Events:
The company issued the 2021 Annual report and the first Quarterly report 2022 after the close on April 22, 2022.
Comments:
Intelligent construction site business continued strong growth momentum, building information software maintained steady growth in 2021, the company achieved business income of 475 million yuan, an increase of 25.17% over the same period last year. Look at the business segment:
1) Smart site business: the revenue reached 230 million yuan, an increase of 40.18% over the same period last year, and the proportion of revenue increased to 48.45%. The proportion of foreign business in Zhejiang Province has reached 75%, and the national layout has initially landed, forming an overall layout focusing on 5 provincial centers, focusing on the development of 15 cities, and radiating the surrounding potential market. 2) Building information software: the revenue reached 245 million yuan, an increase of 13.72% over the same period last year. In the field of cost business, the company launched the enterprise digital cloud platform "Tea has several cost Cloud", and the cost business continued to grow rapidly, with an overall growth rate of 19%. In the field of BIM business, the company further consolidated the advantage of tea HIBIM in deepening the design of mechanical and electrical specialty, and innovated and launched intelligent prefabrication module and cable deepening module in computer room; in the field of construction business, the company continued to optimize and upgrade its products to achieve steady growth.
Increase investment around the company's development strategy and business plan to promote sustainable development in the future in 2021, the company achieved a net profit of 63 million yuan, down 35.81% from the same period last year, mainly around the development strategy and business plan. continue to increase channel expansion and marketing efforts, strengthen the company's brand building, and significantly increase the cost of operation and promotion. Vigorously promote the construction of talent team, especially the introduction and training of sales talents, R & D talents and management experts, the salary of employees has increased significantly; equity incentive plan has been implemented, and share payment fees have increased. The company's sales, management and R & D expenditure rates are 33.77%, 11.85% and 25.19%, respectively. In terms of research and development, APaaS platform has made a breakthrough in research and development; AI products have further deepened the application capability of complex scenarios; and new research and development of BIM basic graphics platform, sprint domestic replacement.
22Q1's operating performance fluctuated in the short term, innovation and change actively overcome the impact of the epidemic in the first quarter of 2022, the company achieved operating income of 68 million yuan, down 7.09% from the same period last year, and its net profit was a loss of 25 million yuan. The main reason for the fluctuation of operating performance in the first quarter is that the company is affected by the recurrent epidemic situation of COVID-19 and the seasonal characteristics of the industry. Sub-business sector, building information software business as a whole declined compared with the same period last year, in which the cost business is basically the same as the same period last year, Zhejiang market maintained growth; construction business, BIM business declined year-on-year. The business of intelligent construction site was obviously affected by the epidemic. The company actively acts to innovate and seek change, launching intelligent site "cloud viewing" to meet the needs of customers, updating site epidemic prevention related products, etc., to overcome the adverse impact of the epidemic on business, and profitability is expected to be gradually restored.
Profit forecast and investment suggestion
The company focuses on the applied technology and products of "digital construction" in the construction stage. By increasing R & D and market investment, the company continues to open up the blue ocean market and has a broad space for growth. It is predicted that the operating income of the company from 2022 to 2024 is 6.05,7.83 and 1.029 billion yuan, the net profit is 0.96,1.25 and 165 million yuan, the EPS is 1.76,2.30,3.03 yuan per share, and the corresponding PE is 19.22,14.72,11.18 times.
At present, the PE TTM of the computer (Shenwan) index is 38.8 times. Since listing, the company's PE has mainly run between 30 and 45 times, giving the company a target PE of 35 times in 2022, corresponding to a target price of 61.60 yuan. Maintain a "buy" rating.
Risk hint
COVID-19 's repeated epidemic situation; the risk of core technical personnel loss and core technology leakage; the risk of regional concentration of sales; the research and development of some software products depends on the basic software development environment provided by Autodesk.