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Panwei Network (603039) 2018 Annual Report Comments: Performance Continues Transformation to Good Cloud, and Electronic Certification Builds Long-Term Advantages

I. Overview of the event The company released its 2018 annual report and achieved operating income10.

4.0 billion, an increase of 42 over the same period last year.


The net profit attributable to the owner of the parent company was 1.

1.4 billion, an increase of 31 over the same period last year.

64%, the net profit attributable to shareholders of listed companies after replacement of non-recurring gains and losses is zero.

94 million, an increase of 42 every year.


Net cash flow from operating activities was 19,974.

0.94 million yuan, an increase of 27 in ten years.


The maximum return is 1.

16 yuan.

Second, the analysis and judgment of the performance continued to grow steadily, the product chain to meet the needs of differentiation, the company has maintained a steady growth trend in the past three years, the growth rate has exceeded 40%, the gross profit margin is stable about 95%.

Of which software products revenue 6.

380,000 yuan, an increase of 32 in ten years.


R & D costs increase by 39 each year.

00%, mainly due to the company’s continuous increase in product development efforts to generate labor costs, financial costs increased by 1620 per year.

33%, mainly due to the increase in interest income from idle funds used to purchase bank structured deposits.

E-cology9 released last September.

0 Including the characteristics of intelligence, platform, and electronic throughout, it covers the individual needs of customers, further enhances the competitiveness of products, and implements universal product design based on the characteristics of small and medium-sized customers.

In line with the trend of cloudification and mobility, and actively explore new markets for cloud business, the company cooperates with the Internet platform WeChat and Naked, and actively promotes the cloud service platform team using mobile internet technology, cloud technology and social application technology. Users can use the cloud toPerform daily operations.

At the same time, the existing product line will be upgraded to meet market demands. The new model represented by SaaS cloud computing and mobile applications will have broad application 北京夜网 scenarios.

In addition, the company’s marketing model of “regional service center + authorized business operation center” ensures the landing of the business, and the small and micro markets are expected to become new growth points.

High level of policy awareness and huge potential for electronic signature market On March 12, 2019, the Electronic Certification Service Industry Symposium announced by the Ministry of Industry and Information Technology and Software Services Industry Department pointed out that electronic signature cross-border mutual recognition and experimental trials will be actively promoted to promote electronic signatures.Authentication and application are deeply integrated.

By investing in Shanghai CA and contract locks, the company improves the integrated application of identity authentication, electronic contracts, and electronic signatures, and gradually exerts its first-mover advantage in the future, with broad prospects for performance.

Third, the investment proposal company is a leader in the field of collaborative management. At the same time, it is actively deploying the cloud and rich revenue sources of mobile products. The electronic signature field is planned in advance, and it will continue to be beneficial to the deep integration of electronic authentication and related applications in the future.

The company EPS is forecasted to be 1 in 2019-2021.

55, 2.

07 and 2.

52 yuan, corresponding PE is 64X, 48X and 39X.

Picking up the Fengyun computing sector computer industry company, the overall average evaluation is 101X, the company has a certain estimation advantage, and for the first time, it is given a “recommended” rating.

4. Risk warning: business development risks; new product promotion exceeds expectations.