Depth * Company * UFIDA Network (600588): Cloud revenue doubles and rates improve for three consecutive years
The company recently released its 2018 annual report: 77 revenue.
0 billion, an increase of 21 in ten years.
4%, net profit attributable to mother 6.
1 billion, a 57-year 夜来香体验网 growth of 57.
3%, it is planned to increase 3 shares for every 10 shares and pay dividends2.
5 yuan (including tax).
The increase in the proportion of cloud business has promoted a significant qualitative change in the business. We are optimistic about the strategy to promote development and maintain a BUY rating.
The performance of the key points of the support level is close to the upper limit of the forecast, and the indicators have been shown to support the successful implementation of the strategy.
The company achieved net profit attributable to mother 6.
100 million, close to the forecast limit of 6.
200 million, in line with expectations.
The company’s growth, profitability and cash flow and other indicators are better: software / cloud services (PaaS, SaaS, BaaS and DaaS) / payment / Internet investment and financing service income are 55.
900 million, an annual increase of 8.
7% / 108.
0% / 81.
8% / 51.
8%; gross margins for technical services and training / software products were 53.
9% / 98.
5%, increase by 1 each year.
1 point; net operating cash flow is 20.
400 million, an increase of 42 in half a year.
8%; all indicators continue to support UF3.
0Strategic implementation in place is expected to achieve better results.
Three dimensions verify that enterprise cloud momentum is on the rise.
(1) Selling expense ratio: It has declined for three consecutive years, from 67 in 2015.
4% dropped nearly 10pc to 58 at the end of 2018.
(2) Advance receipts: The advance receipts for 2018 are 10.
800 million, an annual increase of 27.
1%, February 2018.
The 300 million increase is much higher than the zero in 2017.
300 million increments.
(3) Customer base: At the end of 2018, cloud services gradually registered a total of 467 corporate customers.
20,000, of which approximately 36.190,000, a growth of 55% in ten years, the thickening of the cloud customer base provides a strong guarantee for increased revenue.
The three major dimensions jointly verify the sustainable and healthy development of UFIDA.
The growth rate of financial services is bright, and there is much to be done in the inclusive financial landscape.
The company’s payment and Internet investment and financing services have achieved a two-pronged approach, with revenues increasing by 81%.
8% / 51.
At present, inclusive financial policies that solve the problem of corporate financing, which are difficult to finance, are frequent, and gradually promote new orders of magnitude under the impetus of policies.
The main risks facing the rating SME IT spending capacity decline; cloud services advance less than expected.
It is estimated that considering that the proportion of software business is still infiltrated and the growth rate is stable, the net profit attributable to mothers from 2019 to 2021 is expected to be 8.
16 billion, EPS is 0.
RMB 79 (fine-tuning-4% / 3% for 2019-2020), corresponding to PE is 76/56/42 times.
Committed to doubling the cloud business in 2018, the sales expense ratio is expected to continue to decrease, and the financial services business has huge growth potential. Maintain the BUY rating.