Daylight Star (002439): Consecutively Exceeded Apparent Hidden Q4 Surprise

Daylight Star (002439): Consecutively Exceeded Apparent Hidden Q4 Surprise

Event: The company released the first three quarters of 2019 performance report, and the first three quarters achieved revenue of 15.

83 ppm, an increase of 21 in ten years.

57%; net profit attributable to mothers was 97.1 million yuan, an annual 四川耍耍网 increase of -17.

93%; non-net profit of 77.65 million yuan, an annual increase of 239.

18%.

Performance exceeded expectations.

Revenue: Anfang High-Tech affected Q3’s single-quarter revenue growth of 28% per year, and the rapid growth trend was determined.

The income of the first three quarters of 19 needs to consider the impact of Anfang Hi-Tech. The company replaced Anfang Hi-Tech in October 2018, and restored the impact of Anfang Hi-tech. The growth in 19Q3 was 28.

15%, continuing high growth.

The 19Q3 revenue growth rate has been the quarterly growth rate since the past 10 quarters, and the high-speed growth trend is determined!

Expenses: Mismatch in revenue and cost indicates a surprise for Q4.

Q1-Q3 single quarter sales expenses increased by 12 per year.

85%, -6.

89%, 35.

33%, Q3 sales expenses increased significantly, higher than revenue growth, 南宁桑拿 and ultimately lies in the company’s participation in important security activities, revenue needs to be confirmed by the end of the year, expected to bring flexibility to Q4% Also foreshadows).

At the same time, from the perspective of salary in the cash flow statement, the “cash paid to employees and cash paid for employees” increased by 15 in the first three quarters.

45%, this year is determined to be a small year of expenses.

Profit side: Consider the impact of Hengan Jiaxin and cost mismatch.

Due to the independent listing of Hengan Jiaxin, the 18Q1 company converted and confirmed the investment income of Hengan Jiaxin’s accounting method, resulting in non-recurring gains and losses of 86.66 million yuan.

Reducing the impact of Hengan Jiaxin’s investment income, the first three quarters of 19 net profit increased by 180.

twenty three%.

In the first three quarters of 19, the net cash flow from operating activities exceeded 53%, and customers noticed an acceleration at the end of the five-year cycle.

In the cash flow statement, the amount of cash flow from operating activities in the first three quarters of 19 increased by 53 each year.

21%, of which “cash received for sales of goods and services” increased by 29.

66%, the project is the main contribution.

The main reason is the increase in sales receipts. The reason behind our judgment is that the customer discovery accelerated at the end of the five-year period of the “13th Five-Year Plan”, especially for government customers.

New business development momentum is bright and beyond the long-term growth curve.

The company’s three strategic new businesses-smart city security operations, industrial Internet security, cloud security.

Among them, according to the company’s disclosure, the annual investment in four cities’ security operation business was 9.

600 million yuan in sales revenue, 3.

The net profit of 6.3 billion units will vigorously promote revenue growth. The annual average net profit rate after formal operation will reach 40%, which is much higher than 22% in 2018.

We raise our revenue for 2020-2021 and return to our mother’s net profit forecast. We maintain our “Buy” rating.

The original forecast was to achieve revenue of 30 in 2019-2021.

95, 38.

81, 48.

21 trillion, now forecast is 30.

95, 39.

64, 49.2.3 billion; the original forecast was to achieve net profit attributable to mothers in 2019-2021.

00, 8.

67, 10.

710,000 yuan, now forecast is 7.

00, 9.

09, 11.

2000000000.

The corresponding PE is 43 times, 33 times, and 27 times.

Risk Warning: The development of the security industry is less than expected.