UFIDA (600588) company dynamic review: strong momentum for cloud services financial data shine
Event: The company released its 2018 annual report on the evening of March 15, 2019, and realized revenue of 77 in 2018.
30,000 yuan, an increase of 21 in ten years.
4%, net profit attributable to mother 6.
12 ppm, an increase of 57 in ten years.
3%, to achieve net profit after deduction 5.
32 ppm, an increase of 81 in ten years.
Our comments on this are as follows: The cloud services business has a strong momentum and the quality of performance growth has improved.
The company achieved revenue from cloud services (excluding finance) in 20188.
51 ‰, an actual increase of 108% during the ten-year period, accounting for 6% of the total income in 2017.
45% increased to 11.
The cumulative number of registered customers in 2018 was 467.
210,000 homes, an increase of 18 in ten years.
9%, gradually increasing the number of corporate customers 36.
190,000, which actually increased by 54 in ten years.
99%, the renewal rate of the fist product U8 Cloud reaches 82.
0%. In November 2018, the company released NC Cloud products for large enterprises, which is expected to become a new growth point in the future.
The company’s software business revenue in 2018 was 55.
79 ppm, a ten-year increase of 8.
7%, is expected to continue to maintain a steady and profitable growth in the future.
In 2018, Internet investment and financing information service income (Youjin Institute) achieved 10.
88 ppm, an increase of 51 in ten years.
8%, it is expected to strengthen financial compliance and 北京养生 risk control in the future to achieve steady development.
Although the overall gross profit margin increased slightly from 2017, it remained at 69.
95% high in the last 5 years.
The strategic advancement effect is significant, and it is expected to make great strides on the road of increasing income and profit in the future.
Initial results of the Industrial Internet Platform.
In 2018, the company strengthened the development and business promotion of cloud service products based on the smart industrial cloud, participated in the construction of 7 local government-led industrial Internet platforms, and was shortlisted into 18 provincial-level “industrial Internet and enterprise cloud” service provider resource pools.It is planned that the Smart Industrial Internet Platform will serve as an open ecological platform to help customers achieve efficient collaboration, platformization, and ecological operation of the industrial chain. In the future wave of the Industrial Internet, the company will rely on the company’s 30 years of industrial experience to become an oligarch.
Financial data is getting brighter, and future growth is still going strong.
The company’s three major expense ratios totaled 58 in 2018.
73%, ten years ago3.
07 pct, of which the management expense rate increased slightly by 0.
9 pct, the sales expense ratio is reduced by 0.
94 pct, financial expense ratio decreased by 1.
With 24 pcts, the three major expense ratios have all contracted, and the company’s overall management capabilities have significantly improved.
At the end of 2018, the company’s monetary funds’ coverage of short-term debt reached 175.23%, excellent short-term solvency, and the rejection rate fluctuated slightly2.
24 to 49.
At the same time, the company wrote off 4 in 2018.
13 trillion accounts receivable, end of period accounts receivable13.
9 trillion, down 7 a year.
0%, taking into account the influence of write-off factors, the proportion of accounts receivable with an age of 1 year is 55.
5%, about 2017 (48.
07%) and 2018 semi-annual report data (53.
58%) continued to improve significantly, which also shows that the company is making every effort to strengthen the repayment and promote the development of overall business efficiency.
The company received advance accounts in 201810.
80 trillion, a record high, and advance receipts with an age of one year increased significantly2.
2 trillion, showing that the market currently has a high degree of recognition of the company, especially the advance payment of the cloud business reached 3.
10,000 yuan, an increase of 224 in ten years.
0%, creating favorable conditions for the continued high-speed growth of cloud business.
In addition, the company’s operating net cash flow in 2018 was 20.
4.3 billion, an increase of 42 previously.
8%, a record high, and the company’s own cash flow (FCFF) reached a record 19.
USD 4.2 billion, good operating net cash flow and high advance receipts are all examples of the company’s strong bargaining power in the industry chain.
In addition, in 2018, the company provided approximately 1 bad debts for accounts receivable with a single amount (less than 200 million).
At 73 megabytes, it is estimated that Bingjun Networks accrued RMB 46.67 million in impairment losses on goodwill. The above-mentioned asset impairment losses will definitely increase the reported data, but will return to zero net profit.
120,000 yuan is still refreshing the best level in history.
In general, the company’s 2018 financial data is very beautiful, and multiple indicators indicate that the company can still maintain a strong development trend in the future.
We predict that the company will achieve operating income of 91% in 2019-2021.
4.5 billion, 109.
52 ppm and 131.
690,000 yuan, achieving net profit attributable to mother 8.
9 billion, 10.
6 billion and 12.
71 ppm, the company’s current sustainable corresponding PE is 72X, 60X and 50X, maintaining the “highly recommended” level.
Risk reminders: The domestic software replacement policy has performed less than expected; the advancement of cloud service strategy has fallen short of expectations; the company’s R & D efficiency has fallen short of expectations; the online lending industry has increased risks; and the account receivables have increased risks.