GuangDong YunTong (002152): Performance in line with expectations to create a leading artificial intelligence full-stack service provider

GuangDong YunTong (002152): Performance in line with expectations to create a leading artificial intelligence full-stack service provider

The company’s performance was in line with expectations.

In the first three quarters of 2019, business receipts reached 40.

72% billion increase 25.

06%, revenue growth exceeded our forecast, the net profit attributable to the parent company reached 5.

04 billion percent increased by 12.

67%, net profit after deduction is 佛山桑拿网 4.

$ 2.7 billion increased by 14.

32%, the company’s performance is basically in line with our forecast.

Winning bids continued to grow with the transition of bank outlets.

On August 13, 2019, the company issued an announcement to become a candidate for the Central Bank of China Postal Savings Bank’s Supermarket ATM (STM) centralized procurement project. The total amount of the bid is expected to be RMB 1.

2.7 billion.

On July 29, 2019, the company was identified as the finalist of the 2018 ICBC deposit and withdrawal machine project.

We expect that the transition of bank outlets will be accelerated by the major banks, and the company’s bank intelligent equipment business will usher in an inflection point.

Expansion in various fields and substantial growth in revenue.

According to the public disclosure, the company’s solution has implemented multiple application scenarios on the four layouts planned: 1) In the field of intelligent finance, the company has built CCB unmanned bank, Vietnam TPBank smart bank, Guangzhou audit big data platform, etc.A benchmarking project and provide electronic treasury payment solutions for 60% of the national government’s financial funds; 2) In the field of intelligent transportation, the company works with industry partners to create Shenzhen Metro QR code rides, Guangzhou Metro passenger flow security inspection, China Southern AirlinesSmart travel system solutions such as face-check-in and boarding have been applied online; 3) In the field of intelligent security, the company has created Shenzhen City Communications Commission’s video management platform, smart cities in Nanshan District, Xueliang Project in Longgang District, and other industry benchmarking projects.Has covered 29 provinces, municipalities and autonomous regions; 4) In the field of smart convenience, the company leverages its service network advantages to provide convenient operation services for more than 300,000 smart devices, and has also actively expanded smart government affairs unmanned counters, smart cultural tourism, AI +Innovative businesses such as new retail.

R & D costs have increased significantly to create a leading artificial intelligence full-stack service provider.

In 2018, GuangDong Yuntong opened the road of AI + strategic upgrade, and strived to create an industrial layout of “smart terminals + big data” to promote enterprises to enter a new round of rapid growth.

Since the beginning of 2019, the company’s R & D expenses have increased significantly for three consecutive quarters, and Q1-Q3 have increased by 134% / 123% / 23% respectively, and the R & D expenses in the first three quarters reached 3.

04 billion percent up 71.

85%.

We cut our 2019-2020 earnings forecast to supplement our 2021 earnings forecast and maintain our BUY rating.

Considering that the price war of the company’s main business banking hardware industry remains, we lowered its net profit forecast for 2019-2020, and its company began to expand into other areas. Security, transportation and convenience business income increased. We raised our 2019-2020 revenue forecast.

Revise down 2019-2020 net profit forecasts by 13% / 17%, respectively, from 8.

89 and 10.

6.6 billion to 7.

73 and 8.

8 billion.

Revise up the 2019-2020 revenue forecast by 8% / 5%, respectively, from 60.

21 and 72.

2.2 billion to 65.

23 and 75.

7.2 billion.

Added profit forecast for 2021, with estimated revenue of 86.

71 ppm net profit was 10.

1.4 billion.

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