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普联软件(300996):Q3单季营收高增 全年业绩修复可期

Universal Software (300996): High quarterly revenue growth in Q3, annual performance recovery can be expected

中郵證券 ·  Oct 25, 2023 00:00

Q3 single-quarter revenue growth, inventory verification projects on hand in the first three quarters of 2023, the company achieved operating income of 278 million yuan, an increase of 8.16% over the same period last year; of which Q3 realized operating income of 125 million yuan in a single quarter, an increase of 32.74% over the same period last year, mainly due to the gradual increase of the company's new customers, new areas of business development, and the follow-up operation and maintenance business of completed projects. Due to seasonal factors, costs and expenses occurred evenly throughout the year, and the company lost 31 million yuan in net profit in the first three quarters, of which Q3 returned to its mother in a single quarter of 887000 yuan, turning losses into profits compared with the second quarter.

By the end of the third quarter, the company's inventory was 218 million yuan, an increase of 197.06% over the end of 2022 and 53.03% over the same period last year. The reason for the substantial increase in inventory is mainly due to the continuous expansion of the company's business scale and the existence of a certain delivery cycle of large group customer projects, which has been increased in the cost of delivering customer projects. We believe that with the completion and acceptance of some projects in the fourth quarter, the company's full-year net profit level is expected to improve significantly.

To strengthen team building, the effect of early investment is expected to show gradually.

In the first three quarters of 2023, the company's operating cost was 158 million yuan, an increase of 20.59% over the same period last year, mainly due to the simultaneous growth of operating income and the improvement of salary level. The sales cost was 45 million yuan, an increase of 337.75% over the same period last year, mainly due to the company's strengthening the construction of the sales team, the increase in the number of sales staff led to an increase in salary costs, and the failure to obtain customer orders for the construction of an integrated project. it is caused by factors such as the carry-over of sales expenses into the previous project. The management fee was 63 million yuan, an increase of 32.99% over the same period last year, mainly due to the expansion of the size of the company, the increase in leased housing, the increase in rent, the increase in salary costs caused by the increase in the number of managers, and the increase in share payment fees for the implementation of equity incentives. The R & D expenditure was 73 million yuan, down 5.63% from the same period last year, mainly due to the increase in capitalization investment in fund-raising projects.

The organizational structure, business layout and personnel scale of the company have been basically adjusted and in a relatively stable state, and the role of R & D investment in customer transformation, business development and market promotion has gradually emerged, which has laid an important foundation for the acceleration of the company's contract signing, project delivery and revenue recognition in the fourth quarter and in the future.

In terms of ploughing advantage business and opening up treasurer business in new business areas such as equipment management and ERP, according to the requirements of SASAC of the State Council, 2023 is an important year for treasurer to complete project acceptance. The company's existing customer treasurer project is speeding up the construction progress and striving to complete the project acceptance by the end of 2023 as planned. Some customers have started the second phase / promotion project one after another on the basis of the construction results of the first phase of the treasurer. Treasurer business development has shown a good continuity. In addition, the company actively develops new fields such as equipment management and intelligent oilfields, safety management and intelligent mines, Xinchuang ERP business, and gradually establishes a leading edge.

Profit forecast and investment suggestion

In 2023, with the continuous promotion of the company's new customers and new areas of business development, as well as the full release of operational risks, the phased unfavorable factors affecting the company's profit level are gradually eliminated. It is predicted that the EPS of the company from 2023 to 2025 will be 1.04,1.31,1.53 yuan, and the corresponding PE of the current share price will be 21.76,17.31,14.78 times respectively, maintaining the "buy" rating.

Risk hint

The promotion of Xinchuang policy is lower than expected; the competition in the industry is intensified; customer expansion is not as expected.

The translation is provided by third-party software.


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