Event: Dashi Intelligence released the 2021 annual report, and the actual performance is located at the center of the forecast performance range.
In 2021, the company's total operating income was 3.164 billion yuan, down 1.46% from the same period last year; the net profit was-500 million yuan, down 258.48% from the same period last year; and the net profit after deducting non-profit was-546 million yuan, down 291.00% from the same period last year. The company actually signed and won a total of 4.21 billion yuan, the company's revenue is basically the same as the previous year, but the profit level declined to a certain extent. The main reasons for the changes in the company's performance are as follows: (1) due to the liquidity crisis of individual real estate customers, the related projects have overdue commercial acceptance bills, and the stagnation of the construction period has led to a decline in the company's digital community business income. (2) the total amount of provision for impairment of assets is 905 million yuan, including: provision for impairment of assets involving the above-mentioned customers and some other real estate clients, impairment of goodwill and other items of the subsidiary company.
In response to double carbon self-research, AIoT platform blossomed at many points: in 2021, the company's cumulative R & D investment reached 108 million yuan, an increase of 34.40% over the same period last year. The overall solution provided by the company based on the self-developed Dashi AIoT intelligent Internet of things management and control platform has been successfully landed in the company's smart building, smart hospital and other key projects. On March 27, the company released an upgraded version of the AIoT intelligent Internet of things management and control platform, and took Dashi Tower as an example to demonstrate the key technologies of the company's new AIoT platform. With the promotion of the dual-carbon policy, we expect that the company will continue to increase the R & D and promotion of many self-developed benchmark products, such as AIoT intelligent Internet of things management and control platform, EMC central air-conditioning energy-saving control system, which contribute to energy conservation and carbon reduction, to further expand smart buildings, smart hospitals and other markets.
Policy increase, data center business can be expected: in July 2021, the Ministry of Industry and Information Technology issued the "three-year Action Plan for the Development of New data Centers (2021-2023)", proposing to speed up the application of advanced green technology products and promote the establishment, operation and transformation of green data centers. In the field of green data center, the company has not only participated in the formulation of the national standard "data center energy efficiency limit value and energy efficiency grade", but also accumulated many excellent cases in the construction and service of green data center for many years, such as big data Center in Special Fa Xigang Port, China Merchants New data Center, etc. The "East and West" project officially launched this year is expected to drive the construction of data centers and stimulate the procurement of related equipment, and the company's green data center solution business is expected to take this as an opportunity for development. expand a larger market for green data center construction and services.
Multi-field strategic cooperation has great potential for coordinated development: the company has strategic cooperation with Huawei to jointly develop solutions in all aspects of smart city (smart transportation, smart hospital, smart building, etc.). At present, in-depth cooperation has been carried out in intelligent transportation and other fields. In addition, the company has participated in the national hospital construction conference as the chief strategic partner for four consecutive years. The conference won the support of a number of authoritative media, and the core product Wisdom Hospital solution was unveiled at the conference with obvious effect on the company's brand promotion. In addition, the participating company Dashi Qiyun signed a strategic cooperation agreement with Tencent Medical and Health. The in-depth cooperation between the two sides around healthy cities, smart hospitals and other fields will help the company to take advantage of Tencent's ecological and technological advantages to jointly develop technologies such as the Internet of things and cloud services, and consolidate its leading position in the industry.
Investment advice: the company's short-term performance is under pressure due to the provision of large assets and goodwill impairment, but the company's core competitiveness and long-term profitability are not affected. By increasing investment in research and development, the company has consolidated its technical foundation. Under the promotion of national key strategies such as double carbon, East and West, the company's main business has better development opportunities. The cooperation with BABA, Tencent and other companies will help the company to make use of the ecological and technological advantages of Internet manufacturers to radiate more fields and carry out deeper construction and services of the Internet of things.
From 2022 to 2024, we expect the company to achieve operating income of 3.746 billion yuan, 4.531 billion yuan and 5.487 billion yuan respectively, net profit of 332 million yuan, 443 million yuan and 562 million yuan, EPS of 0.17,0.23 and 0.29 yuan respectively, corresponding to 19x, 14x and 11x respectively, maintaining a "buy" rating.
Risk tips: COVID-19 epidemic risk; intensified competition in the industry; customer business deterioration risk; brain drain risk.
