UFIDA (600588) 2019H1 Review: Cloud Business Continues High Growth and Autonomous Controllable Acceleration
Event description UFIDA released the 2019 semi-annual report, and our comments are as follows.
Event Comment Cloud business still performed well, showing cloud advance collection indicators for the first time.
Affected by the macro economy, the company’s overall operation was under pressure, and it achieved operating income of 33 in the first half of 2019.
13 ppm, an increase of 10 in ten years.
2%, Q2 single 杭州桑拿 quarter quarterly growth rate is about 6.
7%, of which the software business increased slightly 5.
0% to 22.
USD 4.8 billion, the previous growth rate, was replaced by the chain-to-money merger, and the corresponding one was the cloud business income4.
72 ppm, an increase of 114 in ten years.
6%, exceeding market expectations.
Out of self-confidence in its own cloud business, the company disclosed the financial indicators of cloud advance receipts for the first time, and terminated 2019H1 cloud services advance receipts to reach 4.
400,000 yuan, an increase of 46% over the beginning of the year.
Further analysis shows that the cloud revenue of small and micro enterprises increased by 142 every year.
3% to 45.27 million yuan, large and medium-sized enterprises cloud revenue increased 112% to 4 per year.
In addition, in terms of financial business, payment business grew by 321 every year.
6% to 2.
00 ppm, Internet investment and financing from the perspective of controlling the scale to achieve revenue3.
69 ppm, a decrease of 36 per 武汉夜生活网 year.
In terms of business operations, enterprise cloud customers and estimated conversions have gradually improved.
In the short term of the report, the number of registered corporate customers for corporate cloud services was 493.
170,000, of which the estimated number of corporate customers is 43.
10,000 homes, with an annual increase of 48.
At the same time, the company’s customer unit price has also steadily increased. Private cloud and hybrid cloud customer unit prices have increased significantly. At present, the company’s large and medium-sized enterprise customer unit prices are about 9.
890,000 yuan, the unit price of small and micro enterprises is about 1674 yuan.
Profitability is relatively stable, and asset impairment and equity incentive reductions accelerate the release of performance.
The company’s gross profit margin for 2019H1 is 66.
0% (twice -2.
9pct), period expenses 58.
0% (one year-0.
8 pct), net profit attributable to mother 4.
8.2 billion, an increase of 290.
1%; non-net profit attributable to the mother is 2.
6.4 billion, an increase of 155.
1%; net profit after deduction of unanticipated distribution of incentive costs is 3.
200,000 yuan, an increase of 40.
5%; after excluding the impact of asset and credit impairment, net profit increased by approximately 13%, which basically matched the growth rate of revenue. Accelerate the autonomous and controllable application ecosystem.
With the first half of iuap V3.
With the release of the 6 cloud platform and NC Cloud products and the suspension of Chanjet T1 / T3 / T6 remote ends, the company has fully focused on UFIDA 3.
With the promotion of 0 strategy, the company’s cloud market ecological partners have exceeded 4,000.
Established. The company participates in the enterprise’s digital autonomous controllable service alliance. It has focused on strengthening business cooperation with strategic partners such as Huawei, China Telecom, and Industrial and Commercial Bank of China. Currently, it has formulated specific plans and actively implemented them.
In addition, the company has announced the expansion of equity incentives in August, using software + cloud business income as the assessment target, and the incentive plan covers 156 key employees. It is expected to improve operating efficiency and is expected to achieve continuous growth under the trend of enterprise digitalization and software localization.It is expected that net profit attributable to mothers will be realized in 19/20.
600 million, corresponding to 88/67 times of PE, maintain “Buy” rating.
Risk Warning: 1.
Increased competition in the industry; 2.
The company’s progress on the cloud did not meet expectations.