UFIDA (600588): 3.

0 Significant transition effect Effective cost control

UFIDA (600588): 3.

0 Significant transition effect Effective cost control

Event description The company released the 2018 annual report on the evening of March 15, 2019, and the company achieved operating income of 77 in 2018.

30,000 yuan, an increase of 21 in ten years.杭州桑拿

4%; net profit attributable to shareholders of the listed company.

12 ppm, an increase of 57 in ten years.

3%; net profit attributable to shareholders of listed companies5.

32 ppm, an increase of 81 in ten years.



0 The transformation effect is significant. With the gradual growth of traditional software businesses of companies with well-controlled expense, the rapid development of cloud services and financial services is the main driving force for the company’s performance improvement, with revenue growth rates of 108% and 55% respectively.

Cloud services (excluding financial clouds) and financial services accounted for 11 of the company’s operating income, respectively.

04%, 16.

14%, an increase of 4 over the same period last year.

59 points, 3.

49pct, the optimization of business structure validated the company3.

0 The effective implementation of the transformation strategy is also a good foundation for the company’s future development.

In addition, the company’s net profit attributable to mothers accelerated and exceeded revenue, thanks to the company’s effective control of the expense side, the sales expense ratio, the management expense ratio, and the financial expense ratio decreased by 0.

94 points, 0

28pct, 1.


The customer base resonates with cloud service products, bringing performance flexibility. The company continues to have high R & D investment and accelerates the creation of cloud service products. The report predicts a total of 14 R & D investment.

86 ppm, a ten-year increase of 14.


The company’s digital NCcloud for large enterprises was released in January 2019. It fully applies the hybrid cloud technology architecture, including new retail, financial sharing, and enterprise performance management solutions for eighteen major companies, covering 14 industries.

So far, the company has perfected its cloud service product line for its respective cloud ERP products for large, medium, small and micro enterprise customers.

As of the end of 2018, the company’s cloud service business has gradually registered 467 corporate customers.

210,000, of which the number of corporate customers has gradually increased to 36.

190,000, an increase of 55% over the same period of the previous year. The continuous foundation and stable growth of the customer base will resonate with cloud service products 佛山桑拿网and bring performance flexibility to the company.

Earnings forecast and investment advice Estimate the company’s net profit in 2019-2021 7.

8.8 billion, 10.

6.7 billion, 14.

39 trillion, corresponding to 0 EPS.

41 yuan, 0.

56 yuan, 0.

75 yuan, corresponding to PE is 81.

2 times, 59.

9 times, 44.
4 times, maintaining the “overweight” level.
Risk reminder: Industrial Internet policies have fallen short of expectations; corporate cloud adoption has fallen short of expectations.

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