UFIDA (600588): Cloud leader
Investment highlights Non-net profit growth of 82% in 2018.
The company disclosed its 2018 annual report. In 2018, the company realized operating income of 77.
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%; net profit attributable to non-attributed mothers 5.
32 ppm, an increase of 81 in ten years.
6%.
According to the company announcement, the main drivers of performance growth include: (1) The company continued to promote UFIDA in 2018.
0 strategy, accelerating the large-scale development of UFIDA cloud service business, promoting the effective growth of software business, maintaining the steady development of financial services business, and the healthy development of the company’s overall business; (2) the company effectively controlling the growth of cost expenses, the average growth of costs and operating expensesRevenue increased and operating efficiency improved significantly.
R & D investment continues to increase, and cloud business R & D investment is high.
(1) In 2018, the company’s R & D intake was 14.
86 ppm, a ten-year increase of 14.
5%, R & D budget accounts for 19% of operating income.
3%, the R & D expense ratio is 88%. Since 2014, the R & D expense ratio has been at a high level of 86% -88%.
Since 2015, the company’s R & D investment accounts for about 20% of its operating income. We believe that high R & D investment guarantees the company’s product advantages and technical barriers.
(2) The proportion of cloud business R & D investment in total R & D investment is high.
In 2018, the company’s cloud services business revenue was 20.
940 thousand yuan, the proportion of cloud 苏州夜网论坛 service business income to total operating income was 27.
2%, but cloud business R & D promotion accounted for 48% of the company’s total R & D investment.
3%.
Software business: Revenue grows 9% annually and has passed CMMI level 5.
The company’s software business revenue in 2018 was 55.
79 ppm, a ten-year increase of 8.
7%.
The company’s software products include NC series for large enterprises, U series for medium and large enterprises, and T series products for small and micro enterprises.
In 2018, the company officially passed the CMMI Level 5 certification, the highest level in the global software field, and has achieved world-leading software maturity and software project management capabilities.
Focus on cloud services business.
(1) Revenue increased by 73% year-on-year.
In 2018, the company’s cloud services business revenue was 20.
0.94 南京桑拿网 million yuan, an increase of 72 in ten years.
9%.
From 2016 to 2018, the company’s cloud service business revenue accounted for 7%, 19%, and 27% of the company’s total operating revenue, respectively. The proportion of cloud service business revenue in the company’s total turnover increased year by year.
(2) Cloud services are gradually assessing that the number of corporate customers has increased by 55%.
As of the end of 2018, UFIDA’s number of enterprise customers reached 467.
210,000, gradually expanding the number of corporate customers 36.
190,000, an increase of 55% a year.
(3) The evaluation rate of cloud services has gradually increased.In the first quarter of 2018, the company’s cloud services are expected to be implanted6.
35%, by the fourth quarter of 2018, the ratio of cloud services has increased to 7.
75%.
(4) Cloud ecology is progressing smoothly.
In 2018, the number of ecologically registered partners of UFIDA Market Mall exceeded 3,000, the number of ecological products and services on the shelves exceeded 4,500, and the cloud market cooperated with the cloud platform to release / list 45 cloud-converged products.
Financial services business grew 55%.
Financial services business mainly refers to financial cloud services and other financial services businesses.
We estimate that the company’s financial business income will be 12 in 2018.
440,000 yuan, an annual increase of 55%.
Among them, the payment service business realized revenue1.
55 ppm, an increase of 81 in ten years.
8%.
Revenue from Internet investment and financing information service business10.
880,000 yuan, an increase of 51 over the same period last year.
8%.
Earnings forecasts and investment advice.
We believe that the company’s software business is growing steadily.
The rapid growth of cloud service business, the gradual improvement of the estimated rate of cloud services, and the gradual improvement of the cloud ecosystem may bring greater performance drivers to the company in the future.
We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 8.
08/10.
36/12.
81 trillion, EPS is 0.
34/0.
44/0.
54 yuan, corresponding PE is 98/76/62 times, maintain “Buy” rating.
risk warning.
Risks of technology updates and R & D; risks of increased competition within the cloud service business industry; risks of customer renewal rates falling short of expectations.