UFIDA (600588) 2019 Semi-annual Report Comment: Profit Growth Exceeds Expectations Cloud Business Performance
1) The performance in the first half of the year exceeded expectations.
The company achieved revenue of 33 in the first half of 19 years.
1.3 billion, ten years +10.
2%; cloud computing-related businesses with high gross profit margins continued to grow rapidly, and net profit attributable to mothers was 4.
820,000 yuan, +290 a year.
1%; deducting non-net profit is 2.
64 trillion, +155 a year.
2) Cloud computing and payment business performed well.
The company’s two major emerging businesses achieved substantial growth: cloud service business revenue4.
72 trillion, ten years +114.
6%; the payment service realized 2 trillion bit income, exceeding +321.
6%; traditional software business is progressing steadily with revenue of 22.
48 ppm, previously + 5%; while the Internet investment and financing business is operating steadily under the company’s control, and achieves revenue under the control of the scale indicator3.
69 ppm, ten years -36.
The advance payment of cloud services accounted for about 400 million, an increase of 46% over the beginning of the year. There were nearly 5 million corporate customers. Some of them found 430,000 customers. About 70,000 were added at the end of the year. The customer renewal rate and unit price have steadily increased.
The company’s cloud transformation is progressing smoothly, and there is huge room for future customer scale, profitability and customer unit price increments.
3) R & D investment continues to grow, and industry leaders have strong growth momentum.
The company’s H1 R & D introduction in 19 years reached 7.
40,000 yuan, an increase of 25 in ten years.
In the third quarter of 19th, the company will launch a cloud ERP suite for growth enterprises, and UFIDA ‘s public cloud platform iuap5.
0 new products, cloud service quality continues to optimize.
In the report, the company focused on strengthening cooperation with Huawei, China Telecom, 360 and other well-known enterprises. The cloud market ecological platform has settled in more than 4,000 companies, and its services and products have exceeded 6,200. The overall leader in enterprise services is stable, and the long-term performance of the company will be high value-added.Strong.
4) Maintain “overweight” rating.
It is expected that EPS for 2019-2021 will be 0.
32 yuan / 0.
44 yuan / 0.
57 yuan, corresponding to a market surplus of 97.
90 times / 70.
66 times / 54.
The company’s cloud transformation 杭州桑拿网 is basically completed, and the enterprise service leadership is solid. The cloud computing business is expected to continue to grow at a high speed in the future.
We are optimistic about the company’s long-term development capabilities, and at the same time, considering the impact of financial business transition on future performance, we maintain the “overweight” rating.
5) Risk warning: cloud computing business customer expansion and evaluation rate increase hindered, financial business is less than expected