Event: the company announced its performance forecast for 2022: 1) the annual return net profit in 2022 was RMB 3.8-440 million, down 30.3% and 39.8% compared with the same period last year, deducting non-return net profit of RMB 1.23-183 million, down 58.3% and 72.0% compared with the same period last year. 2) the net profit of 22Q4 in a single quarter is RMB 1.95-255 million, which is 2.5% lower than that of the same period last year, and the net profit of non-return is RMB 0.43-103 million.
Consolidate the dual-main business model and deepen the layout to reduce profits. The company deepens the strategic planning of the 14th five-year Plan and strengthens the business model of "scientific and technological innovation services + strategic emerging industries". The decrease in profit is mainly due to: 1) in response to the government's call to fulfill social responsibility and reduce the incubation fees and rents of enterprises entering the park; 2) to adjust the business model of the science and innovation service sector, while the business cost of new materials increases, the comprehensive gross profit margin decreases; 3) the company increases its investment in strategic emerging industries, and various expenses increase compared with the same period last year.
Based on scientific and technological innovation services, strengthen the transformation of achievements and industrial cultivation. 1) platform service of innovation base: the company successfully closed the roof of Building 1 of Liangjing New Manufacturing Base, and Lihe Xingsky (Nanjing) was awarded as a national science and technology business incubator. At present, there are a total of 10 national incubators and mass creation space. 2) Scientific and technological innovation operation service: the company gives full play to the advantage of deep industry-university-research integration and deepens cooperation with Tsinghua University and the Chinese University of Hong Kong (Shenzhen). Can obtain a large number of excellent cutting-edge scientific and technological innovation projects; 3) Investment incubation services: in the first half of 2022, the company invested in hydrogen Blue era, Qingyan Electronics and other enterprises. Among the invested enterprises, Qingyan Environment was listed on the gem on April 22, and Xihua Technology and Kaiyang Electronics won the honorary title of "Specialization and Innovation" in Shenzhen.
One of the transformation of scientific and technological achievements-- digital cloud interdisciplinary. The project management SaaS cloud platform is jointly established by the BIM team of the School of Software, Tsinghua University and Lihe Science and Technology Chuang Group, in which the company holds a stake of 46.4%. Digital Cloud International is committed to providing advanced digital solutions for buildings / facilities and digital governance solutions for the construction industry for new smart cities. Up to now, Digital Cloud provides life-cycle data butler services to a number of key customers, such as Shenzhen Futian, Luohu, Longgang, Shenzhen Water Group, Shenbao Development, Guangzhou key projects and Foshan Lishui Town project. In the first half of 2022, Digital Cloud also completed tens of millions of round A financing, led by Shenzhen Hi-Tech Investment, and Lihe Kechuang continued to raise bets.
The second part of the transformation of scientific and technological achievements-- Lihe Yunji. Lihe Yunji was born in the Optoelectronic New Materials Research and Development Center of the Research Institute of Tsinghua University in Shenzhen, and was officially merged in November 2021, in which the company holds 51.17%. Lihe Yunji mainly provides antiviral materials from eliminate virus, and the products have been used in isolation hotels in Shenzhen, some venues of the Winter Olympic Games, bank outlets and so on. At present, the products and services provided by Lihe Yunji are less competitive in the market, but it still takes time to open the market, and the company will support its development through key customer diversion, improving the team and other ways.
Profit forecast: according to the consensus forecast of Wind, the return net profit of the company from 2022 to 2024 is RMB 576 million and 679 million respectively, and the closing price on January 31 corresponding to PE is respectively times that of 18-15-13.
Risk hints: policy risks in science and technology innovation service industry, lower-than-expected schedule of investment-raising projects, macroeconomic downside risks, etc.