On February 27, the company released its 2022 results, KuaiBao. According to the preliminary calculation, the total operating income of the company in 2022 was 400 million yuan, an increase of 18.45% over the same period last year; the net profit was 128 million yuan, an increase of 14.39%; and the non-return net profit was 110 million yuan, an increase of 26.69% over the same period last year.
Industry ploughing and breakthroughs go hand in hand, and operating system revenue grows rapidly. In 2022, the epidemic situation continued to cause certain troubles to the company's business operation, but the company continued to dig deep into advantageous industries such as national defense and electric power, at the same time, it increased its business expansion to other important industries, and achieved initial results in financial and other industries. promote the steady growth of the company's overall income. From a product point of view, the company's three major business lines have achieved year-on-year growth during the reporting period, including smooth progress in operating system business development and significant revenue growth.
The east wind of industry informatization is gradually rising, and the firm layout of investment should be strengthened. In recent years, with the continuous emergence of new technologies and new products, the digital economy has become a new and important driving force for economic development, and the development trend of information transformation in various industries has become increasingly clear; at the same time, Xinchuang has expanded from party and government ministries to industries headed by key fields. the self-control of basic software and hardware ecology has become a new development keyword in key areas. The company itself has both basic software capability and security controllable ability, and continues to invest efforts to speed up product and technology research and development; on the industry side, in addition to the two existing advantages of deep ploughing electric power and national defense, the company accelerates its expansion to other industries, and further improves the construction of regional marketing and technical service system, so that the current sales cost increases rapidly.
With the gradual rise of information technology in the industry, we expect the company to maintain a high investment in the future and reserve more momentum for subsequent growth.
Investment suggestion: combined with the company's performance, KuaiBao, considering that the company will increase its investment in sales and research and development in the past two years after listing, and the profit end growth may be under some pressure in the short term, we adjust our profit forecast for the company from 2022 to 2024. The forecast revenue of the company will be 400pm 535pm 699 million yuan (the previous forecast value is 448pm 594pm 775 million yuan) The net profit of return to the home is 1.28 hundred and seventy-two million yuan respectively (the previous forecast is 1.240.174), and the corresponding PE is times that of 92-81-68, maintaining the "buy" rating.
Risk hints: the uncertainty risk of repeated fatigue, the risk of high dependence of a single customer, the risk of intensified competition in the industry, the risk that the expansion of the industry is less than expected, and so on.