Baoxin Software (600845): The fourth phase of Baozhiyun’s orderly landing and intelligent business continued to grow
Event: The company released the third quarter report of 2019, reporting a series of companies achieving revenue of 45.
19 ppm, an increase of 12 in ten years.
01%, net profit attributable to mother 6.
08 million yuan, an increase of 24 in ten years.
82%, net profit after deduction 5
90 ppm, an increase of 23 in ten years.
The company achieved revenue of 17 in the third quarter.
30,000 yuan, an increase of 13 in ten years.
57%, net profit attributable to mothers and net profit after deductions are 2 respectively.
1.5 billion and 2.
50,000 yuan, an increase of 7 in ten years.
11% and -3.
92% of the fourth phase of Baozhiyun landed in an orderly manner and signed an annual service fee of about 3 trillion for Shanghai Telecom: The fourth phase of Baozhiyun landed in an orderly manner and signed an annual service fee of about 3 for Shanghai Telecom.
950,000 yuan, a decrease of 0 from the end of the second quarter.
5.4 billion, the fourth-phase construction project is continuing to land.
The company issued an announcement in the early stage, and the Baozhiyun IDC Phase 4 and 2 and 3 projects were delivered in three batches before September 30, 2019. The contract service period is subject to 120 months.
The company is responsible for operating and maintaining a customized data center to ensure that Shanghai Telecom’s operation and maintenance management requirements are met, including the internal construction of the customized data center, daily operation management, and operation and maintenance services provided to Shanghai Telecom’s IDC business department and users. Service feesThe total amount is expected to not exceed 31.
1.1 billion, with an average annual expenditure of about 300 million.
The inventory quota is the highest in five years, and the intelligent automation business continues to grow: It is reported that the company’s ending inventory quota is 9.
5.2 billion, an increase of 11 quarter over the second quarter.
12%, an increase of 16 per year.
10%, the highest amount in the past five years.
The reasons for the changes in inventory were mainly due to the increase in the stocking of intelligent and automated business, and the difference in settlement time of some long-term projects. Among them, the balance of unsettled inventory of Urumqi rail transit projects was 40.47 million yuan, and the balance of unsettled inventory of Suzhou rail transit projects was 31.49 million yuan.
The increase in the number of stocks indicates a continuous decline in the growth of the company’s intelligence and automation business.
The merger effect between Baowu and Wuhan has been further manifested, and the Group’s high-quality resources have continued to be introduced. At the beginning of the year, the company and Wuhan Iron and Steel Group jointly established Wuhan Iron and Steel Big Data 南宁桑拿 Industrial Park Co., Ltd. in Qingshan District, Wuhan City, which involved 5 years and 18,000 20A cabinets in three phases.The construction of IDC center is of great significance for the company’s IDC business to expand its market from East China to Central China.
In June this year, the company issued an announcement intending to start with 2.
Acquired 100% shares of WISCO Industrial Technology Group, a subsidiary of WISCO Group, for a price of US $ 9.2 billion. In the future, through the integration of both parties in technology and business, it will effectively reduce the company’s business costs in Wuhan and increase its market share and information in the long run.The scale of revenue from the business.
Investment suggestion: The company focuses on smart manufacturing and vigorously expands IDC, cloud services, and intelligent equipment.
With the recovery of the steel industry, the country’s vigorous promotion of intelligent manufacturing and the arrival of a new round of IDC investment, the company’s continued growth is expected.
EPS is expected to be zero in 2019 and 2020.
96 yuan, give “Buy-A” rating, 6-month target price of 42 yuan.
Risk reminder: Software business growth is lower than expected, and new business development such as cloud services is blocked.