UFIDA Network (600588): Cloud Computing Core Asset Platform Ecology Accelerates Improvement

UFIDA Network (600588): Cloud Computing Core Asset Platform Ecology Accelerates Improvement

Recommendation logic for investment points: Since its establishment, the company has experienced more than 30 years of development and transformation into a domestic enterprise information service leader, forming a business layout of software business, cloud business, and financial business.

The company has made rapid progress in cloud business (the growth rate of cloud business in 17-18 was 250% and 180%, respectively). Under the environment with good policy adjustments, the UFIDA Cloud ecosystem has been established through heavy cloud SaaS products and UFIDA Cloud PaaS platformsIn 2019Q1, there were 3,500 ecological vendors, and the number of cloud products and services exceeded 5,500.) It is expected to become a cloud business giant in the future.

  The trend of cloud computing is escorted by national policies.

Cloud computing has become an irresistible trend. According to Gartner’s forecast, the global public cloud market will maintain a growth rate of more than 15% and reach $ 41.1 billion by 2020.

The domestic cloud computing market has developed late, but policy support has converged. From the establishment of a cloud computing standardization system to the introduction of a three-year development action plan, all have created a good policy environment for the development of domestic cloud computing.

According to iResearch data, the Chinese cloud computing market in 2017 was approximately 693.

1 ppm will maintain a growth rate of about 30% to 1182 in 2019.

600 million market size.

  The company builds heavy cloud products, and the cloud business develops rapidly.

The 杭州桑拿网 company spares no effort in raising cloud business R & D. In 2018, R & D expenditure was 1.3 billion, accounting for 19% of operating income.

3%, about similar companies at home and abroad maintain a high level.

With high R & D investment, the company launched heavy products such as U8 Cloud, NC Cloud, UFIDA Cloud Platform, and Smart Industrial Internet Platform, and proposed strategic cooperation agreements with Shanghai, Jiangxi Province, Hubei Province, Zhejiang Province and other provincial and municipal governments respectively.Help local enterprises go to the cloud.

With the successive release of many high-quality cloud products and the grafting of the company’s strong and mature channel network, the company’s cloud business is expected to continue to maintain rapid growth.

  The ecological integration strategy creates the company’s medium- and long-term growth pole.

The company proposed “UF”.

Since the “Strategy of 0”, it has developed in a comprehensive, integrated and ecological direction. Cloud products are transformed through the layout of the financial sector, and software products and financial services are gradually integrated to provide integrated services for enterprise customers.Committed to building PaaS platform, joint distribution, consulting, cloud market, cloud development, strategy and other partners in the field to provide customers with quality services.

  Earnings forecasts and investment advice.

It is expected that EPS for 2019-2021 will be 0.

33 yuan, 0.

43 yuan, 0.

56 yuan, the net profit attributable to mothers will remain 31 in the next three years.

2% composite strength.

For the company is a domestic enterprise information technology leader, and “UFIDA”.

Under the guidance of “strategy 0”, the cloud platform ecology is gradually improved, and we are optimistic about the company’s development for a long time.

Based on segment estimates, we believe the company’s target city valuation in 2019 is 811 trillion, corresponding to a target price of 32.

62 yuan, the first coverage given “overweight” rating.

  Risk warning: cloud business development may be less than expected; financial policy risks; increased competition in the software field.