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天源迪科(300047)季报点评:业绩符合预期 电信+金融+政企稳步推进

Tianyuan Dike (300047) quarterly report comments: performance in line with expectations of telecommunications + finance + steady progress of government and enterprise

天風證券 ·  Oct 31, 2019 00:00  · Researches

Event

According to the company's three-quarter report in 2019, the company achieved operating income of 2.497 billion yuan in the first three quarters, an increase of 29.42% over the same period last year, and a net profit of 89.0269 million yuan, an increase of 13.81% over the same period last year. In the third quarter, the operating income in a single quarter was 904 million yuan, an increase of 21.08% over the same period last year, and the net profit was 44.2198 million yuan, an increase of 10.92% over the same period last year.

Our comments are as follows:

Telecommunications, finance, government, enterprises and other businesses maintained steady growth, promoting the steady growth of the company's revenue and profits.

1) Telecom field: the company is one of the leading BOSS system leaders in China, maintaining an absolute advantage in the concentrated and Yunhua market of Unicom Group. In the first half of 1919, it added BSS3.0 market share of four provincial companies in China Telecom Corporation, and nearly 20% market share in China Telecom Corporation BSS and big data business. It gradually formed a breakthrough in China Mobile Limited BSS and big data market, promoting the steady growth of operator business. With the advance of 5G commercial construction, the company is expected to usher in greater development opportunities in the 5G era.

2) Public security field: the company deeply ploughed the core city benchmarking project in the field of public security big data, and the demonstration effect was remarkable. In the first half of 1919, it successfully expanded Foshan, Chongqing and other new markets, and the contract amount increased significantly compared with the same period last year. Lay the foundation for future performance growth.

3) Financial sector: Weinbert acquired by the company has been deeply cultivated in the core system of large banks for many years. Dike Digital, a subsidiary cultivated by the company itself, continues to apply technologies such as big data and cloud computing in the financial field. In financial customer risk control, marketing and other areas to launch intelligent customer acquisition, credit management, risk control and other areas to launch new products, the product landed smoothly. To promote the sustained and rapid growth of business in the financial industry.

The pace of income settlement has a certain impact on short-term gross profit margin, which is expected to remain stable for the whole year.

The expense rate is well controlled, and profitability is expected to continue to strengthen.

2019Q3's single-quarter gross profit margin was 20.42%, down 3.23% year-on-year and 6.34% month-on-month. Historically, due to the low proportion of revenue in the first three quarters of the year, most of the business income is settled in the fourth quarter, and the rhythm and structure of short-term revenue recognition have a certain impact on gross profit margin, but gross profit margin is expected to remain stable for the whole year. From the perspective of expense rate, as the company's new business revenue continues to grow, the scale effect continues to appear. The three 19Q3 expense rates are 15.46%, 3.0% lower than the same period last year, and 7.0% lower than the previous month. As the company's new business goes hand in hand, the scale effect is expected to continue to appear in the future, the expense rate is expected to be further diluted, and profitability continues to enhance.

Reiterate the core growth logic of the company:

The company has a comprehensive layout in telecommunications, public security, finance and other fields, focusing on big data, cloud computing, artificial intelligence and other core technologies to promote the sustained and rapid landing of industry applications. Telecom companies as domestic veteran BOSS system leaders, market share continues to increase, 5G era is expected to usher in new growth opportunities. The demonstration effect of public security companies in benchmarking projects in key cities is outstanding, products and market strategies are actively optimized, public security big data contracts continue to grow rapidly, and public security business is expected to continue to grow. Companies in the financial sector have fully coordinated channels and technology to connect big data, artificial intelligence and other technologies to the needs of financial customers, and new products continue to hit the ground, which is expected to promote the sustained growth of financial business. Several major business lines of the company go hand in hand and are expected to maintain long-term and rapid growth.

Investment advice and profit forecasts:

Telecom + government + financial layout is perfect, all business lines go hand in hand, and the company's revenue and profits are expected to continue to grow rapidly. It is estimated that the company's net profit for 19-21 years will be 2.70,3.66 and 481 million yuan respectively, corresponding to 19 times of 19 years' earnings and 14 times of 20 years' earnings.

Risk tips: low expectation of downstream capital expenditure, higher-than-expected competition in the industry, and risk of product research and development.

The translation is provided by third-party software.


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