Depth * Company * Guangdong Express (002152): Growth index improves quarterly AI attribute upwards prediction hub
The company released the third quarter report for 2019, and achieved revenue of 40 in the first three quarters.
700 million (+25.
1%), net profit attributable to mother 7.
200 million (+15.
8%), net profit after deduction 4
300 million (+14.
Q1-Q3’s half-year growth rate increased quarter by quarter, showing that the company’s fundamentals continued to improve.
The AI attributes of current products and technologies are becoming more and more obvious. At present, it is estimated that the configuration value is high.
Maintain BUY rating.
The key growth indicators for support levels have improved significantly quarter by quarter.
During Q1-Q3, the revenue exceeded the growth rate of 24.
2% / 24.
8% / 26.
1%, the annual growth rate of net profit attributable to mothers is 5 respectively.
6% / 9.
2% / 30.
8%, after deducting non-return to mother’s net profit growth rate was 11 respectively.
1% / 11.
2% / 24.
The company’s main operating indicators have improved significantly quarter by quarter, and Q3’s profit level has increased significantly.
According to the policy’s promotion of sustainability and market development, the performance in the fourth quarter of 2019 is still expected.
Benefiting from the gold standard engineering and intelligent transformation, the traditional financial equipment business tried to fall back and stabilize.
Subject to industry factors The pricing of traditional financial equipment business (such as ATM, clearing machines, etc.) has begun to accelerate since 2015 and the revenue share has increased, affecting overall growth.
The financial equipment plan is expected to stabilize in 2019. Benefiting from the bank’s gold standard engineering policy to drive a new round of bank procurement, the clearing machine market can be compared with the company’s heavy business scale in the first three quarters of Julong Technology and Guao Technology.Pick up.
The “CCB Mobile Financial Service Class” undertaken by the company in October.
“The Huangpu 5G Smart Government House” runs in Huangpu District, Guangzhou, and is promoted through the expansion of smart banks and the intelligent transformation of traditional equipment. Products such as VTM promote the replacement of ATM space.
Reconsideration: The road of transformation is smooth, and we pay attention to the independent listing expectation of subsidiaries.
The company has begun the transformation of AI and big data since 2017. By adjusting its income structure and 杭州夜网论坛 outsourcing M & A, its business has diversified and developed steadily. From 2018 to the present, the annual and quarterly growth average income has changed, and the transformation has been smooth.
Company participation (shareholding ratio of 12.
34%) of radio and television metering may be successfully listed. Subsidiaries such as China Science and Technology Jiangnan, Express Purchase, and Pingyun Xiaojiang and other subsidiaries are developing rapidly. Independent listing is expected to be worthy of attention.
Estimated for 2019?
Net profit in 2021 is 9.
4.4 billion, EPS is 0.
60 yuan, corresponding to PE is 22/16/14 times.
The growth of the company is strong, the AI transition is smooth, the estimated advantages are obvious, and the buy rating is maintained.
The main risks faced by ratings are that the growth of financial equipment business is less than expected; competition for smart hardware terminals has intensified.