Pan Wei Network (603039) Interim Review: The growth rate of advance receipts has improved, and the construction of marketing service system has accelerated

Pan Wei Network (603039) Interim Review: The growth rate of advance receipts has improved, and the construction of marketing service system has 北京夜网 accelerated

Core point of view: The company released its 19-year interim report: 19H1 total operating income of 5 trillion, long-term growth of 26.

0%; operating profit 4802.

60,000 yuan, an annual increase of 35.

3%; net profit attributable to mother 4919.

40,000 yuan, an annual increase of 35.

7%; net profit after deduction is 35.7 million yuan, an annual increase of 16.

4% by business: Software-e.

Biological income 2.

9 ‰, an increase of 18 per year.



Office income 907.

80,000 yuan, an increase of 24 per year.


Implementation of service income 1.

9 ‰, an increase of 40 per year.


The growth rate of implementation services is higher than that of software products, and the scale of revenue is gradually catching up with software products, reflecting the strong demand for 天津夜网 customization such as secondary development of customers, and product applications continue to deepen.

Sales expense settlement 70.

1%, increasing by 0 every year.

6 points.

The revenue share of the company and local service teams is included in sales expenses, and the overall sales expense ratio is relatively stable, reflecting that the company’s division ratio with local service teams is relatively stable.

Accounts received in advance 5.

30,000 yuan, an increase of 19 in ten years.

3%, a growth rate of 19 pct lower than the same period in 18 years, replacing 6 pct in 19Q1.

Presumably the reason may be that some of the company’s customers are cautious due to the downward pressure on their operating IT spending.

The accelerated growth of advance receipts may indicate that the growth rate of revenue in the third quarter is under pressure.

Although it may be under pressure in the short term, the company is a high-quality internal collaborative office software company, and the industry still has room for development.

The 19-21 results are expected to be 0.

96, 1.

25, 1.

65 yuan / share is expected to the company’s 19-year EPS is 0.

96 yuan / share, corresponding to 71 times PE.

The company is an internal collaborative office software head enterprise, and the downstream secondary development demand is strong.

Since the 18-year report and evaluation, comparable company UFIDA’s valuation has substantially improved, and UFIDA’s business has advanced faster. With reference to the company’s historical forecast center, we are still 74 times PE for the company in 19 years, with a reasonable value of 71.

04 yuan / share, maintaining the “overweight” rating.

Risks indicate that the expected decline in downstream expenditure will continue to affect revenue growth, the development of cloud products is not ideal, and the risk of industry closure.