Information technology and multimedia video integrated solutions and service providers have a wide range of applications. The company mainly provides multimedia video system construction services for large and medium-sized users in energy, government, finance, transportation, education, medical and other industries. combined with the characteristics of various industries and users' individual needs of consultation, design, research and development, operation and maintenance services, as well as to provide users with data center environment construction, infrastructure construction and other system construction services. And combined with the personalized needs of users to provide consultation, design, research and development, operation and maintenance and other comprehensive services.
Under the epidemic, the video collaboration platform of True Vision Tongyun supports telecommuting. True Vision has been working in the field of cloud video conferencing for many years and has accumulated a lot of technical advantages. After the beginning of the epidemic, True Vision launched an emergency assistance project to provide cooperative units with the deployment, installation, commissioning, operation and maintenance of equipment related to the conference video system and emergency command system, and to provide support for various governments and other emergency places. At the same time, True Shitong opened its cloud video collaboration platform to Chinese users free of charge until the end of the epidemic, helping many small and medium-sized enterprises and countless families to work from home.
Revenue declined slightly in 2019, which is good for the long term. In the third quarter of 2019, the company's operating income was 463 million yuan, down 14.9% from the same period last year; the total profit was 18.03 million yuan, down 41.49% from the same period last year; and the net profit belonging to shareholders of listed companies was 16.04 million yuan, down 43.66% from the same period last year. It is mainly due to the increasing downward pressure on the economy and the complex trade environment. Due to the impact of the epidemic, telecommuting has an increasing demand for video conferencing. as a multimedia video provider, video products and services will meet the telecommuting needs of a large number of enterprises, so the performance is expected to be good in 2020.
Company profit forecast and investment rating: the company firmly grasps the opportunity of online technology explosion and actively arranges cloud video. We estimate that the return net profit of the company from 2019 to 2021 will be 9216 million yuan, and the corresponding EPS will be 0.21, 0.31, 0.44 yuan respectively. The current stock price corresponds to 2019-2021 PE value of 73-48-34 respectively. Give a "recommended" rating.
Risk tips: macroeconomic downturn, limited telecommuting demand after enterprises return to work, technology and product research and development risks, and actual control of the risk of low shareholding
