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旗天科技(300061)2022年三季报点评:核心业务稳健增长 创新业务顺利推进

Qitian Technology (300061) 2022 Third Quarter Report Review: Core Business Is Growing Steady, Innovative Business Progressing Smoothly

東方財富證券 ·  Oct 27, 2022 00:00  · Researches

The company publishes three quarterly reports for 2022. During the reporting period, the company achieved a total operating income of 905 million yuan, an increase of 18.13% over the same period last year, a net profit of 54 million yuan, an increase of 348.89% over the same period last year, and a net profit of 47 million yuan, an increase of 268.66% over the same period last year.

Of this total, the operating income in the third quarter was 292 million yuan, up 25.73 percent from the same period last year, down 21.62 percent from the same period last year; the net profit from returning to the mother was 14 million yuan, up 303.78 percent from the same period last year, down 51.71 percent from the previous year; and the net profit from non-return was 13 million yuan, up 281.77 percent from the same period last year, down 49.51 percent from the previous month.

Head customer resources are stable, platform development is accelerated. During the reporting period, the company focused on banks, operators and large Internet enterprises to continuously improve the comprehensive service capacity of digital goods and provide customers with one-stop solutions. At the same time, relying on the strength of science and technology, the company has steadily promoted the construction of aPaaS and SaaS, effectively covering the middle and tail customer groups, and helping the core digital life marketing plate to maintain steady growth under the impact of the epidemic. In addition, the company has long-term and stable strategic cooperative relations with leading domestic operators, energy companies and Internet companies. thanks to the stable cooperation of upstream partners, the company's product resources cover multiple product lines. It can provide a variety of customized services for other customers, and achieve mutual drainage between customers, consolidate the company's brand barriers, and contribute to the long-term improvement of performance.

New businesses such as digital RMB and digital government affairs are progressing smoothly. In terms of digital RMB, the company has a digital RMB aggregation payment license, and the payer continues to promote the landing of digital RMB platform projects with banks and government agencies; the scene side takes advantage of industrial resources to explore the application extension of digital RMB. As of the third quarter, the company's digital RMB business revenue has increased significantly compared with the whole of last year, and it is expected to bring new performance increments for the company as the project continues to land.

In terms of digital government affairs, during the reporting period, Yancheng people's Government became the actual controller of the company. Relying on the strategic opportunity of Yancheng State-owned assets holding, the company will build a digital economy platform covering East China and radiating the whole country. At present, the company has cooperated with Yannan Culture Brigade to carry out the "my Yancheng" APP project, docked the operation of the digital government scene, and twice undertaken to do the verification and write-off business of Yancheng digital consumption coupons, and quickly cut into the digital government track.

The net interest rate has increased significantly, and the effect of reducing cost and increasing efficiency is remarkable. During the reporting period, the company achieved a gross profit margin of 32.68%, down 7.68pct from a year earlier, and a net profit rate of 5.70pct, an increase of 8.89pct over the same period last year.

Benefiting from the transformation from "scale" to "lean", the company's cost support has been significantly reduced. In the first three quarters, the company's sales / management / finance / R & D expenses were 1.320.82 / 0.140.21 million yuan, respectively, changing from a year earlier-26.27%, 24.72%, 5.71%, 30.24%, respectively. The rates of sales / management / finance / R & D expenses were 14.61% 9.01% 1.55% 2.37% respectively, and the year-on-year changes were-8.80pct/-5.13pct/-0.39pct/-1.65pct. Overall, the company's expense rate during the period was 27.55%, which was significantly lower than that of 43.52% in the same period last year.

[investment advice]

As the leader of digital life marketing, the core digital life marketing business is growing steadily, and the growth of new business is expected. Combined with the company's recent operating conditions, we estimate that the company's operating income in 2022-2024 will be 1.42 million yuan, and the net profit attributable to the parent will be 0.65 million yuan, 0.99 yuan, 0.22 yuan, respectively, and the corresponding PE will be times that of 71-47-32, respectively.

[risk Tip]

Macroeconomic fluctuation

The new business expansion is not as expected.

The translation is provided by third-party software.


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