Main points of investment
Next Wednesday (September 21), there will be a gem listed company "Huibo Yantong" inquiry.
Huibo Yantong (301316): the company is committed to providing customers with professional information technology outsourcing (ITO) services, the main business includes software technology outsourcing services and mobile intelligent terminal testing services. From 2019 to 2021, the company achieved operating income of 540 million yuan / 688 million yuan / 918 million yuan, YOY of 74.48%, 27.26%, 33.55%, and a compound annual growth rate of 43.67%. The net profit of homing was 37 million yuan / 66 million yuan / 77 million yuan, and the YOY was 111.64%, 75.83%, 16.47%, respectively, and the annual compound growth rate of three-year net profit was 63.04%. During the latest reporting period, 2022H1 achieved an operating income of 559 million yuan, an increase of 39.90% over the same period last year, and a net profit of 37 million yuan, an increase of 109.63% over the same period last year. According to the preliminary forecast, the company is expected to achieve a net profit of 51 million yuan to 64 million yuan from January to September 2022, an increase of 17.90% to 47.96% over the same period last year.
Investment highlights: 1. The company has been deeply engaged in the field of software outsourcing business for a long time, and has accumulated a large number of high-quality downstream customers, which is expected to promote the company's performance to continue to stabilize and improve. After more than ten years of development, the company has accumulated a high-quality and stable customer base, and established long-term cooperative relations with enterprises in IT, communications, Internet, finance, automotive and other industries, such as SAP, China Mobile Limited, XIAOMI, BABA and other well-known, strong financial strength leaders in related fields. At the same time, with the continuous improvement of the company's brand awareness, the company has expanded smoothly in terms of new customers. In recent years, it has successively entered the supplier list of benchmark customers in Ericsson, Nokia, OPPO, Nomura, BABA, Tencent, byte beat, NetEase, Inc, the fourth paradigm, Pudong Development Bank and other industries. The company's advantages such as extensive industry coverage and high-quality customer resources have laid a good foundation for the steady development of the company's software technology outsourcing business. 2. The company's mobile intelligent terminal testing business team experience and team size are in the leading level in the industry. The managers of the company's mobile intelligent terminal test business team have nearly 10 years of terminal test project management experience, and at the same time, the technical staff all have good professional quality and comprehensive professional skills; at present, there are more than 1500 people in the global test team, including more than 1500 outfield test team and more than 1200 laboratory test team. As of the latest, the company has cumulatively carried out more than 250000 man-days of outfield testing, has carried out outfield tests on more than 1000 mobile intelligent terminal models, and has carried out more than 500000 man-days of laboratory testing. laboratory tests have been carried out on more than 1000 mobile intelligent terminal models. The company's team business experience and team size are in the leading level in the industry, which will be conducive to the development of intelligent terminal testing business.
Comparison with listed companies in the same industry: according to the similarity of business, the listed companies with software technology such as softcom Power, Boyan Technology, run and Software, French Information, Chengmai Technology and other service areas are selected as the comparable companies of Huibo Yantong. According to the above comparable companies, the average income of the industry in 2021 is 5.885 billion yuan, the comparable PE-TTM (excluding negative / arithmetic average) is 33.92X, and the gross profit margin of sales is 25.59%. Comparatively speaking, the company's revenue scale and gross profit margin are in the middle and lower range of the industry.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.
