Shiji Information (002153) 2019 Interim Report Review-Internationalized Business Smoothly Advances MRR Continuous Improvement Leads Business Model Structure Adjustment

Shiji Information (002153) 2019 Interim Report Review-Internationalized Business Smoothly Advances MRR Continuous Improvement Leads Business Model Structure Adjustment
The company actively promotes the transformation of cloud-based services, adheres to the platform and international development strategy, and builds a layout that covers hotel and restaurant retail. The future prospects are promising.Maintain 2019-2021 net profit forecast, corresponding to the latest equity EPS is 0.52/0.60/0.69 yuan, corresponding to PE62 / 53 / 46x, maintaining the “overweight” level. The overall performance is in line with expectations, and the adjustment of the cloud transformation business model structure has slightly increased revenue / profit stability.The company achieved revenue of 15 in the first half of 2019.16 trillion, +20 for ten years.76% (Excluding Hisense and table number?+ 5%) to achieve net profit attributable to mother 2.08 thousand yuan, ten years +2.12%, net profit after deduction to mother 2.30,000 yuan, ten years +7.18%, overall business growth is in line with expectations.From the perspective of the separate business, the business development of the various sections as a whole was in line with expectations: among them, direct connection business transaction expenditures were US $ 73.5 billion, an increase of + 48%; booking platform traffic increased + 36%; and hotel information business income4.8.2 billion, previously + 10%; catering informatization income is 0.3.5 billion, -32% (affected by cloud transformation); payment system revenue is 0.4.6 billion, ten years + 61.28% (individual bank project 成都桑拿网 disturbances); commercial circulation information business 2.3.1 billion, ten years + 11%; tourism information business 0.1.8 billion, +10 in ten years.85%; hardware 5.01 billion, at least -1.05%; In February 2019, Hisense Smart consolidated its new revenue from independent commercial equipment business1.9.6 billion.Net cash flow from operating activities 1.32 ppm, +51 a year.22%, we expect mainly due to the difference in interest income (Last year, overseas stone-based retail sales4.8.6 billion US dollars interest calculation in early April 18?March, 6 months this year). The cloud business developed smoothly and MRR continued to improve.In June 2019, the SAAS business realized a repeatable subscription fee (MRR) of 19.81 million yuan, +118 for ten years.8%; at the end of the reporting period, the total number of corporate customers (end-user) stores was 60,000, and the average renewal rate?90%.Services such as short-term POS support the expansion of business scale, and look forward to the release of PMS products during the year (Note: The company’s cloud services are mainly monthly, and the guidance of advance payment subjects is of limited significance). The scale of international business income continued to expand.19H1 income from outside the mainland1.63 trillion, +79 a year.78%; As the overall volume of the three newly acquired overseas companies this year is not large, we believe that this income reflects the smooth development of the company’s international business; at the same time, the cash paid to employees has increased by 35%, we expectThe company’s overseas expansion continued to increase in the first half of the year. Risk factors: The integration of the acquisition target does not meet expectations; the overseas expansion is progressing slowly; and the cloud conversion effect is less than expected. Investment suggestion: The company actively promotes the transformation of cloud-based services, adheres to the platform and international development strategy, and builds a layout that covers hotel and restaurant retail. The future prospects are promising.Maintain 2019-2021 net profit forecast, corresponding to the latest equity EPS is 0.52/0.60/0.69 yuan, corresponding to PE62 / 53 / 46x, maintaining the “overweight” level.