2022 年：（1）公司实现收入3.21 亿元，同比下滑1.49%，主要系券商业务需求减少，项目结算、收款延迟，证券行情交易系统收入和技术支持与维护收入同比下降；实现归母净利润1.54 亿元，同比下滑45.48%，主要系公司部分投资产品未正常兑付本息，公允价值调减所致；实现扣非归母净利润2.12 亿元，同比下滑10.75%。（2）分业务看，2B 的软件销售、软件服务以及2C 的证券信息服务收入分别为1.19、1.34、0.67 亿元，同比分别-8.62%、-3.07%、+22.97%，受益于证券市场活跃，面向C 端的证券信息服务实现快速增长。Financial IT leader, maintaining a “buy” rating
The company released its 2022 annual report and the first quarterly report of 2023. The company's business settlement and collection returned to normal in the first quarter, and the C-side securities information service performed brilliantly. The company has users, scenarios and technical advantages, and AI+ financial services can be expected in the future. Considering the impact of the epidemic, we lowered our profit forecast for 2023 and added 2024-2025. The company's net profit for 2023-2025 is estimated to be 3.01, 3.97, and 5.19 (originally 623) yuan respectively. The corresponding EPS corresponding to EPS is 3.22, 4.25, and 5.56 (originally 9.35) yuan respectively. Corresponding to the current stock price PE is 40.4, 30.6, and 23.4 times, respectively. We are optimistic about the company's growth prospects and maintain the “buy” rating.
Event: The company released its 2022 annual report and the first quarter report of 2023
2022: (1) The company achieved revenue of 321 million yuan, a year-on-year decline of 1.49%, mainly due to reduced brokerage business demand, delays in project settlement and collection, and a year-on-year decline in revenue from the securities market trading system and technical support and maintenance; realized net profit of 154 million yuan, down 45.48% from the previous year, mainly due to improper payment of principal and interest and fair value reduction of some of the company's invested products; after deducting non-Gumo's net profit of 212 million yuan, a year-on-year decrease of 10.75%. (2) By business, 2B's software sales, software services, and 2C's securities information service revenue was 1.19, 134, and 67 million yuan respectively, compared to -8.62%, -3.07%, and +22.97%, respectively. Benefiting from the active securities market, securities information services for the C-side achieved rapid growth.
2023Q1: The company achieved revenue of 65 million yuan, an increase of 34.60% over the previous year. The increase in revenue was mainly due to the return to normal business settlement and receipts, and an increase in revenue from securities information services. The net profit of the return mother was 56 million yuan, an increase of 25.26% over the previous year, and the net profit of the non-return mother was 42 million yuan, an increase of 26.80% over the previous year. Net cash flow from operating activities was 38 million yuan, an increase of 537.91% over the previous year. The company's previous futures payments were recovered, and cash flow improved.
The company has users, scenarios, and technical advantages. AI+ financial services can be expected to cover more than 90% of securities companies in the future, reaching a broad user base through B-side customers. At the same time, its own securities information service has also accumulated rich C-side users and has the AIGC high-quality transformation scene. The company continues to invest in research and development, and has technical reserves in artificial intelligence, big data, cloud computing, etc. The company's AI technology has now been applied to securities software products, including Ask Xiaoda and Xiaoda Smart Writer products, which can achieve AI functions such as smart financial Q&A and company maps. AI+ financial services can be expected in the future.
Risk warning: Brokers' IT investment falls short of expectations; new product development falls short of expectations; market competition intensifies.
