This report is read as follows:
The market share of the company's middleware ranks first, and the financial income doubles in 2021. With the continuous promotion of the party and government and financial innovation in 2022, the performance is expected to be repaired quickly.
Main points of investment:
Maintain the "overweight" rating and lower the target price to 28.58 yuan. Considering the faster-than-expected expansion of the company's personnel, we downgrade and increase our profit forecast. It is estimated that the company's EPS in 2022-24 will be 0.84,1.17 (- 0.96) and 1.53 yuan respectively, and the target price will be reduced to 28.58 yuan according to the industry average of 34 times PE in 2022.
The revenue of middleware has grown steadily, and the income of the financial industry has doubled. In 2021, the company's middleware business achieved revenue of 333 million yuan, an increase of 23.62% over the same period last year, maintaining a relatively stable growth. Among them, the revenue of the financial industry reached 83 million yuan, an increase of 101.36% over the same period last year. The doubling growth was mainly due to the development of financial information technology. The company increased its business of digital transformation of government and enterprises, and its revenue increased by 42.68% to 124 million yuan in 2021 compared with the same period last year, achieving rapid growth.
Interest rates remained stable as a whole, and net profit deducted from non-homing increased rapidly. In 2021, the company's overall gross profit margin was 76.96%, a year-on-year decline of 2.98pct, and maintained a high level as a whole. The company increased its investment, and the number of sales / R & D personnel increased by 77% and 22% respectively. The decline in government subsidies received by companies in 2021 affected the growth of net profit, but net profit deducted from non-return increased by 31.89% compared with the same period last year, maintaining a rapid growth. The company strengthens the sales and payback assessment, the operating net cash flow increased by 107% to 255 million yuan compared with the same period last year, and the revenue quality continues to improve.
Seize the great opportunity of Xinchuang industry, the future development of domestic middleware leader is expected to exceed expectations. In 2021, the company maintains a significant leading position in the market share of the party and government information innovation and financial information innovation. With the deepening of the party and government information innovation to e-government in 2022, the proportion of financial information innovation investment has more than doubled, and telecommunications, energy and other industries have launched. The company's performance development is expected to exceed expectations.
Risk tips: Xinchuang is not as expected, fixed growth progress is not as expected, and product research and development is not as expected.