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润和软件(300339):智能终端信息化带动收入增长 服贸基金入股优化股权结构

Run and Software (300339): intelligent terminal informationization drives income growth, service trade fund buys shares and optimizes ownership structure

安信證券 ·  Aug 23, 2019 00:00  · Researches

Event: the company released its semi-annual report in 2019, with revenue of 1.066 billion yuan in the first half of the year, an increase of 21.53% over the same period last year, a net profit of 109 million yuan, an increase of 11.52% over the same period last year, and a net profit of 99 million yuan after deducting non-recurring profits and losses, an increase of 6.68% over the same period last year.

Rapid growth of intelligent terminal business: during the reporting period, the company's three main businesses, financial technology services, intelligent terminal informatization and intelligent energy informatization, achieved revenue of 604 million yuan, 258 million yuan and 100 million yuan, up 11.82%, 87.84% and 26.94% respectively over the same period last year. The company's intelligent terminal information business continues to provide chip reference design, whole machine system development, intelligent device tuning and other technical services to customers such as smart phones, smart tablets, smart chips, etc., through the upgrading of digital strategy, it has realized the extension to the intelligent Internet of things solution capability. During the reporting period, the company became a strategic partner of Huawei Hayes and launched a number of high-performance AI development platforms, including HiKey960 development platform based on Huawei Hayes chip, which can be widely used in digital new media, intelligent robots, intelligent payment scenarios, and HiKey970 development platform based on Huawei Hayes chip, which can be widely used in robots, smart cities, deep learning, autopilot and other scenarios. Hickory development platform based on Huawei Hayes chip can be widely used in intelligent security, passenger flow statistics, face recognition, intelligent access control, autopilot, robot and other scenarios.

The growth rate of expenses is higher than that of income, and the gross profit has decreased: during the reporting period, the company's sales expenses and management expenses increased by 25.23% and 22.68%, respectively. In terms of R & D expenses, the company's R & D expenses accounted for 8.46% of sales revenue in 2018, which was lower than the 11.38% at the beginning of the period, but the scale of R & D expenses increased by 22.39% compared with the same period last year. On the other hand, the gross profit margin of the company's three main businesses has declined, resulting in a reduction of about 3 points in the comprehensive gross margin compared with the same period last year. The growth rate of expenses is higher than that of revenue and the decline of gross profit makes the growth rate of net profit of the company lower than that of revenue.

Service Trade Fund shares to optimize equity institutions: the company issued a previous announcement, controlling shareholder run and investment, actual controller Zhou Hongwei and Yao Ning, and shareholder Ningbo Hongchuang signed an equity transfer agreement with the Service Trade Fund to transfer 5.13% of the company's shares at a price of 488 million yuan, and completed the transfer procedures on August 7. Service and Trade Fund as a national industrial investment fund, its high proportion of shareholding in the company is conducive to optimizing the company's ownership structure, and is expected to provide assistance for its business development.

Investment advice: the company is deep in the financial field, in addition, the Internet of things and chips and other business development trend is good. It is estimated that the EPS from 2019 to 2020 will be 0.49 yuan and 0.63 yuan respectively, maintaining the "buy-A" rating, with a six-month target price of 19 yuan.

Risk Tip: Ant Financial Services Group cooperation is not as expected, and the business development of the Internet of things is not as expected.

The translation is provided by third-party software.


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