Qianfang Technology (002373): Interim report performance in line with expectations One-wing strategy has achieved initial results
The company achieved operating income of 35 in the first half of 2019.
USD 8.6 billion, an annual increase of 24.
74%; net profit attributable to mother 3.
7.4 billion US dollars, an annual increase of 30.
46%; net profit after deduction 3
13 trillion yuan, an annual increase of 37.
06%; the company achieved operating income of 19 in the second quarter.
4.2 billion, an annual increase of 23.
21%, net profit 2.
2.2 billion, an 南宁桑拿 annual increase of 19.
Net cash flow from operating activities in the first half of the year was -1.
2 billion, an annual increase of 82.
33%; net assets attributable to shareholders of listed companies 83.
4 billion, an annual increase of 4.
The 2019H1 performance is in line with expectations, and the “one body and two wings” strategy has achieved initial results.
We believe that the growth of the company’s performance is mainly due to the stable development of the company’s two core businesses, of which the smart transportation business achieved revenue18.
4.7 billion, an annual increase of 23.
25%, gross margin 27.
88%, a decline of 0 every year.
The major companies reported that while undertaking multiple benchmark projects, they also strengthened the order selection and cash flow 杭州桑拿网 management of smart transportation projects, and the operating cash flow improved significantly.
At present, the company has sufficient orders in hand. It is expected that the performance in the second half and next year will maintain steady growth.
Revenue from smart security business17.
3.7 billion, an annual increase of 26.
19%, gross margin 33.
71%, down 2 each year.
Yushi Technology ranks fourth in the global video surveillance equipment market. The company’s overseas business structure has gradually matured. The reported growth of overseas business has grown by 64%. The gross profit margin of overseas sales has been slightly lower, resulting in a decrease in the overall gross profit margin of the company’s intelligent security business.
We judge that the security business is gradually picking up, and the growth rate of Yushi Technology is expected to maintain.
In addition, the company seized the strategic potential of 5G and AI, and actively deployed the visualization of the intelligent IoT and intelligent connected car industries; continuous development of research and development.
Report major company R & D investment 3.
80ppm, an annual increase of 39.
In the field of smart transportation, the company has established a research and development system based on product research and development centers, and has successfully launched products and solutions in various fields such as automotive electronic signs and V2X; in the field of intelligent security, Yushi ‘s “two institutes and six institutes” have perfect R & D layout, Formed the U-IPD process, increased innovation in the field of artificial intelligence, the best results of computer vision and deep learning algorithms in the MOT challenge, and achieved breakthroughs in AI applications; ETC business has brought new opportunities for the company.
With the release of the “Promotion of Implementation of Expressway Electronic Non-stop and Express Toll Application Service Implementation Plan”, the cancellation of toll stations at expressway borders in 2019 will drive a blowout in the ETC market. It is expected that ETC users will exceed 1 by the end of 2019.
8 billion.The company has been deeply involved in the ETC market for many years, and has currently supplied or won the bid to shortlist 17 provinces including Shandong, Yunnan, Shanxi, and Heilongjiang.
Report core companies with 1.
18 ppm increased capital in Shandong Expressway Xinlian Payment Co., Ltd. to further strengthen its strength in the ETC field; Ali’s 3.6 billion euros invested in shares have significant advantages in collaborative development.
The reporting company dated Ali to become the two largest shareholders. The two sides formed a joint working group and established a regular communication mechanism. They worked closely on areas such as artificial intelligence and edge computing to form a complete chain covering the cloud, edge, and end.Vehicle-road collaboration solution, Chengdu TOCC project has entered the implementation stage as a typical case; the company is the A-share intelligent transportation and vehicle-road collaboration high-quality standard, and is given a “strong recommendation-A” investment rating.
The company is expected to have a net profit of 9-21 years.
6.4 billion, 12.
04 billion, 15.
2.2 billion yuan, corresponding to 22 PE.
5 times, give “strong recommendation-A” investment rating; risk warning: cooperation with Ali advances less than expected, trade friction affects smart security business development