Taiji shares (002368): business structure optimization, cash flow to create the best in history
Performance is in line with expectations.
The company achieved revenue of 60 in 2018.
1.6 billion, an increase of 13 in ten years.
52%, net profit attributable to mother 3.
1 ppm, a ten-year increase of 8.
The company plans to distribute 2 for every 10 shares.
The level of cash flow was the best on the market.
1) In terms of cost, gross profit margin increased by 0 compared with the same period last year.
20pct; 2) In terms of expenses, the period expense ratio increased by 0 compared with the same period last year.
60pct, of which the sales expense ratio and financial expense ratio are basically the same as the same period last year, and the management expense ratio increased by 0.
71 points; 3) In terms of cash flow, the net cash flow from operations will be gradually realized.
80 ppm, an increase of 111 in ten years.
85%, the net operating cash flow in the fourth quarter of a single quarter reached 16.
6.1 billion, both hit a record high with Q4.
The main structure continued to be optimized, and the development of strategic businesses such as cloud computing and security was strong.
In terms of sub-sectors: 1) revenue from cloud service business4.
67 ppm, an increase of 27 in ten years.
31%. The cloud product and service system has been continuously improved, and the government cloud business has achieved rapid growth.
2) Network security and autonomous and controllable services achieve revenue12.
5.4 billion, an annual increase of 47.
The network security and autonomous and controllable industry segment has gradually developed on a large scale, and the industry leadership pattern has gradually taken shape.
In March 2018, the company released Tai Chi’s secure and reliable cloud platform to create a Tai Chi-specific cloud solution.
The holding company’s NPC Jincang database business developed rapidly, and the contract value increased by more than 100%.
3) The revenue of traditional system integration services business increases every year 2.
35%, but its share in the company’s overall business continued to decline, from 58 in 2017.
60% fell to 52 in 2018.
The proportion of revenue from cloud service business, network security and autonomous controllable business continued to increase, from 6 respectively.
92% and 16.
08% increased to 7.
77% and 20.
Investment suggestion: It is expected that the EPS for 2019-2010 will be 0.
92 yuan, 1.
13 yuan.Maintain 厦门夜网 “Buy-A” rating and 6-month target price of 38.
Risk reminder: the influx of industry giants intensifies market competition.