Zhongke Shuguang (603019) First Quarterly Report Review 2019: High-speed Growth of Revenue and Profit


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Zhongke Shuguang (603019) First Quarterly Report Review 2019: High-speed Growth of Revenue and Profit

The performance of the first quarter of 2019 continued to grow at a high pace, in line with expectations. The company released the first quarter of 2019 and achieved revenue of 22.

400 million (+52.

6%), net profit attributable to mother 5079.

60,000 yuan (+122.

7%), deducting non-attribution net profit 2649.

40,000 yuan (+36.

4%).

Net profit after deducting non-return to mothers continued to grow rapidly, in line with expectations.

The growth rate of revenue and net profit attributable to mothers was higher than expected. Cloud computing promoted the increase in market demand. The company’s various business development conditions were good. The company received government subsidies in the first quarter.

70,000 yuan.

Investment income improved significantly, 19Q1 was 599.

70,000 yuan (last year-8.99 million yuan).

The operating conditions and cost management are good, and the change in business structure caused a decline in gross profit margin. The company’s operating status was good in 19Q1, and it realized operating net cash flow6.

80,000 yuan (-2 in the same period last year.

300 million), mainly due to the distribution of scientific research tasks received.

Advance payment 6.

9 trillion, an earlier increase of 3.

700 million, mainly due to increased purchases of upstream chips.

Inventory 24.

9 trillion, an increase of 1 earlier.

6 trillion, bills receivable and accounts receivable23.

3 ‰, an earlier decline of 3.

500 million, due to the company’s increased efforts to collect funds.

The overall gross profit margin is 15.

3% (-2.

3pp), mainly due to changes in business structure, high-end computer revenue with a new gross profit margin increased, and the proportion increased.

From a cost perspective, the company continues to maintain high R & D investment.

1Q1 R & D expenses1.

100 million (+46.

9%), mainly due to the increase in R & D personnel.

The management expense ratio (including R & D expenses) is 6.

9% (-0.

7pp).

Selling expense ratio 3.

6% (-1.

3pp), financial expense ratio 2.

1% (-0.

04pp).The company increased its control over expenses, and its sales and management efficiency declined steadily.

Haiguang chip revenue accelerates growth, and domestically produced and controllable companies continue to become the largest shareholder of Haiguang Information. Haiguang 杭州桑拿网 Information Chip has successfully mass-produced and expanded its scale. It is expected that revenue and profits will continue to grow rapidly in 19 years. Haiguang Information and ShuguangThe supporting synergy effect of the server is gradually highlighted, which increases the company’s performance.

The company was approved for the establishment of the National Advanced Computing Industry Innovation Center, the independent controllable advanced computing equipment intelligent factory, the domestic security and controllable advanced computing system development and other projects. The company is a core company in the field of domestic security and controllable computing, and the national level project promotes the companyContinuous efforts in the field of safety and controllability.

Risk warning: chip production is less than expected; competition in the server market is intensified; cloud computing advances less than expected Investment advice: Maintain a “Buy” rating.

It is estimated that the revenue for 2019-2021 will be 136/193/265 trillion, with a growth rate of 50 in ten years.

2/41.

7/37.

4%, net profit attributable to mother 7.

7/12.

9/19.

4 trillion, a year-on-year growth rate of 79.

3/67.

6/50.

0%; diluted EPS = 1.

2/2.

0/3.

0 yuan, currently corresponding to PE = 50/30 / 20x.

Maintain “Buy” rating.