Depth-Company-UFIDA Network (600588)： Positive and negative sides contain more than expected strength
Depth * Company * UFIDA Network (600588): Positives and negatives contain more than expected strength
The company released the third quarter report of 2019: the first three quarters achieved revenue of 50.
100 million (+10.
1%), net profit 4.
500 million (+196.
4%), deducting non-net profit 1.
700 million (+36.
The growth rate of cloud business income exceeded expectations. The subsequent impact of the policy contraction of the Internet financial business is expected to weaken. We maintain our Buy rating.
Key points of the support level Cloud transformation exceeded expectations.
The company’s main investment line lies in the progress of cloud business, and reports consolidated revenue from cloud service business (excluding financial cloud service business) 7.
800 million (+ 125%), which is about 115% higher than H1.
Therefore, it is expected that the growth of clouds will double the probability ahead of the target.
In addition, the focus of Q4’s promotion will be on cloud product lines, including NC Cloud 1909 (September this year version) and YonSuite (cloud-native architecture growth products) released for large customers. Therefore, it is expected that Q4’s cloud revenue growth rate may still increase.Stairs.
Cloud income in the industry is generally given 10?
14x PS level (depending on the degree of cloud nativeness and growth rate), considering the launch of cloud native products such as YonSuite and high growth rate, calculated at 14X, if Q4 drives the realization of 130% cloud revenue growth, it will bring over4.2 billion reasonable market value increase.
At the same time, what about the next year’s cloud 60?
The 80% expectation is also expected to increase.
The single quarter revenue and net profit were lower than expected, and the impact of the business contraction of UFIDA broke through.
Q3 revenue also increased by 10%, while net profit also decreased by 141%.
The shrinkage rate (-39%) under the policy guidance of Youjin is mainly lower than market expectations, but in line with our in-depth report expectations (about -40%).
Therefore, this part will not bring about an additional reduction in reasonable market value.
Looking at the overall positive and negative aspects of the company’s performance actually exceeded expectations, in fact, excluding the impact of the company’s revenue growth of 22%.
The subsequent drags by the Youjin Institute may continue to decrease, because Q4 last year was the starting 杭州桑拿网 point of active control scale.
Sanhua has driven downstream demand growth to a higher level.
Of course, the high growth of research and development expenses Q3 (+ 20%) is mainly to grasp the potential of transformation, localization and transformation of the market, and the income growth rate will accelerate.
It is estimated that the positive and negative effects of cloud and Internet finance are considered to be superimposed to maintain 2019?
Net profit in 2021 is 8.
700 million, 11.
0 billion and 15.
Expected 1 trillion, EPS is 0.
44 and 0.
According to the segment estimation method of our in-depth report, compared with 2019?
Indicators are undervalued in 2020 and we maintain a BUY rating.
The main risks faced by the rating are continued expectations of Youjin; expenses are growing 西安耍耍网 too fast.