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High Light Software (002063): Undertaking the Ubiquitous Strategic Platform State Power Commerce Synergy Effect

High Light Software (002063): Undertaking the “Ubiquitous” Strategic Platform State Power Commerce Synergy Effect
Investment Highlights The company released its 2019 Interim Report: 2019H1 to achieve operating income6.32 ppm, a ten-year increase of 8.52%; net profit attributable to mother is 0.80 ppm, a five-year increase of 5.50%; deduct non-attributed net profit 0.79 ppm, a ten-year increase of 7.63%; gross profit margin 67.01%, a decrease of 0 per year.87 points; net interest rate 10.80%, falling by 1 every year.67 points.Single quarter view: 2019Q2 achieved revenue 3.31 ppm, an increase of 1 per year.75%; net profit attributable to mother 0.7.3 billion, an increase of 4 previously.85%; gross margin 75.58%, an increase of 2 per year.67 points; net interest rate 22.17%, a year up 0.66 points.Performance is in line with market expectations. The Group’s resource management has grown steadily and emerging businesses have grown rapidly.2019H1 power industry revenue5.USD 8.9 billion, an annual increase of 11.64%, revenue share increased to 93.19%.Among them, the core business group’s resource management business grew steadily (+17 year-on-year.85%), consulting and customized services, diversified energy cloud services, blockchain and AI, smart organization business growth trend, business development progress smoothly; corporate big data and cloud services, financial management, group risk control management, etc.The decrease in the 成都桑拿网 business year was due to the delay in order rhythm and fluctuations in demand. Undertaking the “ubiquitous” strategic platform, the synergy effect of the State Grid e-commerce has been prominent.Under the background of the construction of the Internet of Things in the power grid, the State Grid e-commerce entered and signed an in-depth cooperation agreement with the company, making the company a strategic platform for the construction of “three types and two networks”; in the first half of the year, the company actively deployed regional energy management, power market transactions, and comprehensive energyIn areas such as services, we have launched cooperative projects such as distributed generation market-oriented trading technology and “State Grid Small” financial robots. The company’s core technology has been deeply integrated 杭州桑拿 with the State Grid e-commerce data platform to work together to promote the ubiquitous electric power Internet of Things construction. Advantages of electric power informationization, multi-point efforts to deploy the energy Internet.The company has deeply cultivated power informatization for many years, and has participated in large-scale informatization engineering construction for many times. The power industry has a deep understanding and accumulation, and its share and advantages are obvious. It has replaced the company to actively lay out the upstream and downstream industrial chains of the energy industry, relying on “cloud, large, physical, intellectualNew technologies such as mobile, mobile and blockchain support digital transformation and upgrading of enterprises, and grasp the dividends of power reform and energy Internet development. Expenses were properly controlled during the period, and accounts receivable increased for many years.In 2019H1, the company’s management / sales / financial expenses decreased by 0.02/0.45/0.13pct, during which the rate of expense fell to 0.60pct to 52.42%, proper cost control; accounts receivable increased by 57.93%, due to the regular impact of payment settlement in the power industry. Investment suggestion: The company has focused on electric power automation and informatization for many years, actively promoted the integration of “two industrializations”, and promoted the full use of domestic intelligence and informatization investments under the background of the layout of the entire electric power industrial chain and the smart city solution platformGoing up, we expect the company’s net profit attributable to its mothers to be 2 in 2019-2021.28/2.87/3.61 trillion, EPS is 0.27/0.34/0.43 yuan, corresponding to the closing price of PE on August 30, 2019 were 33.5/26.6/21.1x, maintain BUY rating. Risk reminder: Electricity reform advances less than expected, ubiquitous electric power Internet of Things construction fails