Event: on August 19, PUF Software released its 2023 half-yearly report. In the first half of 2023, the company's revenue was 152 million yuan, down 6.11% from the same period last year; the net profit was-32 million yuan, down 436.67% from the same period last year; and the non-net profit was deducted from-37 million yuan, down 754.70% from the same period last year.
Comments:
The company's performance is under short-term pressure, with on-hand orders fully supporting the pick-up in the second half of the year. The decline in operating income in the first half of 2023 compared with the same period last year is mainly due to the obvious seasonal distribution of the company's business model, and the low proportion of sales in the first half of the year. At the same time, the company continues to expand new customers and new areas, which has a lagging impact on the signing, delivery and receipt of orders. At the end of the first half of 2023, the contract income that has been signed but not yet fulfilled is 343 million yuan, an increase of 19.5% over the same period last year, and the treasurer project will be accepted in the second half of the year.
Enhance the ability of strategic customer service and promote the research and development of Xinchuang ERP. In the first half of the year, the existing business of the strategic customers of the company's six central enterprises was carried out steadily, expanding from the field of financial and group management information construction to the field of production management. The company actively responds to the needs of strategic customers and deeply participates in the scheme design and software research and development of customers' domestic ERP. Carry out the post-acquisition integration of the two subsidiaries of Siyuan era and Shigui Valley, basically complete the transformation of technology platform, integration of technology route, carding of solutions, and improve the comprehensive service capability for strategic customers. At present, the company has completed the research and development of the group financial core module based on the Xinchuang environment, has achieved a number of breakthroughs in key performance indicators and functional innovation applications, and is actively exploring the pilot landing.
Deeply ploughing the advantageous business areas and making efforts to develop new business. 1) Treasurer business: at present, nearly 30 customers of the company's treasurer business are large group enterprises, and two large group customers, Sinochem and Shandong Energy, won the bid in the first half of the year. 2) Industry and property integration and sharing service: complete the delivery of Shandong high-speed industry Caizhongtai and Haier Group expense platform, and win the bid for Sinochem's financial sharing project. 3) Financial supervision and XBRL data application: strengthen R & D investment in the financial industry, focus on creating risk management, compensation second-generation, XBRL data application products, and gradually establish leading advantages in financial industry segments.
4) New business areas: the company relies on the accumulation advantage in petroleum and petrochemical to expand its business in the field of production. It has maintained a certain continuity in the construction of the Internet of things in oil and gas field production, exploration and development data management, digital transfer of oil and gas production management, reservoir analysis and other business. Focus on R & D and promotion of integrated management and control platform and intelligent safety platform products in the mining industry, and have been applied in some coal mines belonging to China Coal Group, Kailuan Group and Jinchuan Group.
Investment suggestion: the company has sufficient orders on hand, and the second half of the year will usher in the acceptance of the treasurer project, new business and new products will be promoted in an orderly manner, and performance is expected to pick up. It is estimated that the operating income of the company from 2023 to 2025 is 9.18,12.15 and 1.551 billion yuan respectively, the return net profit is 1.87,2.70,350 million yuan respectively, and the EPS is 1.31,1.90,2.47 yuan per share respectively. Maintain a "buy" rating.
Risk hints: the risk of changes in customer relations; the risk of intensified market competition; the risk of changes in the macroeconomic situation; the risk that product research and development is not as expected.