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优博讯(300531):19H1净利贴近预告下沿 经营性现金流大幅改善

Youbo News (300531): the net profit of 19H1 is close to the forecast and the operating cash flow along the lower edge is greatly improved.

國泰君安 ·  Aug 15, 2019 00:00  · Researches

This report is read as follows:

The company's 2019H1 net profit was 75.99 million yuan, an increase of 45%, slightly lower than we expected. With the penetration of industry applications and the expansion of overseas channels, the company's performance is expected to grow steadily. Maintain the "overweight" rating and maintain the target price of 21.32 yuan.

Main points of investment:

19H1 net profit is slightly lower than we expected, maintain the "overweight" rating, maintain the target price of 21.32 yuan. The company's 2019H1 achieved revenue of 474 million yuan, an increase of 43% over the same period last year, and a return profit of 75.99 million yuan, an increase of 45% over the same period last year. The revenue forecasts for 2019-2021 are lowered by 15.42 (- 1.29%), 22.65 (- 2.55) and 30.80 (- 4.13) billion respectively, and the net profit forecast for homecoming is 1.76 (- 0.05), 2.28 (- 0.07) and 294 (- 0.16) billion respectively, corresponding to an EPS of 0.63 (- 0.02). -3%), 0.82 (- 0.02%), 1.05 (- 0.06) (5%) yuan. Taking into account the company's dominant position in the industry, maintain the target price of 21.32 yuan, corresponding to 19 years of PE34x, maintain the "overweight" rating.

Overseas revenue has grown rapidly, and operating cash flow has improved significantly. The revenue of the 2019H1 data terminal was 216 million yuan, an increase of 30% over the same period last year, with a gross profit margin of 35.6%; and the revenue of the payment terminal was 213 million yuan, an increase of 56% over the same period last year, with a gross profit margin of 28.1%. 2019H1's overseas revenue was 152 million yuan, up 116% from the same period last year. The main sales markets are in India, Southeast Asia, Europe, Russia and South America. Overseas revenue accounts for 32% (24% in 2018). The net cash flow of 2019H1 operating activities was 116 million yuan, an increase of 195% over the same period last year, a substantial improvement. In terms of single quarter, Q2 revenue was 156 million yuan, down 25% from the same period last year; net profit was 28.22 million yuan, up 8% from the same period last year.

Increase technological exploration and product research and development, and expand into emerging fields. Based on the core software and hardware technology of intelligent mobile application, the company further deepens the research on new technologies such as artificial intelligence, RFID, big data and cloud computing, increases logistics information technology, intelligent payment, intelligent warehousing and other related technology research and product development, while consolidating the advantages of logistics express delivery and retail industry, actively extends to intelligent warehousing, intelligent transportation, intelligent manufacturing, product traceability, administrative law enforcement and other fields.

Catalyst: substantial progress in acquisition and large orders for customers

Core risks: exchange rate fluctuations, increased competition, lower-than-expected acquisition integration

The translation is provided by third-party software.


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