Hang Seng Electronics (600570) 2019 Third Quarterly Report Review: Rapid Performance Growth, Deepening China-Taiwan Strategy
Matters: The company released three quarterly reports on October 25, 2019: the first three quarters achieved revenue of 22.
97 ppm, an increase of 17 in ten years.
02%; realized attributable net profit 8.
40,000 yuan, an increase of 122 in ten years.
86%; deducting non-net profit 杭州桑拿网 is 3.
170,000 yuan, an increase of 36 in ten years.
Comment: Rapid growth in performance, R & D investment continues to increase.
Realized revenue in the third quarter 7.
73 ppm, an increase of 28 in ten years.
42%, a significant increase over the first half; realized attributable net profit1.
250 thousand yuan, an increase of 107 in ten years.
94%; net profit after deduction is 6012.
490,000 yuan, an increase of 590 in ten years.
50%, allowing rapid growth.
The first three quarters: cash inflows from operating activities25.
42 ppm, an increase of 10 in ten years.
52%, which is basically consistent with the revenue trend; the tax and fee received is 1
5.7 billion, down 13 a year.
10%, it is expected that some tax and fee refunds are still lagging, which will affect the short-term 成都桑拿网 apparent net profit and cash flow to a certain extent.
28%, which is basically the same as the same period of last year;
91%, a decrease of 0 every year.
64pct; R & D expense is 10.
43 ppm, an 18-year increase.
76%, accounting for 45% of revenue.
41%, a slight increase over the previous quarter, R & D expansion continued to increase.
Net investment income for the third quarter was 2.
92 million, net income from changes in fair value was -2.
21 ppm, each total has zero impact on net profit.
710,000 yuan, the comprehensive impact of the same period last year was 0.
The various businesses are advancing steadily, and the science and technology board contributes considerable increase.
The growth of the brokerage business was highly stable in the first half of the year. Through the third quarter, the demand for the reform of the science and technology board was concentrated, and the growth rate is expected to rebound.
Benefiting from the advancement of new regulations on capital management, it is expected that banks’ capital management-related areas will perform better; the transformation of public equity fund science and technology boards will bring breakthrough breakthroughs, which will help the capital management business to perform to a certain extent.
It is expected that the overall performance of the related innovation of science and technology board will bring considerable increase.
For wealth business, TA5.
The function is further improved to help release demand better.
It is expected that the Internet business will continue to maintain a better momentum, and the innovative business will continue to make breakthroughs in products and markets. From then on, high-speed growth has entered a new qualitative change stage.In addition, the company continues to increase its efforts in the field of artificial intelligence and blockchain, helping to further enhance the long-term competition.
Financial innovation and opening up have opened up long-term space, and the China-Taiwan strategy has been further deepened.
Since 2015, business innovation in the capital market has experienced excessive easing before, and it has become significantly more severe. Since this year, the transformation of the science and technology board and the refinancing policy have changed. The policy margin has been improved. The IT demand brought by innovation has been continuously released.
At the same time, the opening of finance to the outside world has been steadily progressing, and the number of participating institutions will further increase, which will bring new informationization expenditures and open up the space for increase.
The more market-oriented financial institutions will further impose realistic business innovations in the financial industry, thereby further generating IT demand.
In addition, the company responded to the differentiation of the financial industry, repeated requirements quickly, actively promoted China-Taiwan business, continued to strengthen its competitiveness in terms of service capabilities and tools, and further deepened its China-Taiwan strategy.
Investment suggestion: We maintain the company’s forecasted attributable net profit for 2019-2021.
04 billion, 11.
1.2 billion, 14.
3.3 billion, corresponding to PE is 55 times, 54 times, 42 times, maintaining a target price of 81.
68 yuan / share, maintaining the “strong push” level.
Risk warning: The new business expansion is less than expected, and the potential of adverse effects from the administration of the subsidiary.