Qixin Group (002301)： High growth performance of office business as expected
Qixin Group (002301): High growth performance of office business as expected
The core point is that the company’s revenue in the first three quarters of the first three quarters increased by 58 each year.0% to 43.500,000 yuan, net profit attributable to mothers increased by 31 each year.0% to 1.8.3 billion US dollars, in line with our democratic expectations;7% to 1.6.1 billion.We believe that Qixin Group has outstanding competitive advantages in the large-scale office and cloud video fields. It is determined that the company will help the company’s “hardware + software + services” enterprise-level comprehensive office service platform construction.36, 0.51, 0.66 yuan, maintain “Buy” rating. The office business continued to grow, and the SaaS business grew steadily. The company’s revenue in the first three quarters increased by 10 years.580% to 43.In terms of office business, we continue to develop high-quality large customers such as government and central enterprises, and gradually convert customers. B2B office business has developed rapidly. We expect that the growth rate of B2B office business will exceed 80% in the first three quarters.In terms of SaaS business, Goodstone products have a large customer base, high stickiness, and large-scale product line projects in industries such as smart education and smart party building have gradually come to promote the steady development of cloud video business.% Growth rate. The scale effect gradually appeared. During the period, the expense ratio dropped to the downside. Due to the rapid development of low gross margin B2B office business and the impact of changes in business structure, the gross profit 淡水桑拿网 margin of sales declined.6 points to 14.6%.As the scale effect of centralized mining gradually emerged, the sales and management expenses such as the transportation expense ratio and employee compensation expense ratio decreased significantly, and the expense ratio decreased during the first three quarters3.4 points to 9.7%, of which the sales / management + R & D / financial expense ratio decreased by 1 each year.5/1.2/0.6 points to 6.0% / 3.8% / 0.0%, the financial expense ratio in the third and third quarters will be reduced by 0 every year.9pct, mainly due to the continued depreciation of the value of the company’s foreign exchange earnings compared to the same period last year and increased growth. Looking forward to the release of scale effects, we will increase investment and investment projects to help the construction of the “hardware + software + services” platform. Benefit from the sunshine collection policy.By increasing the proportion of self-owned products and products with high gross profit margins, scale effects have gradually emerged and profitability has continued to increase.On October 22, the company’s non-public offering of shares was listed on the Shenzhen Stock Exchange. The investment will be used for “cloud video conference platform upgrade and business line expansion projects”, “smart office equipment development and industrialization projects”, “GroupThe digital “operating platform construction project” has helped the company to create an enterprise-level integrated office service platform of “hardware + software + services”, further consolidating the company’s leading position in office collection and cloud video industry. The office business is expected to grow rapidly. Maintaining the “Buy” rating. The Sunlight Collection Policy promotes the concentration of office collection business to the companies on the right.The annual net return to mother is 2 respectively.67, 3.75, 4.880,000 yuan, the corresponding EPS is 0.36, 0.51, 0.66 yuan.The segment valuation method is used to give the B2B office business 35-36 times the target PE and software business 36-37 times the target PE in 2019, corresponding to a target city ranking of 94.58?97.25 trillion, corresponding to the target price of 12.88?13.25 yuan, maintain “Buy” rating. Risk reminder: Customer development is less than expected, competition in the cloud video industry is intensified, and the risk of bad debts of accounts receivable.