Ziguang Shares (000938) 2019 First Quarterly Report Review: Focusing on the Steady Development Advantages of the Digital Industry and Obviously Enjoying Industry Dividends
Event: The company released the 2019 first quarter report on April 18, 2019.In the first quarter of 2019, the company achieved operating income of 122.3 billion, up 20 annually.85%; net profit attributable to mother 3.7.7 billion, an annual increase of 52.66%. Focus on digital platform solutions.The company is committed to creating a complete and powerful “cloud-network-end” end-to-end industrial chain. With years of accumulated technology, the company has become a leading provider of digital products and solutions.With the role of next-generation information technologies such as cloud computing, big data, and the Internet of Things being tapped by the market, the digital economy industry is on a rapid development track.In 2019, the company will continue to increase its spending on IT basic products and related solutions, and strive to improve the competitiveness of its products and improve the layout of its industrial chain.In the first quarter of 2019, the company’s performance maintained a momentum of rapid development.It is estimated that in the first quarter of 2019, the company’s IT infrastructure product service business will contribute 5.5 billion yuan in revenue, and IT product distribution and supply chain services will contribute 7.6 billion yuan. Control costs and improve profitability.Reporting the average, the company’s gross sales margin was 19.79%, down by 1 every year.56 averages.The company’s net sales margin is 5.05%, rising by 0 every year.76 averages.The listing of net interest rate under the condition of falling gross profit margin is because the company effectively controls costs.The report totals that the company’s sales expense ratio has dropped by 0 every year.For 37 expenditures, the management expense ratio (including the R & D expense ratio) decreases by 0 every year.55 budgets, each time the financial expense ratio drops by zero.19 averages. Digital products have huge advantages and are expected to enjoy the rapid development of the industry.At present, the transformation of social economy and the development of next-generation communication technologies will explode the amount of data.At the same time, in order to improve the service and business capabilities of the government and enterprises, the demand for cloud computing will increase.The company has continuously expanded its R & D investment in IT and cloud computing business, and its products and solutions have formed certain advantages in 苏州桑拿网 some aspects.According to IDC’s relevant statistics in 2018, in 2018, the company’s market share in China’s enterprise-class WLAN ranked first; China’s Ethernet switch market share was second; China’s corporate network router market share was second; firewalls, intrusion prevention systems, and security contentManagement, load balancing and other security product markets occupy the forefront.First-class products and solutions. The company has built 9 gold projects in the “12 Gold Projects”. The central ministries and commissions once occupied more than 70% of the provincial government.More than one government affairs cloud, serving all 985 and 211 universities, 80% of the education metropolitan area network, and large enterprises.With the accelerated development of the digital economy, the company relies on product advantages 厦门夜网 to be competitive in the industry, promote the development of the company’s business, and improve its performance. Investment suggestion: Recommend coverage for the first time.The company has advantages in IT products and solutions. The increase in demand for cloud services in transitional downstream companies and the promotion of company performance.Therefore, the first coverage is given a recommended rating.The company’s 2019-2020 EPS is expected to be 1.20 yuan, 1.46 yuan, corresponding to PE is 37 times, 31 times. Risk warning: policy changes, intensified market competition, and less-than-expected technological progress.