UFIDA (600588): Cloud business exceeds growth by 95% Cloud R & D continues to invest heavily

UFIDA (600588): Cloud business exceeds growth by 95% Cloud R & D continues to invest heavily

Announcement: The company announced the first quarter report of 2019 to achieve revenue of 杭州夜网论坛 12.

52 ppm, an increase of 16 in ten years.

The net profit attributable to mothers was 82.2 million yuan, which was turned into a profit a year ago; the net profit after deducting non-profit was -54.7 million yuan, a decrease of 51.

2%.

Performance is in line with expectations.

Q1 revenue was 12.

52 ppm, an increase of 16 in ten years.

6%.

Profits turned from losses to profits, deducting non-net profits reduced by 51% each year, and software + cloud business contributed mainly to growth.

The non-recurring profit and loss mainly came from the disposal of long-term equity investment income of about 87 million yuan, which was due to the company’s sale of some equity in subsidiaries.

The cloud business continued to grow at a rapid rate, growing by 95 per year.

0%.

Cloud service revenue reached 1.

25 ppm, an annual growth rate of 95%, has become the largest and fastest growing enterprise SaaS supplier in the domestic market.

From the perspective of revenue structure, the overall revenue of cloud services accounted for 31.

6%, cloud services (excluding finance) accounted for 10% of total revenue, and about 6% of 18Q1 is still growing rapidly.

Q1 R & D investment further increased, of which cloud R & D ratio increased to 52.

3%.

The company has gradually reduced its traditional software R & D, and its cloud R & D investment has gradually increased.

Q1 R & D funding 3.

31 ppm, an increase of 15 in ten years.

4%, accounting for 26 of revenue.

5%.

The cloud business R & D promotion accounted for 52 of the total R & D investment.

3%, the first quarter still maintained relatively high R & D investment.

NCC and U8C plan to promote the new version to further consolidate the business of large and medium-sized enterprises.

1Q1 sales + management expenses fell by 4 every year.

2%, personnel control measures have achieved initial results.

1) The compression of expense ratio will be the key to the 19 performance exceeding expectations. The key lies in the increase in the proportion of standardized products. In 19Q1, UFIDA platform partners have more than 3,500 products and services in more than 5,500 models, and undertake more customized tasks.The quantity is 1.

580,000 people, a decrease of 300 people compared to 18 years, and the proportion of people serving as cloud business was 14.

7%, an increase of 123 people against the trend.

The overall internal control personnel increased slightly in the year, and the cloud business personnel plan to maintain double-digit growth.

Grasp the advantages of enterprise digitalization and self-controllability. The goal of software + cloud service revenue growth over the past ten years is 30%.

Software revenue in the first quarter increased by 20%, and the growth was dazzling, mainly due to grasping the two major benefits of enterprise digitalization and autonomous controllability. Software + cloud service revenue in the first quarter increased by 27% in total.

The cloud business has grown well and maintained its profit forecast.

The company has a leading edge in the ERP field. Benefiting from the digital transformation of the enterprise, the cloud business has a huge space to the B-end. It is expected that the revenue will continue to grow rapidly and maintain the profit forecast. It is estimated that the revenue for 2019-2022 will be 9.6 billion, 11.7 billion, 14.2 billion, 17.2 billion, Net profit attributable to mother is 7.

810,000 yuan, 10.

6.7 billion, 14.8.4 billion, 19.

9.8 billion yuan.

Maintain the “overweight” rating.