Event
The company issued the 2022 semi-annual report on August 21, 2022.
Comments:
Business income was affected by the epidemic, and business outside the province of intelligent construction sites continued to grow in the first half of 2022. The company achieved operating income of 180 million yuan, down 6.48% from the same period last year, mainly due to the repeated impact of COVID-19 's epidemic situation, resulting in small fluctuations in business performance. From the perspective of products: 1) the revenue of intelligent site products reached 92.311 million yuan, which was basically the same as the same period last year, and the proportion in the company's business increased to 51.3%, and the market outside Zhejiang Province achieved growth. 2) the revenue of building information software reached 87.785 million yuan, which decreased significantly compared with the same period last year, mainly due to the 11.4% decline in the construction area of new construction in China in the first half of 2022 compared with the same period last year, and the company's construction information business is strongly related to the new construction projects.
Increase the distribution of key markets and investment in research and development, comprehensive expenses increased greatly in the first half of the year compared with the same period last year, and the company's net profit was a loss of 18.3023 million yuan. on the one hand, due to the repeated influence of COVID-19 's epidemic situation, business income declined. On the other hand, the company's comprehensive expenses increased greatly compared with the same period last year, mainly due to: 1) with the gradual landing of the layout of key markets and the gradual improvement of the construction of marketing team, the salary of sales staff increased by 21.5451 million yuan compared with the same period last year, and the average monthly number of sales personnel increased by 18.64% compared with the same period last year. 2) the implementation of the company's strategic plan, increased investment in the research and development of enterprise-level platforms, the enrichment of innovative product lines such as AI, the construction of basic platform software and the deep iteration of traditional products, etc., the salary of R & D staff increased by 26.3065 million yuan compared with the same period last year, and the average monthly number of R & D personnel increased by 32.99% compared with the same period last year. 3) in order to encourage key employees, the company implemented the equity incentive plan at the end of June 2021, and paid 4.0906 million yuan for new withholding shares in the first half of 2022, which led to an increase in net profit and loss.
To improve the overall intelligent site solution capability to meet customer information needs in the first half of the year, the company's R & D expenditure was 72.6253 million yuan, an increase of 64.36% over the same period last year. By the end of the second quarter, the company has obtained a total of 12 invention patents, 17 utility model patents, 10 design patents and 216 computer software copyright. In 2022, the company's intelligent site business launched a number of new products, such as "third Generation Intelligent site Cloud platform for Tea drinking", "Intelligent material Management system", "Safety Management system for Tea tasting", "AI panoramic High Point Patrol Inspection Robot", "Xiaoming AI Intelligent glasses" and other new products, with innovations in cloud platform, quality management, cost management and safety management.
In the field of building information, the company innovates and launches HiBIM mechatronics platform, construction scheme management cloud platform and enterprise data management platform, which is expected to bring new opportunities for the growth of the company's business.
Profit forecast and investment suggestion
The company focuses on the applied technology and products of "digital construction" in the construction stage. By increasing R & D and market investment, the company continues to open up the blue ocean market and has a broad space for growth. Considering the influence of the epidemic situation in the first half of the year, the company's operating income from 2022 to 2024 is forecast to 5.59,7.16 and 933 million yuan, the net profit forecast is 0.80,1.05 and 139 million yuan, the EPS is 1.47,1.93,2.56 yuan per share, and the corresponding PE is 21.60,16.44,12.43 times. At present, the PE TTM of the computer (Shenwan) index is 42.5 times, taking into account the growth of the company, maintain the company's target PE of 35 times in 2022, corresponding to the target price of 51.45 yuan. Maintain a "buy" rating.
Risk hint
The repeated risk of COVID-19 epidemic; the risk of core technical personnel loss and core technology leakage; the risk of regional concentration of sales; the risk that the research and development of some software products depends on the basic software development environment provided by Autodesk.