Dark Horse disclosed the forecast of the first quarter results of 22 years. 22Q1 is expected to achieve revenue of 92 million yuan to 100 million yuan, an increase of 214% over the same period last year. It is expected to achieve a net profit of-2000 yuan to-19 million yuan, compared with a profit of 4.6202 million yuan in the same period last year. Deducting the net profit of non-return mother is-2062 yuan to-19.62 million yuan, compared with a profit of 455.38 yuan in the same period last year.
The strategic upgrade has achieved phased results. SaaS has driven the high growth of 22Q1 revenue, and the epidemic has affected some offline delivery, but the growth of contract liabilities has laid a follow-up foundation.
The company takes "business enterprise, enterprise service SAAS" as the development direction, strategic upgrading drives the company's operating income to grow substantially, and the revenue contribution mainly comes from the 21-year-old construction of intellectual property services, SAAS model services, fiscal and tax consulting services and other enterprise services.
However, due to the impact of the epidemic, the company's enterprise acceleration, urban business expansion part of the offline delivery schedule, has not been carried out as scheduled. At the end of 22Q1, the company's outstanding stock business (contract liabilities) grew by more than 50% compared with the same period last year. At the end of 21Q1, the contract debt of the company is 74.05 million yuan, while that of 22Q1 is more than 110 million yuan, laying the foundation for subsequent revenue growth.
Offline business delivery is deferred, overlay costs increase, short-term profit margins are affected, and the follow-up is expected to pick up.
The company's 22Q1 showed a net loss, mainly due to delays in the delivery of some offline businesses, as well as a sharp increase in operating costs and period expenses. The increase in costs is mainly due to the lack of personnel in the early stage of construction of the company's business service and finance and taxation business team in the same period last year. In view of the epidemic factors, the offline delivery of the company's related projects will be deferred in the following quarters, reasonably manage the project risk, and continue to promote net profit.
National policy continues to encourage "specialization and innovation", and industrial development ushered in a dividend period.
"specialization and innovation" is a new opportunity for the development of small and medium-sized enterprises in 2022. This year's government work report mentioned that efforts should be made to cultivate "specialized and innovative" enterprises, giving strong support in terms of funds, talents, and the construction of incubation platforms. By 2025, the Ministry of Industry and Information Technology strives to incubate 1 million innovative small and medium-sized enterprises through the mass entrepreneurship and innovation Initiative of small and medium-sized enterprises, cultivate 100000 provincial-level "specialized and specially new" small and medium-sized enterprises, 10,000 "specialized and specially new" small giant enterprises, and 1000 manufacturing champions. In March, 22, the company, together with Xinhuanet and other national media, and scientific research institutes, industry leaders, investment institutions, securities firms, etc., launched a dark horse race to find a new future star.
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 net profit from 2022 to 2024 to be 49.97 million yuan / 8660 million yuan / 122 million yuan respectively, with a year-on-year growth rate of 337.4%, 73.3% and 40.5% respectively, and maintain the "buy" rating.
Risk hints: macroeconomic fluctuation risk; policy impact risk; market competition intensification risk; new business promotion and SaaS upgrading progress is not up to expectations; epidemic impact; performance forecast is the preliminary measurement results, specific financial data shall prevail in accordance with the company disclosure announcement.