Tea joint stock announcement 2021 semi-annual report, during the reporting period, the company achieved revenue of 193 million yuan, an increase of 30.93% over the same period last year, and a net profit of 39 million yuan, an increase of 8.24% over the same period last year.

Event comment

Revenue is growing rapidly, and the growth rate of Q2 alone has fluctuated. During the reporting period, the company's revenue increased by 30.93% compared with the same period last year, continuing to maintain rapid growth. Among them, the revenue growth rate of Q2 alone is 9.16%, and the high revenue base in the same period last year is an important reason. From a business point of view, the company's building information software revenue during the reporting period was 100 million, an increase of 15.0% over the same period last year. In the same period last year, cost modules such as lists were updated. This year, the catalytic factor weakened, and the growth rate of building information software business fell back to a steady growth level. Smart site products maintain the momentum of rapid growth, revenue increased by 54.1% year-on-year, in the company's business share increased to 48.0%, the company stepped up marketing efforts to drive the rapid growth of the business.

The change of business structure affects the gross profit margin, and the cost investment increases to seize the market opportunity. During the reporting period, the company's gross profit margin on sales was 79.78%, which was lower than that of the same period last year (3.90pct). We judged that it was mainly affected by changes in the income structure. During the reporting period, the company's sales, management and R & D expenses accounted for 66.07% of revenue, an increase of 3.84pct over the same period last year, and the company as a whole continued to increase its investment. Among them, sales expenses increased by 37.50% over the same period last year, the company increased its investment in marketing resources, and management expenses increased by 60.91% over the same period last year.

Vigorously promote the construction of talents. At the end of this report, the company had a total of 1250 people, an increase of 179people compared with the end of 2020, an increase of 329people over the same period last year, a year-on-year increase of 35.7%. The new employees are mainly R & D personnel and marketing personnel. At the same time, the company implemented a restricted stock incentive plan in June 2021 to further improve the incentive system. At present, the construction information industry in which the company is located has a broad space and rapid development, and the company increases its investment to provide support for seizing market opportunities.

Construction IT leading enterprises are expected to continue to grow at a high speed. Under the background of the digital transformation of the construction industry, the company is expected to enjoy the industry growth dividend by virtue of product layout, product advantages of some positions, word-of-mouth and other differentiated competitive advantages. It is estimated that the net profit of the company in 2021-2023 is 1.28,1.68 and 211 million yuan respectively, corresponding to 30, 23 and 18 times PE respectively, maintaining the "buy" rating.

Risk hint

1. The growth is not as good as expected.

two。 Competition in the industry has intensified.