Zhongke Shuguang (603019) 2018 Annual Report Comments: Chips and Devices Collaborate to Promote Independent and Controllable Ecology

04/04/2020   |   by admin

Zhongke Shuguang (603019) 2018 Annual Report Comments: Chips and Devices Collaborate to Promote Independent and Controllable Ecology

The company’s scarcity in the field of independent controllability and the prospect of its core strategy, it is recommended to continue to pay attention to the progress of independent controllability in the chip field and the growth of the main server business.

Expected EPS for 2019-21.

94/1.

26/1.

66 yuan, corresponding to the net profit of the mother 6.

02 billion / 8.

11 billion / 10.

64 ppm, maintaining the “overweight” rating.

The company recently released its 2018 annual report: the report initially achieved operating income of 90.

5.7 billion, an increase of 43 in ten 成都桑拿网 years.

89%; net profit attributable to mothers4.

30 ppm, a 39-year increase of 39.

43%; net profit deducted from non-attributed mothers2.

72 ppm, an increase of 31 in ten years.

98%.

The demand for cloud and AI continues to drive the growth of the server business, and Haiguang Information, an associate chip company, has over 100 million revenue.

The company’s revenue in 2018 increased by 43.

89%, net profit attributable to mothers is increasing by 39.
.

43%, performance growth in line with expectations.

The continued development of cloud and AI will gradually continue to drive the prosperity of the server industry.

Among them, high-end computer products contributed 7.2 billion in revenue, an increase of 41 year-on-year.

78%, gross margin increased by 0.

29%; storage products achieve 8.

6.9 billion in 西安耍耍网 revenue, 50% growth over ten years, and gross profit margin increased by 2.

87%; Revenue from development integration and service business9.

8.7 billion, an annual increase of 52.

18%.

All business lines maintained healthy and rapid development.

The reported revenue of Haiguang Information of the first-level associates reached 1.

1.2 billion (17 years is 0.

1.4 billion), expected 0.

350,000 yuan, the company bid to obtain Haiguang information10.

92% equity, so the stake in Haiguang reached 36.

44%.

By taking advantage of autonomous and controllable Dongfeng, the chip and the whole machine will work in synergy.

Uncertainty in the external environment continues and autonomous control has become the core double room.

The company’s shareholding companies, Haiguang and AMD, continue to advance steadily in the field of chip control. Last year, they gradually increased their supply.
The report pointed out that the company took the lead in undertaking the development of the Chinese Academy of Sciences’ strategic leading science and technology special domestically developed safe and controllable advanced computing system, and continued to work hard to break through the core technology of the chip field and build good support conditions.
In addition, Shuguang took a 30% stake in Zhongke Controllable and launched an independently controllable server. In October 2018, it invested 50 billion yuan to establish a wholly-owned Zhongke Shuguang National Advanced Computing Industry Innovation Center Co., Ltd. to further promote the independent and controllable advanced computing industryInto.

Risk factors: changes in industry and external policies, chip progress is blocked, and server growth is less than expected.

Maintain the “overweight” rating.

As a leading company in the field of high-performance servers, the company strives to promote the independent controllability of key areas such as CPU chips and achieve continuous progress, and is committed to working with downstream cloud / AI requirements to continuously improve the existing server business revenue scale and profitability.

We maintain the company’s EPS forecast for 2019-20 to 0.

94/1.

26 yuan, plus a forecast for 2021.

66 yuan, corresponding to the net profit of the mother 6.

02 billion / 8.

11 billion / 10.

6.4 billion.

The company’s scarcity in the field of independent controllability and the prospect of its core strategy, it is recommended to continue to pay attention to the progress of independent controllability in the chip field and the growth of the main server business.