Main points of investment
The company publishes three quarterly reports for 2022. From January to September 2022, the company achieved operating income of 311 million yuan, an increase of 20.61% over the same period last year, a net profit of 54 million yuan, an increase of 9.87%, and a non-return net profit of 49 million yuan, an increase of 23.97% over the same period last year.
Of this total, operating income reached 141 million yuan in the third quarter alone, an increase of 34.78% over the same period last year and 31.99% month-on-month growth. The profit side showed an eye-catching performance, realizing a net profit of 29 million yuan, an increase of 44.12% over the same period last year, an increase of 8.41% over the same period last year, and a non-return net profit of 29 million yuan, an increase of 78.59% over the same period last year, an increase of 23.84%.
Excellent performance in the third quarter, showing the strength of the invisible champion. With the acceleration of safety demand in the financial industry, the company performed well in the third quarter, demonstrating its strength as a leader in the safety segment track. The company adheres to a sound business style, with a gross profit margin of 73.09% in the first three quarters, a year-on-year increase of 2.21pctPower22Q3 in a single quarter, with sales expenses / management expenses / R & D expenses of RMB 0.21 million, respectively. The rate of sales expenses and R & D expenses in a single quarter was 14.69% and 23.40% respectively, which was narrower than that of 21Q3, helping the company to maintain outstanding profitability.
Enhance the competitiveness of the market, continue to forge ahead and achieve good results. According to the 2022Q2 China Application delivery Market report released by IDC, the company ranks fourth in China's application delivery market, three places higher than 22Q1. The company is based on the advantages of the financial industry, the government, operators, transportation, health care, education and other key industries, relying on excellent product performance and service ability to establish a good reputation. In the field of operators, the company has maintained close cooperation with the three major operators for a long time, and the company's application delivery system has been shortlisted for mobile collection projects for 13 consecutive years. Application delivery system at the same time into the group financial companies, auto finance companies, consumer finance companies and other financial institutions, in the pan-financial industry has achieved several times growth. The construction of IT in the financial industry has the characteristics of high stability and strong will. while continuously consolidating its leading position in the financial industry, the company is expected to rely on R & D, sales and other multi-dimensional capabilities to open up new areas of growth in other areas.
[investment advice]
The company is a high-quality information security manufacturer, has established a good brand in the financial and pan-financial fields, while growing rapidly in the government industry and emerging technology markets. It is estimated that from 2022 to 2024, the operating income, net profit and EPS of the company will be 666 million yuan, 2.65 billion yuan and 2.46 yuan respectively, respectively, and the corresponding PE will be 2.46 times that of 35-27-21, maintaining the "buy" rating.
[risk Tip]
The new demand growth in the field of financial technology falls short of the expected risk.
Financial industry IT budget reduction risk
The risk of the company's product development and promotion is not as expected.
The risk of poor expansion of new industries.