Baoxin Software (600845) Comment Report: Steady growth in performance Intelligent manufacturing and IDC business grow together

Baoxin Software (600845) Comment Report: Steady growth in performance Intelligent manufacturing and IDC business grow together

Event: The company released its 2019 annual performance forecast and plans to achieve a net profit attributable to shareholders of listed companies that is 1 higher than the same period of last year (based on data disclosed in the 2018 annual report).

7?
2.

4 ‰, 25% growth in ten years?
36%; after 四川耍耍网 adjusting the previous comparison statement, net profit attributable to mothers is expected to increase by 4.
.

0?

4.

70,000 yuan, a 91% increase in ten years?
107%.

It is expected that the net profit attributable to shareholders of listed companies in 2019 will increase by 2 over the same period of the previous year.

0?2.

800 million, a 33% increase each year?
46%.

Opinion: Long-term performance has grown steadily, and WISCO’s performance has basically turned a deficit.

The company reported net profit attributable to mothers in 2018 of 6.

69 ppm, net profit after deduction is 6

40,000 yuan, according to the performance forecast disclosure, 2019 is expected to return to the mother net profit of about 8.

39?
9.

09 million yuan, a 25% increase in ten years?
36%.

Our annual profit forecast is within 天津夜网 the range of the performance forecast, but it is close to the lower limit of the performance forecast. The actual net profit return to mothers in 2019 is slightly higher than expected.

The company completed the acquisition of WISCO Industrial Technology Group in July 2019. The reason for the substantial increase in growth in the decades following the consolidated statement is that WISCO Industrial Technology Group in February 2018.

29 ppm, and in 2019 basically realized a loss, so after the consolidated statement, the company’s net profit attributable to mothers in 2019 will increase significantly to 91%?
107%.

The company’s smart manufacturing business continues to grow, and new approved indicators guarantee the growth of IDC business.

The company’s performance growth in 2019 is mainly due to the growth of Baozhiyun IDC business and the automation of the steel industry where major customers are located, and the increase in information revenue.

Among them, the merger and reorganization of iron and steel enterprises has brought the company a steady stream of supplementary business requirements for steel automation and informatization.

In addition, in the first batch of IDC wholesale indicators in Shanghai, the company was approved for 5,000 racks, accounting for 20%, which shows the company’s strong competitiveness and also ensures the sustainability of the company’s IDC business growth.

Company profit forecast and estimation: It is estimated that the revenue in 19-21 will be 68.

57, 85.

32 and 105.

3.7 billion, net profit attributable to mothers was 8.

49, 11.

38 and 14.

20 trillion, the corresponding EPS is 0.
74, 0.

99 and 1.

25 yuan, corresponding to 48 for PE.

07, 36.

07 and 28.

74 times, giving 20 times 42 times PE, corresponding to a 6-month target price of 41.

58 yuan, maintaining the “highly recommended” level.

Risk reminder: the informationization of the steel industry, automation needs are less than expected; data center requirements are less than expected, IDC’s speed of listing exceeds expectations; IDC’s subsequent step-by-step indicators are uncertain.