Items:
The company released its 2021 performance report, with revenue of 2.349 billion, an increase of 1.36% over the same period last year, a net profit of 170 million, an increase of 4.72%, and a non-net profit of 165 million, an increase of 3.97%.
The company's Q4 realized in a single quarter: revenue 584 million yuan, down 34.36% from the same period last year; net profit from home was 26.4 million yuan, up 5.12% from the same period last year; and non-net profit from home was 25.71 million yuan, up 13.04% from the same period last year.
Comments:
The gross profit margin takes a turn for the better, and the production speed increases rapidly. The company's profit grew faster than revenue in 2021, mainly due to the improvement of the company's gross profit margin in 2021, which increased 1.9pct to 22.99% year-on-year in 2021. In 2021, the company's R & D expenses increased by 46.32% compared with the same period last year, and the speed of capitalization and production of research results increased rapidly and achieved phased results. the number of customers served by the company reached 1385 in 2021, an increase of 35 over 2020, and nearly 70,000 work orders were delivered. the number of basic maintenance equipment continues to increase, with an average monthly maintenance capacity of 200,000 sets.
IT operation and maintenance business grows steadily and insists on R & D and innovation of core technologies. In 2021, the revenue of the company's IT operation and maintenance business was 1.017 billion yuan, an increase of 16.52% over the same period last year, and the gross profit margin increased by 1pct to 44.52%. As one of the leading domestic IT operation and maintenance enterprises, the company based on the existing IT infrastructure operation and maintenance business, formed a vertical Iaas, Paas and Saas three-tier service system, and gradually mastered the application technology of distributed architecture. In 2021, the company's technical personnel increased by 26.8% over last year, which is expected to provide good support for the steady growth of the company's IT operation and maintenance business performance.
Taking advantage of the east wind of digital economy, IT operation and maintenance empower enterprises to make digital transformation. With the comprehensive launch of the "East and West" project, the level of regional computing power dispatching has been significantly improved, the national data center cluster has been gradually completed, and the market demand and scale of IT operation and maintenance are expanding day by day. According to the prospective Industrial Research Institute, the market size of China's IT operation and maintenance management will be about 366.8 billion yuan in 2025. With the promotion of localization business, the investment in home-made equipment in the financial industry is accelerated, and financial information innovation continues to promote and become the inevitable choice for the information development of financial institutions. The company relies on the accumulation of service experience in the financial industry for many years, and provides a path for financial information innovation on the basis of excellent technical advantages and IT infrastructure. In 2021, the company reached cooperation intention and signed cooperation agreements with nearly 20 mainstream information innovation manufacturers. In addition, the company also maintains close cooperation with customers in downstream telecom, government, manufacturing, energy and other emerging industries to continuously improve the business ecological chain and help customers in various industries to make digital transformation.
Profit forecast, valuation and investment rating. Considering the impact of the epidemic, the acceptance of the company's software development project has been blocked, and with the improvement of the epidemic, the company's profits are expected to stabilize and pick up. We adjust the company's profit forecast and expect the net profit from 2022 to 2024 to be 193 million yuan, 207 million yuan and 226 million yuan respectively, with corresponding growth rates of 13.4%, 7.4% and 9.2% respectively, and the corresponding EPS is 0.44,0.47 and 0.51 yuan respectively (the original forecast for 22 years is: the net profit is 242 million yuan; the corresponding EPS is 0.55 yuan respectively). Based on the closing price on April 8, 2022, the price-to-earnings ratio is 19-17-16. Historically, the company's PE (TTM) fluctuated 20-50 times, and with reference to comparable companies, we downgraded the target price to 11 yuan and "recommended" rating to 25xPE in 2022.
Risk tips: bank IT investment is less than expected; profits are dragged down by the pressure of excessive wage growth; price cuts brought about by intensified competition in the industry.
