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Zhongke Shuguang (603019): Synergies continue to increase and gross profit is expected to continue to increase

Zhongke Shuguang (603019): Synergies continue to increase and gross profit is expected to continue to increase

I. Overview of the event In 2018, the company achieved operating income of 90.

5.7 billion, an increase of 43 in ten years.

89%; total profit 5.

3.7 billion, an increase of 44 per year.

68%; Net profit attributable to shareholders of listed companies.

31 ppm, a 39-year increase of 39.

43%; net profit attributable to shareholders of the listed company after deduction.

72 ppm, an increase of 31 in ten years.

98%.

Second, the business determined by analysis and judgment is developing at a high speed, and R & D expansion continues to increase the company’s operating income.

5.7 billion, an increase of 43 in ten years.

89%; total profit 5.

370,000 yuan, an increase of 44 in ten years.

68%; Net profit attributable to shareholders of listed companies.

31 ppm, a 39-year increase of 39.

43%; the company’s products in high-end computers, storage products and software development, system integration, technical services production 武汉夜生活网 revenue growth, while the gross profit margin increased steadily, gross profit increased by 0.

29, 2.

87 and 0.

03 average, is expected to continue to improve in the future.

Reported asset impairment losses amounted to zero.

80 ppm, an increase of 112 in ten years.

41%, of which bad debt loss is 0.

63 trillion, the asset impairment of LeTV cloud project is accrued as 0.

2.4 billion.

Reported company expenditures on R & D5.

07 million yuan, an increase of 118 in ten years.

5%, the company’s R & D efforts are strong, and the continuous high R & D efforts have broken the foundation for the sustainable and stable growth of the company.

The synergy effect is strengthened, and gross profit is expected to continue to increase the company’s holding of Haiguang Information by 25.

52% rose to 36.

44%, becoming 南宁桑拿 the largest shareholder of Haiguang Information.

Haiguang Information has achieved operating income for 18 years1.

1.3 billion, net profit -0.

3.6 billion.

Haiguang Information is a core enterprise in the field of chip independent controllability. At present, the chip has been in mass production.

By cooperating with Haiguang, the company independently researches and develops servers and desktop products using X86 chips, which reduces the dependence on the core, compresses processor procurement costs, and promotes continuous improvement in gross profit.

Third, investment advice The company is a leading company in the domestic server field, and is actively deploying the chip field.

Under the background of long-term vigorous development and promotion of independent controllability, the company, as an independent and controllable core enterprise, has continued to grow at a high speed and its gross profit margin has gradually recovered. It is estimated that the company’s net profit in 19-20 will be 6.

43/9.29/13.

2.5 billion, respectively 58 for PE.

2/40.

3/28.

3 times.

First coverage, given “recommended level”.

4. Risk Warning: Competition in the server industry is intensifying, and chip output is less than expected