Qixingxingchen (002439): Cash flow significantly improves the industry’s high income under the boom
Event company released the first quarter of 2019 report, the first quarter of 2019 revenue3.
50,000 yuan, an increase of 18 in ten years.
6%; net profit attributable to the parent in the first quarter of 2019 was -4051.
10,000 yuan, 1632 in the same period last year.
50,000 yuan, a decrease of 348 per year.
15%; 2019Q1 deducts non-return mother-4488.
70,000 yuan, -5857 in the same period last year.
660,000 yuan, an annual increase of 23.
The short-scored performance was in line with expectations, and cash flow improved significantly.
The company’s operating income for the first quarter of 20193.
5 trillion, compared with 2 in the same period last year.
90,000 yuan, an increase of 18 in ten years.
6%, revenue growth increased, the industry’s high business climate has been verified; gross profit margin in the first quarter of 2019 was 63.
5%, compared with 57% in the same period last year, an increase of about 6 in the same period of 2018.
5 percentage points, a significant increase in gross profit margin indicates that the company’s new business and new products’ competitive strength has landed significantly. At the same time, the proportion of revenue increased after the introduction of new product expansion, and the company’s gross profit margin has been further improved.
Selling expenses are 1.
50,000 yuan, an increase of 12 in ten years.
9%, selling expenses 43.
6%, a decline of 2 per year.
For 2 units, the decline in sales expense ratio contributed to the improvement of non-net profit.
R & D costs are 1.
3 ppm, an increase of 21 per year.
In the first quarter of 2019, the company expects the net profit attributable to shareholders of listed companies to be -4488.
70,000 yuan, the net profit attributable to shareholders of listed companies in the same period last year was -5857.
70,000 yuan, an annual increase of 23.
4%, which has always generated investment income for the change in the accounting method of Hengan Jiaxin, the company’s shareholding company in the same period of the previous year; after the impact of non-recurring gains and losses such as Hengan Jiaxin’s investment income in the same period last year, the replacement of non-recurring attributable to shareholders of listed companiesNet profit from profit or loss was -5,857.
660,000 yuan, this report is expected to break the non-recurring profit and loss of -4488.
70,000 yuan, an increase of 23 over the same period last year.
4%, basically in line with expectations.
Net cash flow from operating activities in the first quarter of 2019 was -48.43 million yuan, compared with -1 in the same period last year.
33 billion US dollars, the temporary improvement in cash flow, basically the company’s project recovery is good, of which the accounts receivable 成都桑拿网 at the end of the period is 13.
7 trillion, the account receivable at the beginning of the period is 15.
600 million, a 12% reduction in one year.
The follow-on landing of the company’s Hengan Jiaxin on the Science and Technology Innovation Board will continue to improve the company’s network security ecosystem construction.
We are constantly committed to the rapid development of cloud security and active security products, and the nature of the network security company’s ecosystem construction. The company has always invested in building its own network security ecosystem, and has reserved key technologies for future network security development.
On April 3, the IPO materials of Hengan Jiaxin Technology Innovation Board were formally exchanged by the exchange. Before the issue, the company’s shareholding in Hengan Jiaxin was about 13.68%, Hengan Jiaxin has unique advantages in operator network security such as the stiff wooden board worm network monitoring system on the public Internet, mobile Internet malicious program monitoring system and IDC information management. The compound growth rate of net profit in the past few years was 57%.We are optimistic that Hengan Jiaxin will continue to maintain rapid business development in the 5G era.
Waiting for insurance 2.
The subsequent implementation of the 0 standard will promote the accelerated development of the network security industry. The company continues to maintain its advantages in the downstream industries such as the military, industrial control, rail transit and medical care, and is expected to maintain steady growth in 2019.
With cyber security etc. 2.
Following the implementation of the 0 standard, the new Cyber Security Law clearly specifies that key infrastructure such as rail transit and industrial control will be replaced. The company is leading the industry in industrial control, rail transit products and solutions, and is leading the technology.And medical and other industries still maintained a growth rate of 50% higher than the company’s overall growth rate.
Waiting for insurance 2.
The 0 standard is about to release standards for cloud computing, big data, Internet of Things, and mobile internet protection. Active defense is in the stage of rapid growth in demand, which will drive further high growth in network security demand and further strengthen the industry’s prosperity.
Earnings forecast and rating: Through equal guarantee2.
With the subsequent implementation of 0, the company as a leader in the network security industry will benefit significantly. We expect the company’s network security business revenue to achieve steady growth under the rapid growth of downstream military industry, industrial control, rail transit and medical care.
Net profit attributable to mothers in 20206.
4.5 billion, 7.
5.7 billion yuan, maintain “Buy” rating.
Risk warning: the industry’s intensified competition leads to lower-than-expected performance; new product promotion progress is less than expected; the cyber security industry policy falls below expectations