Taiji shares (002368) quarterly report comments: third-quarter revenue accelerated growth Issuance of convertible bonds layout
Matters: The company announced the third quarter report of 2019, and achieved operating income of 45 in the first three quarters of 2019.
8.4 billion, an annual increase of 18.
02%, achieving net profit of 7618.
310,000 yuan, an annual increase of 9.
58%, EPS is 0.
Ping An’s perspective: The company’s third-quarter revenue accelerated growth: According to the company’s announcement, 北京桑拿洗浴保健 the company achieved operating income of 45 in the first three quarters of 2019.
84 ppm, an 18-year increase.
In terms of quarters, the company’s revenue growth rate in the first quarter, second quarter, and third quarter was 9 each year.
27%, the company’s third quarter revenue continued to accelerate growth and accelerated significantly, indicating that the company’s main business development situation is good.
In the first three quarters of 2019, the company achieved a net profit of 7618.
310,000 yuan, an increase of 9 in ten years.
58%, net profit attributable to mothers has steadily increased.
The company’s gross profit margin and period expense ratio increase every quarter, and the increase in research and development expenses increases: the company’s gross profit margin for the first three quarters of 2019 was 23.
89%, an increase of 2 a year.
Company expenses during the first three quarters of 201921.
18%, an increase of 2 per year.
Among them, the sales expense ratio increases by 1 every year.
One single, mainly due to market expansion and increased sales staff; management expense ratio (management expenses including research and development expenses) further increased 1.
The 51 singles are mainly due to the company’s continued increase in R & D investment and further increase in R & D expenses.
The company’s R & D expenses for the first three quarters of 2019 were 1.
2 ‰, an increase of 89 in ten years.
82%, the proportion of revenue from R & D expenses increased by about 1 average each year.
The issuance of convertible bonds includes cloud computing, self-controllable and other fields, and future development is expected: the company’s application for public issuance of convertible bonds was approved by the Securities and Futures Commission in September of the year, and the issuance has been completed.
The size of the funds raised from the issuance of convertible bonds is US $ 1 billion. After deducting the issuance costs, it is intended to be used for “Taiji’s independent and controllable key technology and product research and development and industrialization projects”, “Taiji cloud computing center and cloud service system construction projects”,”Taiji Industrial Internet Service Platform Construction Project”, “Supply Liquidity” and other four projects.
The implementation of the fundraising project will strengthen the company’s competition in the domestic cloud computing, autonomous and controllable, industrial Internet fields, help the company grasp the future development direction of the information technology industry, and realize the company’s strategic vision of “being the best digital service provider in China”Provide strong support.
Profit forecast and investment recommendations: According to the company’s 2019 third quarter report, we adjusted the company’s profit forecast for 2019-2021, and EPS was adjusted to 0.
92 yuan (the original predictor variable is 0.
96 yuan), 1.
21 yuan (the original predictor 1).
22 yuan), 1.
60 yuan (the original predictor variable 1).
58 yuan), PE corresponding to the closing price on November 1 were about 34.
The company is a leading company in the national e-government industry, benefiting from the continued growth of the domestic e-government market, and the company’s e-government business has a solid foundation.
Adhering to its leading advantages in the field of e-government, the company has a good development momentum in the field of government cloud.
The company is one of the best system integrators in developing countries. As the overall unit of China Electronics Technology Group’s autonomous and controllable industry, the company maximizes its autonomous and controllable ecology and has ample future development space for autonomous and controllable business.
We are optimistic about the company’s future development and maintain a “recommended” rating on the company.
Risk reminders: (1) The growth rate of e-government business is not up to expectations: The growth of the domestic e-government industry market size is greatly affected by government investment in informatization construction. If the government’s expenditure on informatization construction changes,There is a risk that the market scale of the domestic e-government industry will exceed expectations, and the company’s e-government business will have a risk of not growing as expected; (2) The progress of cloud service business promotion is not as expected: the company’s government cloud business includes Beijing Municipal Affairs CloudHainan Government Affairs Cloud, Shanxi Province Government Affairs Cloud and other benchmark customers. In March 2019, the company successfully won the Tianjin Municipal Affairs Cloud.
If the company’s government affairs cloud business cannot continue to promote the application scope and application depth on existing projects, or the development of new projects fails to meet expectations, the company’s cloud service business may not meet the expected expansion schedule; (3) autonomouslyControl business development is not up to expectations: At present, domestic basic software and hardware platforms have been basically available, but the ecological shortage is serious. The adaptation between basic software and hardware products (CPU, operating system, database, etc.) is facing challenges.
The company is backed by China Electronics Technology Group. 南宁桑拿 Although it is relatively perfect in ecological construction, if the adaptive solution cannot be continuously improved, or the user experience of the introduced adaptive solution is not up to expectations, the company’s autonomous and controllable business may not develop as expected.risks of.