Tai Chi (002368): Increase in gross profit margin, focus on smart application landing

Tai Chi (002368): Increase in gross profit margin, focus on smart application landing

The event company released its 2019 first quarter report and achieved operating income of 15.

59 trillion, an increase of 9 in ten years.

44%, net profit attributed to mother 1942.

230,000 yuan, an annual increase of 6.


  The gross profit margin continued to increase, and it is expected that the optimization of the revenue structure will initially bear fruit.

88%, at least 18.1 in 2018Q1

An important increase of 04%, compared with 22 in 2018.

22% gross profit margin continued to increase.

Judging from the growth rate of operating income, the company’s 2019Q1 revenue increased by 9 per year.

44%, compared with 10 in 2018Q1.

21% is similar, but the increase in gross profit margin is increasing. We judge that the increase in gross profit margin is caused by the adjustment of income structure. The proportion of the total business income redistributed by gross profit margins continues to decline. Own products with higher gross profit levels account for sales revenue.Increased ratio, continued to optimize the company’s revenue structure.

  R & D spending has increased, and the strategic pioneering business is expected to continue to improve its performance contribution rate. The company’s R & D expenses in the first quarter of 2019 were 2,833.

140,000 yuan, compared with 1008 in the same period last year.

12 million increased sharply by 181.

03%; overall development expenditure 9230.

690,000 yuan, compared with 6769 in the same period last year.

430,000 yuan increased by 36.


The company has clearly defined “being the best digital service provider in China” as a new strategic goal and continues to promote the transformation of digital services. Among them, the strategic pioneer business is cloud service business, network security and autonomous controllable business. The company has been committed to research and development to driveIts rapid development.

We expect that R & D development will continue to increase, and the contribution of strategic pioneering business to the company’s performance will continue to increase.

  Leading government informatization enterprise, focusing on the implementation of intelligent applications. The company has been working in the government information industry for many years, has a leading advantage, and promotes the application of “Internet +” in government services.

In the early stage, the company successfully won the bid for the national government service platform (Phase 1) engineering general integration service and core business system construction, creating a national level “Internet + government service” platform, and actively promoted to the central ministries and commissions and provinces and cities; on March 21It also successfully won the bid for the construction project of the “Internet + supervision” application system of the national government service platform.

In addition, the company’s cloud operation service system has also been continuously improved to ensure that government applications and basic IT resources are based on unified planning, unified construction, and unified management to achieve a unified landing of data, effective business collaboration and efficient service integration.

We believe that the company is an old-fashioned super-level first-level qualification integrator. The company has served government customers for many years and is well versed in the needs and business characteristics of government customers. It is a complete comprehensive service capability, which has been continuously enhanced in the government cloud era.Software and hardware vendors cooperate to build a government affairs cloud operation service system.

In the future, the company is expected to take the government cloud and government data services, public security big data and police intelligence applications as business pioneers to accelerate the landing of intelligent application services in key industries.

  Investment recommendations are optimistic about the company’s focus on government affairs clouds and the promotion of data-driven industry intelligence applications.

Expected net profit for 2019/20203.


7.3 billion, corresponding to PE 36.


76 times, maintaining the “overweight” level.

  Risk 杭州夜网论坛 reminder: Intelligent applications fall short of expectations, and gross profit margin is further extended