Beyondsoft (002649): Rising demand for Internet IT expansion drives company performance growth and sustainable development in the future

Beyondsoft (002649): Rising demand for Internet IT expansion drives company performance growth and sustainable development in the future

Event: The company released its 2019 Interim Report today, achieving operating income of 17.

3.6 billion, an increase of 38% in ten years; net profit attributable to mothers1.

100 million US dollars, a year-on-year increase of 41%; deducting non-net profit of 100 million US dollars, an annual increase of 52%; net operating cash flow–981 million US dollars, an increase of 92%; sales expenses 2.

36%, a decrease of 0 from the same period last year.

13 pct, management fee cost 7.

5%, a decrease of 1 compared with the same period last year.

6 pct.

In the single quarter of Q2 2019, the company achieved operating income9.

07 million yuan, an increase of 36% in ten years, net profit attributable to mothers is 73.73 million yuan, an increase of 60% in a year.

The growing demand for IT outsourcing in the Internet industry has driven company performance growth.

In the first half of 2019, the company’s operating income was divided by industry, and high-tech, Internet and financial services accounted for a relatively high proportion. Among them, the proportion of the Internet increased, which increased by 5 pct to 29 last year.

2%.

The cost of IT personnel in the Internet industry is relatively high. With the rise in IT demand, the size of the market beyond services has been rapidly expanded.

The company’s Internet business achieved 5 in the first half of this year.

The 07 trillion revenue scale increased by 67% each year, driving 无锡桑拿网 the company’s performance to rise rapidly.

Demand in the IT industry remains healthy.

According to data from the China Business Industry Research Institute, in 2018, there were 3 enterprises above the designated size in the domestic software and information technology services industry.

780,000, software business income gradually completed6.

3 trillion, an increase of 14 from last year.

2%, to achieve a profit budget of 807.9 billion yuan, a year-on-year increase of 9.

7%, according to the “Software and Information Technology Service Industry Development Plan (2016-2020)” issued by the Ministry of Industry and Information Technology, proposed that by 2020, software and information technology services revenue should exceed 8 trillion, with an average annual compound growth rate of 13%As mentioned above, the domestic IT software and service industry has maintained a good development overall. At the same time, domestic policies have strongly supported the development of the IT industry, and better external environmental conditions have provided momentum for the company’s business development.

Investment advice: We expect EPS to be 0 in 2019, 2020 and 2021.

55 yuan, 0.

72 yuan and 0.

92 yuan, given a “buy” rating.

Risk warning: business growth is slower than expected