Qixin Group (002301) 2019 First Quarterly Report Review: Revenue Growth Exceeds Market Expectations, Large Clients Arranged Steady Progress

Qixin Group (002301) 2019 First Quarterly Report Review: Revenue Growth Exceeds Market Expectations, Large Clients Arranged Steady Progress
This report reads: Utilizing the advantages of product and supply chain integration, service capabilities, and information technology, the company is rapidly advancing in the layout of major customers and gradually entering the harvest period from the input stage. Cloud video conferencing will form an alternative synergy with office procurement. Investment Highlights: Maintain target price of 13.12 yuan, maintain overweight rating.With the advantages of product and 杭州桑拿 supply chain integration, service capabilities, and information technology, the company’s layout of major customers will rapidly advance, gradually entering the harvest period from the initial investment period, and the cloud video conference field is expected to form complementary synergies with office procurement business.Do we maintain the company 2019?The EPS forecast for 2021 is zero.44/0.58/0.74 yuan, maintaining a target price of 13.12 yuan, corresponding to about 30 times the PE in 2019, maintaining an overweight rating. Revenue growth exceeded market expectations.The company achieved operating income in the first quarter of 201910.7.5 billion, an increase of 53.75%, net profit attributable to 3905.50,000 yuan, an increase of 30.84%, realizing deduction of non-attributable net profit of 3466.20,000 yuan, an increase 无锡夜网 of 62.81%, due to the rapid development of B2B sales business, revenue growth exceeded market expectations, gradually increasing the number of large customers landing, B2B business scale is committed to maintaining a rapid growth trend. The office business has accumulated a lot, and the scale of revenue has achieved rapid growth.The company’s office business is gradually extending towards the direction of service providers. After years of accumulation and precipitation, product and supply chain integration, service capabilities and information technology advantages continue to be highlighted, and the accumulated service capabilities in the early stage have become prominent in the bidding of major customers.Highlighting that customer orders in reserve will gradually turn into revenue contributions. The strategic layout direction of “hardware + software + services” is advancing steadily, and the synergy effect is constantly exerted.With the introduction of the Group’s resource advantages, the company integrated the comprehensive integration of the products of the Shitong conference industry and launched the Cosmopolitan Mall, and launched multiple government procurement systems. Customers can purchase directly, and the integrated development of the Group’s resource customers continues to advance.With the further release of synergy between office collection and software services, the company will further strengthen its ability to serve major customers, increase customer stickiness and fully meet customer needs. Risk reminder: the risk of intensified competition in the office procurement industry, cloud video business expansion is less than expected

Guodian NARI (600406): Expanded growth orders accelerate upward

Guodian NARI (600406): Expanded growth orders accelerate upward

Investment Highlights The company released the third quarter report of 2019: the company achieved operating income of 171 in the first three quarters.

80,000 yuan, an increase of 0 in ten years.

12%, net profit attributable to mother 21.

460,000 yuan, at least -7.

32%, realizing net profit deducted from non-mother 20.

1.3 billion, +4 a year.

34%; the company’s single quarter of 2019Q3 achieved revenue of 62.

460,000 yuan, at least -5.

41%, realizing net profit attributable to mother 9.

45 ‰, at least -1.

93%, realizing net profit deduction for non-attribution8.

99 ‰, +4 for ten years.

69%, performance in line with market expectations.

This is an average increase: gross profit margin and net profit attributable to mothers have increased significantly, especially Q3 single-quarter growth continued to increase.

The company has shown a good development trend, especially the single quarter gross margin reached 31.

13%, a new high in the past two years, showing the company’s shift to the pursuit of order quality and performance-oriented development thinking.

The company’s Q3 single-quarter revenue transition level has an impact on extending the pace of project delivery at this stage, and is expected to remain unchanged.

From the perspective of the company’s operating income confirmation rhythm from 2016 to 2018, the company’s performance is mainly in Q4, and there is no regular pattern during the quarter. The company’s revenue confirmation is mainly the project delivery rhythm.

With the overall expectations unchanged, we believe that Q4 revenue and performance growth will all exceed 20%, and the growth rate will continue to increase.

Orders are forward-looking 杭州夜网论坛 indicators with accurate performance, and more order growth rates should be added.

We believe that the growth rate of the company’s orders is particularly important. The company’s 2018 annual report revealed that the order growth rate was 11%, and Q4 was the peak in revenue recognition. As of the end of September, the company’s orders in hand were about 40 billion, which is expected to be cashed in large quantities in this yearWe have confidence in the company’s development goal of achieving a 10% increase in scale revenue.

Investment suggestion: Benefiting from the widespread investment landing, the order growth rate of the company is expected to rise to a higher level, leading to the improvement of the forecast. We adjust the profit forecast and estimate that the company’s net profit for 2019-2021 will be 43.

6, 55.

4, 69.

1 ‰, the annual growth rate is 4 respectively.

7%, 27.

2%, 24.

7%, EPS is 0.

94, 1.

20, 1.

49 yuan, corresponding to the PE of the closing price on November 1, 2019 were 23.

8, 18.

7, 15.

0 times, raised to the “buy” level.

Risk reminder: The risk of flooding in the electric power Internet of Things is less than expected, UHV construction investment is less than expected, and the macroeconomic growth is slowing down.