Steady and steady Xu Li growth, port information subdivision leader can be expected in the future. The company is the leader of domestic port information subdivision, as the forerunner of intelligent port, put forward the concept of intelligent port and put it into practice, and successfully applied a new generation of information technology such as artificial intelligence to the port field. The company still achieved good growth in revenue under the background of the epidemic in 2021, and achieved operating income of 3.34,5.07,8.07,9.35 and 1.127 billion yuan respectively from 2017 to 2021, an increase of 38.72%, 51.84%, 59.17%, 15.82% and 20.50% respectively over the same period last year. Over the years, the company's gross profit margin and net profit margin remained at a good level, basically maintained at more than 45% and 20%. The 21-year gross profit margin fell to 38.11% and 15.91% respectively due to the difference in the proportion of self-made products in the company's projects, the application expansion of new scenarios, the net profit margin affected by the epidemic and other factors. The company continues to increase R & D investment, vigorously introduce high-end R & D personnel, and strengthen the landing of new AI products. The R & D expenditure in 2021 is 129 million yuan, an increase of 56.65% over the same period last year.
The impact of the epidemic has gradually receded, and many growth points can be expected. With the gradual improvement of the epidemic situation at home and abroad, the company can look forward to the following growth points: 1) the recovery of port informatization after the epidemic; 2) breakthroughs have been made in overseas markets. The company and Huawei jointly launched a number of products and solutions suitable for ports, airports, transportation, ports, parks and other industry scenarios, and applied in Oman, Saudi Arabia, Serbia, Bangladesh and other countries. 3) New products: market application of R & D achievements such as vehicle networking terminal, biometric terminal, AI camera terminal, etc., transforming the previous R & D investment into enterprise economic benefits; 4) New industries: with the technology accumulation in the field of smart ports, the company continues to promote the application of other scenarios, such as park, urban management, education and other industries 5) the company has launched a variety of epidemic prevention and control products to form an overall solution for epidemic prevention and control, which is expected to become a new growth point.
The forerunner of the smart port is expected to return to high growth after the epidemic. From the internal conditions, the company has obvious competitive advantages as the leading enterprise of the smart port, with high technical barriers, and a variety of intelligent terminal products and solutions continue to land; from the external environment, in recent years, while maintaining the steady growth of domestic smart port business, the company has actively opened up overseas markets, in-depth cooperation with Huawei and the expansion and extension of new products and new industries are expected to become new performance support for the company.
Investment suggestion: as the forerunner of the smart port, the company has continued to increase R & D investment in recent years, actively expand overseas markets and get involved in new scenes and new industries. We estimate that the operating income of the company from 2022 to 2024 is 15.07,19.44 and 2.562 billion yuan respectively, the net profit of returning to the mother is 2.81,3.69 and 476 million yuan respectively, and the EPS is 1.09,1.44,1.85 yuan per share respectively. Cover for the first time, giving a "buy" rating.
Risk hint: the landing of the order is not as expected; the technology research and development is not as expected; the demand for smart cars is not as expected.