Shiji Information (002153): Continuous growth in cloud business investment is conducive to long-term development

Shiji Information (002153): Continuous growth in cloud business investment is conducive to long-term development
The 208 annual report and financial data analysis company disclosed the 18 year annual report, and the company achieved operating income of 30 in 2018.9.8 billion, a 10-year increase4.6%; net profit attributable to parent company4.6.3 billion, an increase of 10 in ten years.61%; net profit attributable to parent company excluding non-recurring gains and losses4.1.2 billion, an annual increase of 5.61%.In terms of product lines, the hotel and retail business segments achieved revenue growth16.59%, 16.At 72%, catering, payment systems, and hardware businesses saw revenue declines.The company’s comprehensive gross profit margin was 44.91%, a slight increase of 0 from the previous year.28 averages.The company’s continuous growth around target business development goals, the increase in management expense ratio, sales expense ratio, and growth in R & D expenditure.31%, although the increase in costs is a drag on short-term profits, it is conducive to long-term development.Net cash flow from operating activities was 4.9.9 billion, down 2 previously.73%.The number of R & D personnel is 1,435, with an annual increase of 51.85%.The company’s period-end monetary funds were 57.6.8 billion, compared with 17 at the end of 2017.1.5 billion, the substantial increase in monetary funds was mainly due to the impact of Shiji retail equity transfers. Cloud POS continues to land on the right of the hotel group. The reorganization of the hotel cloud solution is worth looking forward to the orderly advancement of the company’s business lines. Among them, Alipay and WeChat direct payment business in 2018 totaled more than 110 billion yuan.Cloud-related data: MRR was 17.05 million in December 2018, and ARR was 1 in 2018.8.5 billion, an increase of 69 in ten years.43%, the company’s cloud business advances in line with expectations.As a key area of Shiji’s advantages, its cloudification trend has formed. The hotel industry represented by the world’s top hotel groups is entering a switching cycle of transforming cloud systems. Shiji is creating alternative cloud solutions around the actual needs of top hotel groups.We believe that Shiji has achieved certain competitive advantages in terms of product technical indicators, paths, and ecological creation. Cloud POS products have gradually begun to land in head hotel groups to verify the company’s product competitiveness in the global market.At present, the company’s localization teams around the world are being established, and the research and development team is continuously strengthened. The excess monetary funds will ensure the implementation of research and development and layout.According to the latest closing price of 19-21, the corresponding PE is 60, 50, 39 times.Considering the company’s higher product market share and better user card slots, the continued transformation of cloud transformation will further increase the proportion of cloud revenue. Combined with the PE band of the past five years, we give the company a 70-year PE estimate for 19 years, which is reasonable.The value is 36.4 yuan / share, maintaining the “overweight” rating. Risk prompts the impact of external non-market factors on the expansion of overseas business of cloud business; the transition to data-driven 南宁桑拿 platforms is still in the exploratory period;