A leading provider of overall solutions for data intelligence. With data intelligence as its core technology, Ke Da Chuang has constructed independent technology platforms such as Guochuang nine chapters data intelligent platform, Guochuang Tianxiu PaaS cloud platform, Guochuang intelligent product development platform, Guochuang high trust software (HCS) integrated development platform, and developed a series of independent core products such as digital intelligence industry software, intelligent BMS series, intelligent logistics cloud platform and so on. It is widely used in operators & government and enterprises, intelligent cars, logistics technology and other industries and fields, forming three major business sectors: data intelligence industry applications, intelligent software and hardware products, and data intelligent platform operation. innovatively create three major business models with national characteristics of "technology + service", "product + service" and "platform + service".
The impairment of goodwill affects profits in 2020. The company achieved revenue of 1.512 billion yuan in 2020, down 3.67% from the same period last year. The net profit returned to the mother was 40 million yuan, down 66.11% from the same period last year. The net profit from non-parent was-122 million yuan, down-252.87% from the same period last year, and the operating net cash flow was 258 million yuan, an increase of 175.79%.
The decline in profits in 2020 is mainly due to the fact that the development of the subsidiary country's innovation is not as expected due to the impact of the epidemic and other factors, and the company prepares 211 million yuan for the impairment of the goodwill formed when the acquirer's innovation energy is available. After excluding the impairment provision for goodwill and the corresponding performance compensation, the company achieved a net profit of 131 million yuan belonging to shareholders of listed companies in 2020, an increase of 10.59% over the same period last year. The 2020 gross profit margin was 31.76%, an increase of 2.1 pct over the same period last year; the sales expense rate was 6.25%, an increase of 0.62 pct over the same period last year; the management expense rate was 5.90%, and the R & D expense rate was 11.93%, which were basically the same as those in the same period in 2019. 2021Q1 realized revenue of 223 million yuan, an increase of 9.34% over the same period last year, and a net profit of 22 million yuan, an increase of 234.01% over the same period last year.
The business structure is constantly optimized. In the application section of the data intelligence industry, relying on the independent research and development technology platform, the company continues to manage well the existing operators such as telecommunications, energy, transportation, finance, government and other key industries of government and enterprises. the advantages and capabilities have been successfully extended to the public security industry and the field of innovation, further enriching the market development channels. In 2020, the company's data intelligence industry application sector achieved sales revenue of 844 million yuan (55.79%), an increase of 10.46% over the same period last year, of which software and technical services accounted for 78.77%, and the business structure was further optimized. The company's intelligent software and hardware product segment achieved revenue of 198 million yuan (13.11%) in 2020, an increase of 6.81% over the same period last year. On the one hand, the company deepens the vertical extension of intelligent BMS series products in new energy vehicles, on the other hand, it increases the horizontal expansion of intelligent BMS series products in emerging fields. At the same time, it continues to enhance the independent core technology of highly trusted software, and releases the "highly trusted Software Verification platform (Learning Edition)". The data intelligent platform operation segment achieved sales revenue of 470 million yuan (31.10%), down 24.20% from the same period last year. Rely on the company's data intelligence core technology to build intelligent logistics cloud platform, around truck ETC trusted data, innovate intelligent logistics application scenarios with "platform + service" mode, and provide comprehensive services such as smart logistics, truck aftermarket and data operation for shippers, logistics enterprises and truck drivers. The decline in revenue in 2020 was mainly affected by the epidemic.
Profit forecast and investment advice. During the 14th five-year Plan period, the company is committed to becoming a leader in the field of data intelligence and highly trusted software, striving to achieve the goal of 10 billion yuan. We estimate that the return net profit of the company from 2021 to 2023 is 1.63,2.24 and 304 million yuan respectively, and the corresponding EPS is 0.65,0.90,1.22 yuan respectively.
Considering comprehensively, the company is given a 21-year dynamic PE30-35 times, corresponding to a 6-month reasonable value range of 19.50-22.75 yuan, covering the "better than the big city" rating for the first time.
Risk hint. Smart industry application growth is lower than expected, national innovation can promote lower than expected and further impairment losses.
