Qixin Group (002301): Dingzeng successfully implemented B2B business to maintain rapid growth

Qixin Group (002301): Dingzeng successfully implemented B2B business to maintain rapid growth
The development trend of the collection of office supplies helped the company’s revenue grow rapidly. The company released three quarterly reports and achieved operating income of 43 in 19Q1-3.5 billion (+58 year-on-year.01%), net profit attributable to mother 1.8.3 billion (+ 30% YoY).99%), net of non-attributed net profit1.6.1 billion (+ 44% YoY).73%).Of which 19Q3 operating income was 16.8.6 billion (+ 58% YoY).13%), net profit attributable to mother 0.4.3 billion (+ 48% YoY).56%).The rapid growth of revenue is definitely under the trend of sunny procurement. The sales of large customers’ centralized procurement business increased rapidly, driving the company’s B2B office supplies sales growth. Non-public issuance was successfully implemented, continuous R & D and expansion strengthened the company’s core competitiveness report and implemented the non-public issuance of stocks. It was mainly used for large-scale office and cloud video business product development and technology upgrades, improving product quality and service levels, and meeting customers’ continuousUpgraded office procurement and service requirements, while establishing a digital platform to improve the company’s operating efficiency.The company continued to expand research and development investment in cloud video, B2B service platform, and private label products, entered the smart office market, and cultivated new profit growth points. Cloud video conferencing market share first, SaaS business perfect corporate office service platform service functions Based on SaaS’s broad market prospects and the development of IoT technology, the company shifted to hardware + software + service providers, relying on the company’s cloud video conferencingThe company has several independent R & D core technology extensions. In addition to cloud video conferencing products, the company has successfully extended cloud video 淡水桑拿网 service scenarios to the fields of smart education, smart party building, and smart medical care. According to the 2019 Interim Report, related projects have been implemented. Earnings forecast and estimation are optimistic about the company’s growth space brought by the transformation of office supplies integration suppliers to build a “hardware + software + service” product system.The company is expected to achieve operating income 65 in 2019-2021.92, 89.87, 115.5.5 billion, net profit attributable to mother is 2.61, 3.63, 4.96 trillion, currently estimated at 35 in 2019.70xPE, office stationery refers to the evaluation level of Chenguang Stationery Company, a comparable company in the same industry, and gives a reasonable evaluation corresponding to 35xPE in 2019. Due to the rapid growth of SaaS software service companies’ revenue and marketing expenses, referring to the overseas similar company estimation method, 7xPS is carefully givenReasonable estimation, corresponding to a reasonable value12.80 yuan / share, based on the company’s SaaS expansion and large office blue ocean growth space, maintaining the company’s holdings grade. Risks prompt fluctuations in the macroeconomic growth rate, adjustments in procurement policies in the large office market, outdated M & A projects are growing less than expected, fierce competition in the cloud video industry, and fluctuations in raw material prices.