UFIDA (600588) Annual Report Review Report: Cloud Business Continues High Growth and 19 Years of Strong Development

UFIDA (600588) Annual Report Review Report: 厦门夜网 Cloud Business Continues High Growth and 19 Years of Strong Development

Cloud business grew at a high speed, traditional software grew steadily, and financial business strengthened risk control.In 2018, the company realized operating income of US $ 7.7 billion, an annual increase of 21.

4%.

The rapid growth of the company’s revenue is initially due to the rapid growth of cloud business and the steady growth of software business, among which, cloud service revenue (excluding financial cloud services) 8.

500 million, an increase of 108% in ten years, revenue accounted for more than 10%.

Software business income 55.

800 million, an annual increase of 8.

7%.

The decline in Q4 single-quarter revenue growth was mainly due to the obvious growth in financial business and a slight decline in software business. The cloud 北京夜网 business still maintained rapid growth. The high base was also an important reason.

Against the background of accelerated acceleration of enterprise-grade services and cloud computing penetration, the company is expected to continue to grow rapidly.

Operating cash flow, cloud advances, non-net profit deductions, receivables and other indicators show that the growth gold content is high in 2018, and the company’s net operating cash flow reached 20.

400 million, far exceeding net profit, with an annual increase of 42.

8%.

The net profit after deducting non-attribution is 5.

32 ppm, an increase of 81 in ten years.

6%.

The advance payment of cloud business reached 3.

1 billion, a year-on-year increase of 224%, higher than the growth rate of cloud business income, accounts receivable13.

900 million, down 7% before.

Whether it is operating cash flow, non-profit deductions, or advance receipts from the cloud business, accounts receivable and other indicators indicate that the company’s annual report has a high gold content from various perspectives.

The growth of public cloud has accelerated, and the ecosystem has continued to grow. At the end of 2018, the advance payment of cloud business reached 3.

It has a growth rate of 224% per year, exceeding the overall growth rate of 108% of the cloud. We expect the proportion of public clouds to increase further in 17 years.

It is expected that cloud platforms, marketing clouds, financial clouds, and human clouds are the main driving forces for the rapid growth of cloud business.

The company gradually expanded to 70,000 large and medium customers, more than 40%, of which the U8 cloud renewal rate reached 82%, and the growth rate of cloud revenue significantly exceeded the customer growth rate, indicating that the unit price of customers was increasing.

In addition, the ecological system has been continuously improved, with more than 3,000 ecological partners, more than 4,500 products and services, and shortlisted for 18 provincial-level “Industrial Internet and Enterprise Cloud” service provider resource pool plans.

The cloud business has grown from strong to strong. It is expected that the industry’s leading advantages will become more obvious in the second half of 18 years. The company has expanded research and development investment. NC cloud has been launched.

In 19 years, the marketing system under the cloud era will be fully upgraded, the construction of UFIDA cloud partner ecosystem will be strengthened, business integration will be strengthened, and a strong enterprise service ecosystem will be created.

Promote institutional innovation and upgrade customer systems.

As the company’s product research and development and marketing systems become more and more adapted to the development of the cloud, the company’s enterprise-level service advantages will become more prominent.

Investment suggestion: We are optimistic about the broad space of the company’s enterprise-level services and the industry’s leading level, and maintain a “buy” rating.

After the new president takes office, the company’s efficiency improvement is expected to accelerate. It is expected that the cloud business will continue to grow at a high speed in 19 years, the traditional software will increase in revenue, and the financial business will develop steadily.

We estimate the company’s net profit attributable to its parent to be 8 in 19-20.

05, 10.

8 billion.

Risk warning: the growth of traditional software business exceeds expectations; the growth of cloud business exceeds expectations; the Industrial Internet policy falls short of expectations.

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