UFIDA (600588): Cloud business with strong results in line with expectations has strong momentum

UFIDA (600588): Cloud business with strong results in line with expectations has strong momentum

Investment event: The company announced its 2018 annual report, reporting that the combined company realized operating income of 77.

30,000 yuan, an increase of 21 in ten years.

4%; net profit attributable to shareholders of the listed company.

12 ppm, an increase of 57 in ten years.

3%; net profit attributable to mothers excluding non-recurring gains and losses5.

32 ppm, an increase of 81 in ten years.


The software business grew steadily, and the cloud business accelerated.

At the core of the report, the company achieved operating income of 77.

30,000 yuan, an increase of 21 in ten years.

4%, of which software business realized income of 55.

7.8 billion yuan, a ten-year growth rate of 8.

7%; cloud business realized revenue 8.

51 ppm, a 108-year growth rate of 108.

0%; payment service income 1.

55 ppm, a 81-year growth rate of 81.

8%; Internet investment and financing information service income 10.

8.8 billion, a year-on-year growth rate of 51.


The growth of the company’s cloud business accelerated significantly, with Q4 single-quarter revenue5.

03 trillion, a quarter-on-quarter growth rate of 294% over the first three quarters. At the end of 2018, related advances in cloud business3.

01 trillion, with a previous growth rate of 224%. The cloud business is expected to continue to accelerate its growth in the future.

Effective cost control and healthy financial indicators.

Reporting the average, the company’s gross profit margin was 69.

95%, ranked slightly down in 2017.

48 units; period expenses 58.

73%, down about 3 in 2017.

07 totals, of which sales expenses and management expenses were 16.

4.9 billion, 14.

6.5 billion, the previous growth rate was 16.

37%, 19.

67%, the expense growth rate during the period is far lower than the revenue growth rate, cost control is very effective.

Reported a total of 14 first-tier company R & D participation.

86 ppm, a ten-year increase of 14.

5%, accounting for 19% of operating income.


The advance payment is 10.

800,000 yuan, an annual increase of 26.3%.

Net operating cash flow 20.

43 ppm, an increase of 42 in ten years.

8%, the net operating cash flow far 厦门夜网 exceeds the net profit attributable to the mother, and the financial indicators are healthy.

Vigorously promote UFIDA 3.

0 strategy to build an enterprise service ecology.

Company 3.

The 0 strategy is based on UFIDA Cloud, which will continue to improve UFIDA’s digital business application infrastructure construction, and will gradually empower enterprise customers to help many enterprises move to the cloud. At the same time, the company will continue to improve the construction of corporate service sharing platforms and actively integrate the corporate service ecosystem.To support the entire industry’s transition to platform development.

Investment proposal: The company is expected to EPS0 in 2019/2020/2021.

45, 0.

54, 0.

70 yuan, corresponding to PE78.

00, 64.

38, 49.

99 times, give “overweight” rating.

Risk Warning: Business Development Is Less Than Expected