Events:
According to the company announcement, 20Q1-Q3 's revenue is 376 million yuan, yoy+2.4%; 's net profit is 88 million yuan, yoy-25.3%; 's non-net profit is 79 million yuan, yoy-19.9%. 20Q3's single-quarter revenue is 127 million yuan, yoy+8.4%, 's net profit is 20 million yuan, yoy-23.2%, 's non-net profit is 17 million yuan, yoy-8.9%.
Comments:
1. 20Q3 revenue increased steadily in a single quarter: 20Q1-Q3 revenue was 376 million yuan, and yoy+2.4%;20Q1/Q2/Q3 revenue was 1.10 billion yuan, respectively. Under the influence of the yoy-22.7%/+29%/+8.4%, epidemic, revenue increased positively for two consecutive quarters compared with the same period last year. The operating cost of 20Q3 is 46 million yuan, and yoy+49.6%, is mainly due to the increase in the flow cost of the service business, resulting in a 10% drop in gross profit margin compared with the same period last year. 20Q3 home deduction non-net profit of 17 million yuan, yoy-8.9%, is basically the same as the same period last year. The expense rate during the 20Q3 period was 50.1%, a decrease of 3.4% compared with the same period last year, of which the management expense rate increased by 4.9% compared with last year, mainly due to the increase in the salary and rental expenses of employees; the sales / R & D / financial expense rate decreased by 2.5% and 1.4% compared with last year. The change in financial expenses was caused by the interest on bank deposits and capital preservation fixed-income structural deposits. The net operating cash flow of 20Q3 is 23 million yuan, which is mainly due to the increase in the repayment of accounts receivable and the decrease in the amount of funds occupied by the pre-recharge of the agency business.
2. Business structure optimization, public service, risk control and other vertical business rapid development: (1) developer service: the company improves the existing product matrix of developer service business, message push and other product capabilities continue to deepen, at the same time actively explore new product service model, upgrading a single product "local service, local profit" model to "multi-capability, multi-scene omni-directional service" model. The company has a huge data scale. by the end of 20H1, the cumulative installation of developer service SDK has exceeded 60 billion, and the number of daily active users has exceeded 400 million. (2) Vertical businesses such as public services and risk control: continuously strengthen investment in new technologies and product research and development, continuously strengthen data governance capabilities, build a "governance platform" to consolidate big data's foundation, and create a new generation of data products in Taiwan. Continue to develop public services, risk control and other vertical areas, and provide a product-oriented, large-scale and profitable data intelligence platform. During the epidemic period, it provided data support and auxiliary decision-making system for epidemic prevention for many ministries, such as the General Office of the State Council, and local governments such as 31 provinces and cities across the country, which was widely recognized, and the public service business expanded rapidly, covering 300 districts and counties in the first half of the year. Financial risk control has been strongly promoted, and related services and solutions have been landed in a number of large state-owned banks, commercial banks and other institutions, and the Internet risk control business has achieved diversified development. The brand service business has been hit by the epidemic, but customers have maintained stable cooperation, with more than a dozen new cooperative brands in the first half of the year.
(3) growth services: short-term pressure, with the macro-economic recovery and the improvement of the epidemic situation, the growth service business is expected to recover gradually.
3. Invest in digital new infrastructure and draft industry safety standards: in June 20, the company became the only industrial strategic investment partner in the field of data intelligence of Zhejiang Expressway Information Engineering Technology Co., Ltd., a subsidiary of Zhejiang Transportation Investment Group. Committed to building big data-driven "super highway", effectively improve highway speed, but also work together to create a data center in the field of high-speed transportation. In August this year, the national standard project of "SDK Security Guide for Information Security Technology Mobile Internet applications" led by the company was formally established, which is conducive to promoting the development of industry norms.
4. Investment suggestion: big data industry is stepping into the fast lane of rapid development, the company is serving the leading "data intelligence" service providers in China, deeply ploughing developers, and with the technological concept of massive data accumulation and innovation, to build a data intelligent service ecology in many fields, such as mobile development, user growth, brand marketing, public management and intelligent risk control, backed by the Internet leader, optimistic about the medium-and long-term development of the company.
Risk tips: increased competition in the industry, improper use of Internet information, security of data resources, rising business costs, business violations, growth, customer concentration, brain drain, related transactions, downward valuation center and other risks.
