2021 the revenue growth was steady, and the return net profit increased by 73.04% at a high speed. According to the company's 2021 annual report, the company achieved operating income of 1.282 billion yuan, an increase of 19.38% over the same period last year. The net profit belonging to shareholders of listed companies was 141 million yuan, an increase of 73.04% over the same period last year, and the net profit after deducting non-return was 66.221 million yuan, an increase of 1.6063 million yuan over the same period last year and an increase of 2.49% over the same period last year. The increase in operating income and net profit is mainly due to the company's increasing R & D and market investment in software and information technology services in the financial industry and business service industry. Performance improvement brought about by continuous improvement of R & D efficiency and market share. The company awarded employees restricted stock to generate 11.6756 million yuan in share payment fees in 2021. After deducting non-recurring gains and losses and excluding the impact of share payment fees, the net profit attributable to listed companies was 77.8966 million yuan, an increase of 20.56 percent over the same period last year.

2022Q1 continued to expand new customers and, affected by the epidemic, its revenue remained flat: in the first quarter of 2022, the company realized 254 million yuan in revenue, the same as in the same period in 2021; the net profit belonging to shareholders of listed companies was 3.6132 million yuan, down 67.13% from the same period last year; and the net profit belonging to shareholders of listed companies after deducting non-recurring gains and losses was 1.2644 million yuan, down 82.06% from the same period last year. From January to February of 2022, the company has successfully won bids for Industrial and Commercial Bank of China, China Merchants Bank, Huaxia Bank Credit Card Center, Chery Automobile and other new customers, and has made a good start to this year. In March, due to outbreaks in Shanghai and Shenzhen, where the company mainly operates, some projects were shut down or the progress of the project was affected, resulting in a lower-than-expected growth in revenue in the first quarter of this year and a decline in net profit compared with the same period in 2021. We believe that the company successfully expanded a number of new customers at the beginning of 2022, laying a good foundation for business development throughout the year, and the epidemic affected short-term growth performance. with the later easing of the epidemic area, the company's business is expected to recover gradually. revenue performance returns to the growth trend.

Benefiting from the digital economy, the banking and business service industries are growing rapidly: in 2021, the revenue of the company's banking and other financial industries was 381 million yuan, an increase of 37.33 percent over the same period last year. Benefiting from the development strategy of the national digital economy, the banking industry actively promotes digital transformation, and the company continues to increase R & D and marketing investment in payment, clearing and trusteeship, risk control systems and financial market valet trading systems for products with original advantages, thus maintaining its competitive advantage in the market and achieving rapid growth. The income of the company's business service industry is 413 million yuan, an increase of 56.19% over the same period last year. Thanks to the rapid development of the digital economy, the enterprise service market has brought new growth momentum for the company. The company strengthens its investment in telecommunications, automotive and other advantageous fields. in the automobile field, thanks to the rapid development of intelligent network connection automobile system, the company mainly provides software technical services to the whole vehicle factory and the downstream participants of the industrial chain. it includes the construction of digital system in subdivided fields such as operation and management system, intelligent electronic control, intelligent cockpit and so on. In addition to actively promoting the original business, the company and Saike Intelligence, a subsidiary of SAIC, have set up an artificial intelligence joint development center to enhance the innovation ability of both sides in the field of artificial intelligence and empower the application of artificial intelligence in the automobile industry.

Profit forecast and investment advice. We believe that the company has formed a certain industry status and accumulated certain customer resources, and the company is expected to further open the market space in the future. We forecast that the 2022-2023EPS of the company will be 1.09 yuan for 0.86 2023EPS, and the dynamic PE22-26 times for 2022, corresponding to a reasonable value range of 18.95-22.40 yuan over a 6-month period, maintaining a "better than the market" rating.

Risk hint. The risk that the growth rate of the industry is not as fast as expected and the development of new products is not as expected.