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久其软件(002279)季报点评:各业务协同效应明显 传统软件业务增速亮眼

中信建投 ·  Apr 28, 2017 00:00  · Researches

  The incident company released its 2017 quarterly report. In the first quarter of 2017, the company achieved operating income of 203 million yuan, an increase of 16.71% over the previous year; net profit attributable to shareholders of listed companies was 5.87 million yuan, which turned losses into profits compared to the same period last year. Briefly, the “Jiuqi+” ecosystem is gradually improving. The synergy effect of various business integration is obvious. The company's revenue increased steadily in the first quarter of 2017, and achieved its first profit after listing in the first quarter, mainly due to the obvious effects of various business integration systems, and improvements in the company's performance due to seasonal fluctuations. The acquisition of Huaxia Dentsu forms technology+sales collaboration and complementarity: on the data platform, Jiuqi's big data platform is integrated with Huaxia Telecom's platform; on the business side, in addition to digital courts, court customers, in addition to digital courts, new businesses such as financial business integration and court big data have gradually begun to be implemented in various regional courts. The acquisition of Ruiyi Hengdong forms a synergy of advertising planning+advertising with Yiqi. The establishment of Jiuqi Digital Communications to build a top digital communication group company has successively acquired the mobile advertising company Yiqilian, the digital marketing company Ruiyi Hengdong, and the enterprise mobile information service company Shanghai Yitong in the field of digital communication, and established Jiuqi Zhitong to operate media big data to achieve complementary advantages between “big data” and “marketing”, and initially gradually improve the company's digital marketing strategy layout. Jiuqi Digital Communication Co., Ltd. was established to integrate the company's superior resources in the field of digital marketing through a unified business management platform at the group level to promote digital communication business driven by big data. The growth rate of traditional software business is impressive. The company's traditional software business includes e-government and group control. Among them, the e-government business achieved revenue of 539 million yuan in 2016, an increase of 100.88% over the previous year. Among them, Huaxia Dentsu's consolidated report achieved revenue of 226 million yuan in 2016, an increase of 37.80% over the previous year; group management achieved revenue of 264 million yuan, an increase of 34.08% over the previous year. The rapid growth of traditional software business is mainly due to the continuous deepening of the company's business expansion in the fields of finance, transportation, courts, etc. We are optimistic about the company's traditional software, government and enterprise information+digital communication+big data layout. We believe that the growth rate of the company's software business is expected to remain above the industry average and that the business integration and synergy of various companies will be fully exploited in the future. We recommend focusing on it.

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