UFIDA (600588): A new chapter in the industry’s Internet of Things, Zhengyun Cloud Service Leadership
0 Strategic results are outstanding, and a high-speed growth engine is started.
The company is a domestic enterprise service software market leader, starting from financial software, has entered the “UF3”.
0 “stage, formed a new strategic layout with the integration of cloud services, software, and financial services with UFIDA Cloud as the core.
Currently UFIDA 3.
0 The strategy has achieved outstanding 武汉夜生活网 results, and gradually realized the beneficial development of software business, the large-scale development of cloud business, and the steady development of financial business.
The company’s revenue and net profit have returned to a rapid growth trajectory, various financial indicators have been positive, and core management has gradually achieved echelonization and youth, and the company has entered a new round of high-growth cycles.
The era of the industrial Internet is coming, and the enterprise service industry is embracing huge potential.
With the disappearance of the demographic dividend, the driving force for economic growth is shifting from factor-driven to innovation-driven, and at the same time that enterprises are embracing digital transformation, and the IT technology architecture and platform have been upgraded, the focus of the Internet industry has shifted from consumer Internet to industrial Internet.
Comparing with the United States, there is still room for convergence and improvement in the service markets of developing countries.
At the same time, domestic Internet giants such as BAT have invested heavily in the field of corporate services, and have successively completed organizational structure adjustments, further highlighting the great value of the 2B market.
The enterprise cloud is 3.
0 Strategic focus, ecological layout to expand the boundaries of corporate services, optimistic about UFIDA as the leader in cloud services.
Expansion, the company continued to increase investment in research and development, accelerating the creation of fist products, cloud ERP products U8Cloud, NCCloud products have been successively launched, mid-range cloud ERP U8Cloud 3.
0 Product and segment industry solutions will also be released soon, providing good support for the company’s large-scale cloud business growth.
In the meantime, UFIDA’s ecological integration strategy quickly landed. In 2018, the cloud market has more than 3,000 partners, including JD Logistics, Founder Electronics, Lenovo New Vision and other well-known enterprises. The ecological layout has increased to expand the service boundary of the enterprise.Service faucet.
The Industrial Internet entered the stage of landing, and UFIDA’s smart and intelligent platform took the momentum.
“Industrial Internet” has been written into government work reports for two consecutive years. National and local industry policies and financial support have continued to accelerate. We believe that 2019 will be a year of accelerated industrial Internet development.
UFIDA Smart Industrial Internet Platform is committed to empowering manufacturing enterprises in the cloud era. It has signed strategic cooperation agreements on enterprise cloud and industrial Internet with Jiangxi, Zhejiang, Hubei, Hunan, Shanghai, Tianjin and other provincial and municipal government departments, and has been selected as the Ministry of Industry and Information Technology”Internet Trial and Test Platform” has outstanding first-mover advantages and is committed to achieving rapid development.
Investment advice: We think UFIDA 3.
The 0 strategic results have gradually reached expectations, and have entered a high-speed growth track. At the same time, the echelonization and young talent construction system is expected to inject new momentum into the company.
We adjust the net profit return to motherhood for 19-21 to 8.
8.7 billion, 11.
5.1 billion, 14.
4 billion (previous forecast was 7).
9.8 billion, 9.
9.9 billion, 12.
39 yuan), corresponding to PE is 73 times, 56 times, 45 times.
Using the segment valuation method with reference to comparable companies in the same industry, the company is given 51 times PE for traditional software business, 15 times PS for cloud business, and 23 times PE for financial 四川耍耍网 business. Comprehensive analysis gives the company a target market value of 747 in 2019.
920,000 yuan, corresponding to a target price of 39.
02 yuan, specially raised the rating to “strong push”.
Risk warning: Macroeconomic outlook deteriorates; cloud business growth is less than expected.