Depth * Company * Aerospace Information (600271): H1 proactively adjusts structure of fintech business to welcome policy catalysis
A recent meeting of the State Council Executive Committee proposed in the inclusive finance “guide financial institutions 青岛夜网 to improve the assessment and incentive mechanism, use more funds for inclusive finance, and increase financial support for the real economy, especially small and micro enterprises”The catalytic effect of the company’s fintech business will appear.
The company’s net profit attributable to its mother was 19H1 6.
8 billion (+80.
25%), although revenue (11.9 billion, -23.
52%) and net profit after deduction (4.
18 billion, -39.
02%) short-term internal expected revenue, but in the middle look at the growth of fintech services and smart business revenue and earnings will show, currently estimated to have a comparative advantage.
Maintain BUY rating.
The main points of the support level are to actively optimize the business structure, and the gross margin improvement is obviously the best in four years.
H1 revenue decreased significantly. The company proactively optimized its revenue structure, excluding system integration and some software projects with low gross profit margins, and system integration revenue decreased by 6.
2.7 billion (-18.
32%), channel sales revenue decreased by 34.
15 billion (-39.
The 80% increase in net profit was mainly attributable to changes in the fair value of the held PetroChina Capital.
7.2 billion, an increase of 168% over the 400 million in 18H1).
H1 gross profit margin increased by 4.
36 points to 20.
65%, the best level in the same period of four years, revenue growth rate gave way to long-term healthy development beneficial to improve the quality of operations.
Positioning corporate financial and taxation services to take the lead in benefiting from inclusive financial policy catalysis.
The financial technology business focuses on the financing difficulties of small and medium-sized enterprises. The company launched a series of financial comprehensive service products including cloud billing, cloud bookkeeping, fast billing, promise payment, promises, electronic contracts and credit, insurance, and wealth management.
The company introduced new loan products from large commercial banks, and Weizhong Bank’s corporate loans with credits exceeding 1 million have also been piloted in 15 cities.
The intensification of inclusive financial policies is expected to be strengthened and the bank’s RRR cut will enter the operational phase. Fintech business is expected to increase volume and boost performance.
The internet information industry is an independent and controllable main force, and Enco pilot is expected to expand.
As the main force of independent controllable safety and reliability of the network information industry, the company H1 newly won 25 pilot projects and converted 63 projects.
As a subsidiary of the Aerospace Science and Industry Group, the company has a natural comparative advantage in the field of Netcom Encore.
It is expected that the pilot expansion 南京桑拿网 of Encore will be carried out in the next year, and the revenue of this part is expected to surge in the future.
Estimated for 2019?
Net profit in 2021 is 20.
8.7 billion, with an EPS of 1.
50 yuan, corresponding to 21/18/15 times the PE.
The quality of the company’s endogenous operations has improved significantly, and the advantages of FinTech and NetEco’s business card slots are obvious, and it is estimated that they have obvious advantages.
Maintain BUY rating.
The main risks faced by the rating were worse than expected; the pilot effect of the policy was worse than expected.