Guanglianda (002410): The 3Q19 single quarter revenue growth rate is in line with the pre-judgment and the release of a predetermined increase plan to 成都桑拿网 expand business investment
The 1Q3 results are in line with our expectations that Guanglianda will release the third quarter results of 2019.
3Q19 revenue 21.
8.3 billion, +22 a year.
78%, attributable net profit 1.
5.9 billion, -45 per second.
74%, attributable non-net profit1.
28 ppm, at least -52.
48%, the acceleration of single quarter revenue growth is in line with our prediction.
At the same time, the company issued a plan for non-public offering of shares, intending to issue no more than 10 specific shareholders to no more than 15% of the total share capital before the issue (ie 1).
6.9 billion shares), to raise funds of 2.7 billion, and invest in projects including cost big data and AI applications, three-dimensional graphics platforms, repayment of corporate bonds, and Xi’an R & D base.
Development trend income side: The preliminary growth rate forecast in the third quarter may be the decline in cost growth rate.
(1) Revenue in the third quarter of 19 8.
57 megabytes, at least + 17%, earlier 1?
There is a change in the deviation range in 2Q. We gradually expect that the cost will be increased to a certain extent due to the rapid advancement of the transformation in the first half of the year and the decline in macro new construction. (2) Revenue structure budget, we expect the growth rate of cost business income to be about 20%The construction business revenue growth rate is about 30%; (3) The progress of cloud-related data may also improve, and we expect to increase the advance receipts by about 1.
6 million, according to the company’s financial report advance receipts increased by about 0.
9 ‰; (4) Accordingly we expect to sign a new cloud-related contract in 3Q193.
Around 78 ppm, a ratio of 2 from the same period last year.
24, lower than 1H19: 1H18 ratio 2.
50, indicating that the growth rate of the cloud has slowed down; (5) The corresponding budget 3Q19 confirms cloud-related revenue2.
The decline in gross profit margin confirms the downward judgment of the cost growth rate, and the expenses remain at a relatively high level.
(1) 3Q19 gross profit margin was 84.
6%, a decrease from the first half of the year and the same period of last year. We judge that it is mainly due to the decline in cost-to-income ratio (96% gross profit rate) and the construction-to-income ratio increase (80% gross profit rate);Companies, R & D, management, and sales expenses increased by 27% / 20% / 43%, all faster than revenue growth; (3) Therefore, the single quarter profit was 0.
69 ppm, -52% previously, up from 武汉夜网论坛 -62% in the second quarter.
Earnings Forecast and Estimates As the company’s expenses may continue to increase, we lower our 2019/2020 net profit forecast by 3% / 8% to 3.
5.2 billion / 4.
830,000 yuan, at least -20% / +37.
Currently corresponds to 112 in 2019/2020.
8 times / 82.
1x price-earnings ratio.
Maintain Outperform rating and 37.
A target price of 00 yuan corresponds to 118.
6 times 2019 P / E ratio and 86.
3 times 2020 price-earnings ratio, compared with the recent merger of 5.
Risk macro-downturn downlink; construction business expansion is less than expected; cloud conversion is less than expected; systematic forecast.