Events:
The company released the 2021 Annual report after the close on April 12, 2022.
Comments:
In 2021, the company's business indicators were successfully achieved, and the overall development situation maintained a good momentum of steady progress. The annual operating income was 1.122 billion yuan, an increase of 11.75% over the same period last year. Big data and cloud platform services achieved business income of 173 million yuan, an increase of 13.62%. The company realized a net profit of 88.6482 million yuan, an increase of 0.12% over the same period last year; a net profit of 81.7515 million yuan, an increase of 12.78% over the same period last year; and a net operating cash flow of 120 million yuan, an increase of 2.87% over the same period last year.
In April 2021, the company completed a non-public offering of 46.6334 million A-shares, raising a total of about 357 million yuan, improving the anti-risk ability. Yunxin Venture Capital, one of the subscribers for this non-public offering, has become the third largest shareholder after the company's non-public offering, which is a wholly-owned subsidiary of Ant Group.
The emerging business landed in an orderly manner, and the diversified software product enabling company grew in 2021. The company continued to promote the deep integration of R & D and business, opening up new areas of business growth. The annual R & D investment was 77.2587 million yuan, an increase of 21.84% over the same period last year. By the end of 2021, the company and its holding subsidiaries had 176 software copyrights, 54 software product registration, 11 utility model patents and 2 invention patents. The company's self-developed software products continue to innovate, and the existing products include the people's court mobile execution platform, intelligent verification system for final cases, intensive intelligent assistant case handling system, Space365 space management platform, cloud video conferencing and communication platform-easy to enjoy Heyshare. Among them, the people's court mobile enforcement platform, based on the SaaS platform service model, provides highly available, highly malleable and highly specialized services for courts across the country, with a business income of 38.0879 million yuan in 2021.
Actively promote the development of blockchain business, financial, legal, scientific and technological innovation achieved initial results in April 2021, the company and ant blockchain signed a "business cooperation agreement" to carry out all-round cooperation with blockchain-related business. In order to actively expand the company's business development space and meet the needs of the company's strategic development, the company invested in the establishment of Shanghai Jinqiaoyifa Information Technology Co., Ltd. in June 2021, the company is mainly committed to providing a full life cycle system solution for financial legal disputes. after its establishment, Jinqiao Yifa actively cooperated and discussed with government agencies, financial institutions, large enterprises and other related customers.
In January 2022, Jinqiao Yifa signed the Operation Service Agreement with Ant Block chain, and the two sides jointly built a judicial online service platform based on block chain to provide related operation services for Jizhi Auto Finance Co., Ltd. The signing of the contract marks the landing of the overall solution of the company's Internet financial dispute resolution, and lays a good foundation for the next step of business development in the field of financial dispute resolution across the country.
Profit forecast and investment suggestion
In recent years, the company has developed rapidly in the field of big data and cloud platform services, and the future growth space has been gradually opened. It is predicted that the operating income of the company from 2022 to 2024 is 13.25,15.51 and 1.801 billion yuan, the net profit is 1.23,1.68,220 million yuan, the EPS is 0.34,0.46,0.60 yuan per share, and the corresponding PE is 22.28,16.38,12.46 times. In the past three years, the company's PE TTM has mainly run between 25 and 65 times. Considering the company's expansion in court informatization and other fields, the company has maintained its target PE of 35 times in 2022, corresponding to a target price of 11.90 yuan. Maintain a "buy" rating.
Risk hint
COVID-19 's epidemic situation is repeated; accounts receivable is large; labor costs are rising; risks of emerging business development; market competition is intensified.