1H22 performance is slightly lower than we expected.
The company announced 1H22 results: operating income from-8% to 120 million yuan, net profit from 19% to 95.97 million yuan, and net profit from non-return from 15% to 79.77 million yuan, corresponding to 1.03 yuan per share. The single-quarter revenue of 2Q22 ranges from + 3% / month-on-month + 43% to 68.98 million yuan, and the net profit returned to the mother is-23% / month-on-month + 14% to 51.13 million yuan, which is slightly lower than our expectation. This is mainly due to the delay in settlement and collection of some B-end projects caused by the epidemic.
Trend of development
C-end business performance is outstanding, B-side collection delay is the main drag on the income side. The company's 1H22 operating income is from-8% to 120 million yuan year-on-year, of which: 1) C-end securities information service revenue from + 21% to 32.57 million yuan year-on-year, accounting for + 7ppt to 28% of the income ratio. In addition, Questmobile statistics access letter App1H22 average MAU year-on-year + 81% to 1.06 million people Mainly benefiting from the increase in investor demand for financial information services under the relatively active market (1H22 A stock market ADT + 7% to 976 billion yuan compared with the same period last year), the company relies on the platform and technical advantages of B-end business to vigorously develop C-end business. 2) the total revenue from the sales and maintenance services of the B-end securities market trading system is-16% to 83.29 million yuan compared with the same period last year (the revenue from software sales / software maintenance services is-8% compared with the same period last year). This is mainly due to the impact of the epidemic and the delay in settlement and collection of the projects of some B-end customers. In addition, in terms of key operating indicators, the cash received for the sale of goods and services during the period is-21% to 99.52 million yuan compared with the same period last year, and the final contract liabilities of 2Q22 & accounts received in advance are + 7% to 110 million yuan from the same period last year, or support steady future revenue growth.
The strength of R & D has been continuously consolidated, and the decline in investment income is a drag on net profit. 1H22 company gross profit margin year-on-year-3.8ppt to 80.4%, mainly due to the increase in the proportion of C-end business with relatively low gross profit margin; sales expense rate / management expense rate is 1.9%, 3.8%, respectively, maintaining a relatively low level, R & D expenditure year-on-year + 36% to 27.79 million yuan, R & D expenditure rate + 7.6ppt to 24%, R & D personnel ratio + 4.7ppt to 72%, the company's R & D strength continues to consolidate. Affected by market fluctuations, investment-related income (investment income + fair value change income + financial income) total year-on-year-7% to 44.86 million yuan; in addition, the company effective tax rate-0.7ppt to 12.9% year-on-year. To sum up, the 1H22 net profit of the company is-19% to 95.97 million yuan, and the corresponding net interest rate is-10.8ppt to 81.8% compared with the same period last year.
Profit forecast and valuation
Taking into account the impact of market fluctuations on the company's B-end business and investment income, as well as the increase in R & D expenses, we reduced the profit by 17% of 2022% in 2023 to RMB 272 million. The company is currently trading on 34x/28x 2022max 2023e Pmax E; reduces its target price by 13% to RMB130, corresponding to 45x/38x2022/2023e Pamp E and 34% upside; and maintains an outperforming industry rating.
Risk.
The activity of the stock market is declining, the business and customer structure is single, and the supervision of securities information system is stricter.