2Q revenue increased by 29% over the same period last year, gradually getting out of the impact of the epidemic.
In the first half of 2020, the revenue was 249 million yuan (- 0.4%) and the net profit was 68 million yuan (- 25.9%). Among them, the single-quarter revenue in the second quarter was 139 million yuan (+ 29.0%), and the net profit was 34 million yuan (+ 9.7%). In the second quarter, both the year-on-year and month-on-month growth were achieved, and gradually got out of the impact of the epidemic. The company's business sector has a clear positioning, product iteration and continuous innovation, the service system is becoming more and more mature, market expansion has achieved remarkable results, and the company's long-term sustainable development has entered a new stage.
The number of terminal coverage has reached a new high, and data applications have been steadily developed.
During the reporting period, the number of terminal coverage and SDK installation of the company's products reached new highs, and the number of SDK daily active users served by developers exceeded 400 million independent devices, of which the daily active users of smart IoT devices exceeded 20 million. Among them, growth services newly increased the number of e-commerce and game short video customers, with the macro-economy gradually picking up in the second quarter, an increase of 46.7% over the same period last year; public services rapidly expand their business scope, and the "data cerebellum" helps the construction of smart cities; financial risk control is strongly promoted, and Internet risk control is diversified.
He took the lead in drafting SDK national standards, and industry norms promoted good money to expel bad coins. He took the lead in drafting the first domestic national standard on SDK security, the Mobile Internet Application (APP) SDK Security Guide. SDK is widely used in the development of all kinds of APP and has become an important part of APP. However, it is common in the market for third-party SDK plug-ins to read phone numbers, text messages, address books, geographical locations and other information without the user's knowledge, and upload them to their own servers, thus infringing upon users' privacy. The release and implementation of SDK security national standards will help standardize SDK access to data and achieve good money to drive out bad money.
Risk tips: data security risk, macroeconomic downside risk, technical personnel loss risk.
Investment advice: big data accelerated the application of commercialization, maintained the "overweight" rating affected by the epidemic, and made profit forecasts. The estimated revenue for 2020-2022 is 6.2x83xpx 1.08 billion yuan (down 9%, 6%, 1%), and the net profit from the parent is 1.51%, 220max, 300 million yuan (down 18%, 8%, 2%); the diluted EPS is 0.38, 0.55, and 0.75 yuan, and the current share price corresponds to PE87/60/44x. The commercialization of big data's application business is accelerated, and the company is an A-share scarce big data application company with data sources, maintaining a "overweight" rating.
