UFIDA (600588): ERP localization of cloud business is soaring, it is worth looking forward to

UFIDA (600588): ERP localization of cloud business is soaring, it is worth looking forward to

Investment Highlights Event: The company releases its semi-annual report for 2019, reporting and realizing operating income33.

1.3 billion, an increase of 10 in 2018.

2%, net profit attributable to shareholders of listed companies.

82 ppm, an increase of 290 per year last year.

1%, net profit attributable to non-recurring gains and losses of shareholders of listed companies.

64 trillion, an increase of 155 a year ago.


  The growth rate of cloud business revenue exceeded expectations.

The company’s cloud services business (excluding finance) had revenue of 4.

70,000 yuan, a rapid growth of 114 in ten years.


Cloud service registered users reached 493.

20,000, approximately 43 users.

0, 000, respectively increased by 5 at the end of 2018.

6%, 5.

0%, customer renewal rate and customer unit price have steadily increased.

It is expected that through the continuous promotion of new products such as NC Cloud 1903, the company’s cloud business revenue will maintain rapid growth in the second half of the year.

At the same time, the company’s software business achieved revenue22.

500 million, an increase of 5.

0%, maintaining a steady growth trend.

Internet investment and financing income 3.

700 million, down 36 every year.

5%, gradually shrinking.

  The improvement of management efficiency brought about a decrease in expense ratio, and the advance payment of cloud business increased significantly.

The company’s 2019H1 management expenses and sales expenses are 5 respectively.

4 billion, 5.

800 million, down 5 every year.

4%, 2.


The management expense ratio and sales expense ratio are 16 respectively.

3%, 17.

6%, a decline of 2 per year.

7, 2.

2 units.

At the same time, the company’s cloud business (excluding finance) related advance receipts was 4.

40,000 yuan, a significant increase of 46%, 天津夜网 which was mainly brought by the public cloud business.

  Actively integrate Huawei Kunpeng ecology.

The company continued to deepen its cooperation with Huawei in the first half of the year: At the Kunpeng Computing Industry Summit, the company disclosed that it has currently completed the adaptation work of NC Cloud, A ++ and other products and Huawei infrastructure such as Huawei Database and Kunpeng Cloud.In August 2019, the company signed an agreement with Huawei to cooperate and upgrade domestic solutions based on the GaussDB database. It is expected to launch a mature NC Cloud + GaussDB adaptation product in September, which is expected to further consolidate the company’s localization alternative market.Leading edge.

At the same time, the depth of cooperation will be changed, and the degree of integration of the cloud markets of both parties will increase simultaneously, and customer resources will be shared.

  Profit forecast and investment advice: We adjusted the company’s EPS to 0 from 2019 to 2021.

33 yuan, 0.

42 yuan, 0.

61 yuan, given a “prudent overweight” rating.

  Risk warning: The continued decline of the macro economy has brought down customer IT investment, and the cloud conversion effect is lower than expected.