Depth * Company * Aerospace Information (600271): Deducting non-growth, both main business growth and gross profit hit record highs
On March 29, the company released its 2018 annual report: 279 in revenue.
00 million, a decrease of 6 previously.
1%, net profit of 16.
200 million, an increase of 4 every year.
The company’s overall business gross margin improved, the main business under pressure resumed high growth, and the value-added service potential of the company has not yet been released. Maintain the BUY rating.
The key points of the support level are the second highest growth rate in the past eight years, and the income structure has improved.
Net 杭州桑拿 profit growth earlier in 2016?
It improved slightly in 2017, and its performance was in line with expectations.
The fair value of the restricted shares held by PetroChina Capital decreased by nearly 4 over the same period.
900 million, significantly affected the company’s apparent net profit.
The deducted non-net profit is 15.
90,000 yuan, an increase of 16 in ten years.
0%, the new highest since 2016 and the second highest of 8 (just below the 38 in 2015).
In terms of revenue structure, the channel sales segmented by gross profit level, the volume of IC cards and other types of business contracted, and the proportion of channel sales revenue blocked by the volume started from the same period.
0% decreased to 45.
The gross profit margin of the entire line of business decreased.
The gross profit margin of each business increased by 1.
The 8 grades vary, which drives the overall gross profit margin up by 4.
This shows that the downstream market environment has improved, and the company’s competitiveness and bargaining power have improved.
The main business under pressure has ushered in a significant recovery.
The tax control system and equipment business under pressure due to policy price cuts ushered in 16 years in 2018.
4% accelerated growth in the past three years, gross profit margin increased by 2.
During the year, 3 million sets of gold tax disks were sold, and 13.3 million corporate customers were accumulated. The market share of new households increased by 2 percentage points.
Corporate members and loan assistance business have good potential indicators and are poised for growth.
In 2018, the cumulative number of members exceeded 2.3 million, and the membership business income was nearly 7 trillion, and the work plan was exceeded. The fiscal and tax training in the institutional market achieved $ 100 billion in revenue.
The loan lending business realized a scale of 17 billion yuan, which has doubled before.
If calculated at market rates, it is expected to achieve high profit margins of about 200 million yuan.
With the successive introduction of support policies for SMEs, the growth rate of related businesses in 2019 may increase significantly.
Estimated for 2019?
Net profit in 2021 is 20.
3 billion, 23.
600 million and 27.
900 million, EPS is 1.
27 and 1.
50 yuan (fine adjustment 1?
3%), corresponding to PE, 26, 22 and 19 times.
We are optimistic about the main business boost and membership / loan assistance business entering an explosive period. The company estimates that the growth rate is relatively low 杭州桑拿网 and maintains a BUY rating.
The main risks faced by ratings were lower than expected; the growth rate of member income was lower than expected.