as a series of corporate services including SaaS model, urban expansion, intellectual property rights, finance and taxation, specialization, marketing, investment and financing, etc. The company has accelerated service to tens of thousands of small and medium-sized enterprises with innovative methodology and industrial service system. The largest shareholder of the company is Mr. Niu Wenwen, who is also the chairman and the actual controller.
Small and medium-sized entrepreneurial enterprises meet the policy spring breeze, enterprise service and SaaS space can be expected. In 2021, the number of registered market entities nationwide reached 154 million, including 48.423 million enterprises, and 9.04 million new enterprises were established in 21 years. New enterprises and the wave of digital transformation of domestic enterprises provide a demand basis for enterprise services. The development trend of each track of enterprise service is good. The revenue of the national intellectual property service industry in the past 20 years is about 225 billion yuan, and the estimated size of China's enterprise training market in 21 years is 199.2 billion yuan. At the same time, SaaS has gradually become a new engine for enterprise service development. The market size of China's enterprise SaaS in 21-23 is expected to grow at a compound growth rate of 34%. In 23, the market size is expected to reach 130.4 billion yuan. In terms of policy, small and medium-sized enterprises play an increasingly important role in the development of our country, especially "specialized and innovative" enterprises, which are frequently supported by policies.
The Beijing Stock Exchange was established in 21 years to create the main position to serve innovative small and medium-sized enterprises.
Take enterprise accelerated service as the cornerstone, actively expand enterprise service, and strategically promote SaaS upgrading. In the specific business of the company, enterprise acceleration service is a strategic management consulting service for the founder and the cornerstone business of the company. the core products include "dark horse growth camp", "dark horse laboratory" and so on. On the basis of accelerating business, the company takes "business enterprise, enterprise service SaaS" as the strategic policy to promote business optimization and upgrading. On the basis of the original urban expansion, the enterprise service is the development period business of the subdivision track such as intellectual property service in the past 21 years, thus the company service expands from the founder of the enterprise to the enterprise, from the start-up stage to the whole life cycle. At the same time, the company continues to increase the construction of SaaS platform, and has built a specialized SaaS cloud platform for new intellectual property rights, and launched intellectual property service products "science and technology cloud", enterprise acceleration products "accelerated cloud", and "industrial brain" to build new online services.
Continue to promote business optimization, 21 years back to a healthy track, with the improvement of the business model, the follow-up is expected to enter the fast track of growth. In 2021, the company achieved revenue of 340 million yuan, an increase of 107.87% over the same period last year, and a net profit of 11.43 million yuan, an increase of 55.90% over the same period last year. In terms of business, the enterprise service income in 21 years was 182 million yuan, an increase of 259.34% over the same period last year, accounting for 53.42% of the income; and the accelerated service income of the enterprise was 147 million yuan, an increase of 43.9% over the same period last year, accounting for 43.40% of the income. As the enterprise service is in the expansion stage, the 21-year gross profit margin and net profit margin are affected in the short term, and the company's profit margin is expected to pick up as the new business gradually comes out of the cultivation period and the SaaS model gradually permeates.
Investment suggestion: entrepreneurial dark horse is the service leader of A-share small and medium-sized entrepreneurial enterprises with characteristics, enterprise accelerated service has strong brand support and rich customer resources, new corporate services enhance the depth of the company's business, and the promotion of SaaS mode opens the imaginative space of scale and efficiency. In terms of policy, the state encourages small and medium-sized enterprises, especially specialized and new enterprises, and related industries are expected to usher in a dividend period for development. We expect the company's operating income from 2022 to 2024 to be 597 million / 805 million / 1.009 billion yuan respectively, of which the 22-year revenue growth rate of Enterprise accelerated Services / Enterprise Services is 51.5% / 98.8% respectively. It is estimated that the 22-24 year-on-year net profit is 49.97 million yuan / 86.6 million yuan / 122 million yuan respectively, with a year-on-year growth rate of 337.4%, 73.3% and 40.5%, respectively.
Risk hints: macroeconomic fluctuation risk; policy impact risk; market competition aggravating risk; new business promotion and SaaS upgrading progress is not as expected; epidemic impact.