Event
The company released its semi-annual report for 2021: operating income of 664 million yuan, an increase of 36.45% over the same period last year, and a net profit of 110 million yuan, an increase of 54.235% over the same period last year. The company's new orders for smart city management doubled year-on-year revenue of 664 million yuan in the first half of the year, an increase of 36.45% over the same period last year. The net profit of returning home totaled 110 million yuan, an increase of 54.25% over the same period last year. The company seized the opportunity of accelerating the digital transformation and layout of cities across the country, and achieved good operating results in the first half of the year. Among them, the new orders for the management business of Smart Zone doubled compared with the same period last year, setting the best level in the same period in history, laying the foundation for the successful completion of the annual development goals. The main business developments are as follows:
1) in the field of urban integrated management service platform, promoted by the top level, the construction of standby provinces and municipalities has been accelerated. Urban platforms such as Qingdao, Ningbo, Linyi and Zhangzhou have been put online, and it is expected that platforms will be built in most areas of the country within two to three. 2) in the field of urban social governance platform, continue to improve the market recognition of high-quality projects. The company has worked with Huawei, Chao, Dahua, Unicom and other domestic well-known IT enterprises to create Liaoyu, Yulin, Hanzhong, Xingan, Changsha and other high-quality projects, which have a mainstream position in the industry and are recognized by more and more users.
3) the field of urban operation and network management, steadily implementing the new model of project promotion and construction, the company has won the bid for the construction of a new intelligent city operation command center in the starting area of Jinan new and old kinetic energy conversion, with a total project amount of 30.595 million yuan. build a new intelligent city operation command center platform with "1x 24" framework.
4) in the field of urban municipal drainage pipe network, ecology is gradually established to ensure the delivery power of the project. In the first half of the year, the company participated in the formulation of "Technical regulations for Intelligent interpretation of Image data of Urban drainage Pipeline Inspection" and applied the intelligent interpretation technology to the integrated processing of internal industry. in addition, the company gradually established an ecological alliance based on the practical experience of the project and established cooperation with a number of monitoring equipment manufacturers. Cooperate in the fields of equipment procurement, data application analysis and application scenario creation to provide a strong guarantee for project delivery and equipment after-sales maintenance. 5) in the field of urban big data operation and services, strengthen R & D and build a characteristic data collection model. The company optimizes AI.
The combination of video capture equipment, big data analysis technology and motor vehicles, non-motor vehicles, drones and other carriers to improve the efficiency of information collection and build a city big data information collection service model with company characteristics. During the reporting period, the gross profit rate and sales expense rate such as the new municipal solid waste classification and evaluation project in the main urban area of Zhangzhou increased slightly compared with the same period last year. The rate of management expenses and R & D expenses decreased slightly. In 2021, the gross profit margin of H1 was 39.57% (2020H1VR 39.23%), which was slightly higher than that of the same period last year. The sales expense rate was 6.91% (2020H1ve6.61%), which was mainly due to the increase in the salary of employees over the same period last year. The management expense rate was 14.53% (2020H1rig 18.12%), and the R & D expense rate was 7.19% (2020H1rig 8.37%). The company increased its R & D investment in the first half of the year, totaling 42.65 million yuan. Year-on-year increase of 11.22% profit forecast and valuation of social governance system and governance capacity modernization trend, the company as the domestic digital urban management leader, digital urban management business growth has a strong certainty, urban social governance brings new increments of grass-roots business, underground pipe network business structure adjustment is expected to continue to make a positive contribution, urban operation business is expected to help the company optimize its business model.
It is estimated that from 2021 to 2023, the company's operating income will be 17.21 pounds 20.82 yuan / 2.484 billion yuan, the net profit of return to the parent will be 1.84 pounds 2.41 yuan / 295 million yuan, and the financial EPS will be 0.38 pounds 0.50 pounds 0.61 yuan.
Oral risk hint
1, the downstream demand is lower than expected; 2. Business expansion is not as expected; 3. Competition in the industry has intensified.
