Inspur Information (000977) Quarterly Report Comment: Q3 Performance Exceeds Expectations IT Platform Accelerated Turning Point Appears Quarterly
Event: The company released the third quarter report of 2019: the first three quarters achieved operating income of 382.
30 ppm, an increase of 13 in ten years.
79%; realize net profit attributable to shareholders of listed companies.
180,000 yuan, an increase of 39 in ten years.
09%; realizing net profit attributable to shareholders of listed companies4.
690,000 yuan, an increase of 37 in ten years.
Exceed market expectations.
The counter-industrial cycle of 2019Q3 accelerated faster-than-expected growth, the gross profit margin increased, the cash flow and account period improved significantly, and the operating inflection point appeared.
1) The company’s operating income in the first three quarters increased by 13.
79%, the 四川耍耍网 growth rate in the third quarter alone reached 15.
57%. Under the environment of the overall growth rate of the industry, the company’s quarterly growth rate has accelerated, which fully reflects the scale effect of the JDM model and years of research and development, and the leading pattern of brand accumulation.
2) The company’s gross profit margin was 10 in the third quarter.
28%, an increase of 0 over the same period last year.
35 averages with a company net margin of 1.
46%, an increase of 0 over the same period last year.
That is, the scale effect has begun to be reflected in the improvement of gross profit margin and net profit margin.
3) The net cash flow from operating activities in the first three quarters was -37.
7.7 billion yuan, an increase of 54 over the same period last year.
13%, 苏州夜网论坛 mainly due to the company’s improvement of the upstream and downstream accounting period, control of the procurement rhythm, and strengthen the recovery of payment.
And, the interest expense in the third quarter was 6,785.
230,000 yuan, a year-on-year decrease of 25%, supporting the company’s ability to negotiate upstream and downstream prices, and narrowing the mismatch in accounting period.
Amazon and Intel’s third-quarter 2019 financial reports have improved significantly, and global cloud computing is now recovering.
According to the financial report, in the third quarter of 2019, Amazon’s single quarter capital expenditure increased by 34% year-on-year and 28% month-on-month, which was a significant improvement from the previous quarter (-10% and -3%, respectively).
In the third quarter of 2019, Intel’s DCG division revenue increased by 4% and 28% month-on-month. Compared with the previous quarter (-10% and 2%, respectively), it also showed a significant improvement.
Amazon as AWS is the global leader in cloud computing, and Intel is a mainstream x86 server chip architecture architecture vendor, including leading companies. Significantly improved financial reports herald a recovery in global cloud computing.
The industry is under pressure this year, and may meet the turning point of demand in 2020.
During the first half of 2019, the global and domestic server industries were under pressure.
By analyzing the needs of customers in the server industry according to the three categories of Internet vendors, operators and enterprises / governments: 1) The scale of Internet vendors accounts for more than 50%, benefiting from global cloud computing trends, 5G large-scale applications, AI computing power requirements, and serversWith the update cycle of Intel CPU chips, there is a high probability that demand will erupt in 2020, of which only the increased demand for AI servers will reach 20 billion US dollars.
2) Operators account for more than 50% of the IDC market. Benefiting from the cloud trend and 5G driving network traffic surge, the construction of large data centers has increased (especially China Mobile), and there is a high probability that demand will erupt in 2020.
3) Enterprise cloud and government affairs cloud generate long-term demand for more than ten years. Driven by policies, demand growth is relatively stable.
Therefore, it is expected that the industry demand will meet the demand inflection point in 2020.
Maintain “Buy” rating.
Based on key assumptions and financial reports, operating income is expected to be 539 in 2019-2021.
70 billion, 701.
01 billion and 875.
7.1 billion, the net profit attributable to mothers is expected to be 8 in 2019-2021.05 billion, 11.
9.5 billion and 15.
Maintain “Buy” rating.
Risk reminders: growing demand in downstream industries; increased competition in the server industry; escalating trade frictions; and risk of bad debts.