Tai Chi (002368): Revenue growth continues to increase, multi-point layout waits for performance release

Tai Chi (002368): Revenue growth continues to increase, multi-point layout waits for performance release

Event: 45 in the first three quarters.

84 ppm, an 18-year increase.

02%, net profit attributable to mother 7676.

310,000 yuan, an annual increase of 9.

58%, deducting non-net profit 6033.

08 million yuan, a decrease of 13.


Key points of investment Revenue growth is increasing rapidly in the quarter, expanding market expansion and project development: Q3 achieved revenue of 15.

71 ppm, an increase of 32 in ten years.

27%, 5470 net profit attributable to mother.

480,000 yuan, an increase of 10 in ten years.

60%, deducting non-net profit 4492.

690,000 yuan, a decrease of 10 a year.


The company’s Q1, Q2, and Q3 single-quarter revenue growth rates were 9 respectively.

44%, 14.

34%, 32.

27%, the growth rate continues to increase quarter by quarter.

Gross profit margin for the first three quarters of 23.

89%, an increase of 2 each year.

92 points.

In terms of expense ratio, the sales expense ratio, management expense ratio and research and development expense ratio increased by 1 in the first three quarters.

10pct, 0.

53pct, 0.

98pct, mainly because the company increased market expansion sales staff and increased investment in research and development projects.

Promote the construction of industrial Internet services: At the beginning of 2018, the company reorganized and integrated the business related to enterprise informatization services according to strategic development needs, and established a new Enterprise Business Group (EBG).The needs of the intelligent transformation of industrial enterprise users, integrating the overall resources and reserves of the company and Huidian Technology, established a new industrial Internet strategy, that is, to become a leading industrial Internet solution provider and operator.

The company issues convertible corporate bonds and will recover 6.

$ 7.9 billion industrial internet service 杭州夜网 platform construction project.

In 2018, the company and Huaneng won the bid for a typical demonstration project of an international-level industrial Internet platform for the process industry. At present, preliminary construction has been completed.

Winning the bid to cancel the provincial border toll station project in Yunnan Province: the company continues to 1.

After winning 500 million US dollars in bidding for the “Ministry-level Project of Highway Tolling System Reconstruction Project” of the Road Network Monitoring and Emergency Disposal Center of the Ministry of Transport, in recent days, the province has again won the bid to cancel the network security part of the highway toll station (provincial center) in Yunnan Province and gradually meetThe toll road networked toll system is securely constructed, and the provincial system is connected to the network for safe access to ensure the overall network security of the networked toll system.

Localization construction is accelerating, waiting for the release of results next year: during the reporting period, the People’s Congress Jincang and Inspur Cloud, Fansoft, Huawei completed product mutual certification. Until now, the People’s Congress Jincang has won the bid with Loongson, Feiteng, UFIDA, Puhua,Kirin, Taiji, Zhongfu Information, Kingdee, Fansoft, Inspur and other internal integrated enterprises have completed mutual certification of product compatibility and completed a relatively complete domestic software and hardware ecosystem.

The company issues convertible corporate bonds and will allocate 2.

1.9 billion US dollars of independently controllable key technology and product research and development and industrialization projects.

As an independent and controllable overall unit of China Electronics Technology Corporation, the company focuses on cloud computing, system integration and the layout of major software applications, middleware, and databases based on autonomous systems under the conditions of autonomous controllability, accelerating the research and industry of these businesses.Into.

Next year, there will be heavy volume of independent controllability. The company will integrate the multi-point layout of the industry, and the performance can be expected.

Profit forecast and investment grade: The company’s net profit for 2019-2021 is expected to be 3 respectively.

8.2 billion, 5.38 billion and 7.

5.5 billion, EPS is 0.



82 yuan, the current price corresponds to 34/24/17 times PE, next year the company is expected to achieve high-speed growth in independent controllable business, and further cooperation with Huawei to achieve complementary advantages and coordinated development.

The company is about to usher in an inflection point in its transformation, and its profit is expected to accelerate its release.

Risk warning: The government cloud market is progressing more than expected; the safe and reliable market is lower than expected.