Youxuan Software (430208): Research and Development Performance Continues High Growth

Youxuan Software (430208): Research and Development Performance Continues High Growth

Youxuan Software released the 2018 annual report and the 2019 quarterly report: the company achieved revenue in 20184.

870,000 yuan, an increase of 48 over the previous year.

72%; net profit attributable to mother is 0.

5.3 billion yuan, an increase of 8 over the previous year.

99%; net profit after deduction is 0.

50 ppm, an increase of 5 per year.

44%.

Initial income is 0.

61 yuan.

At the same time, the first quarter report of 2019 was released, and the revenue in 2019Q1 was 9622.

400,000 yuan, an increase of 66 in ten years.

15%, net profit attributable to mother 169.

840,000 yuan, a decrease of 32 per year.

10%, mainly due to an increase of 54% over the same period last year.

07%, R & D expenses increased by 69 compared to the same period last year.

14%.

Good reputation and comprehensive qualifications help the company develop better: The company and its products have multiple comprehensive qualifications, such as: information security service qualification, national-level emerging enterprise qualification, Beijing-level enterprise science and technology research and development institution, confidential qualification, Ministry of Public SecuritySales of WHQL certification and other important qualifications, customers in government, military, energy, telecommunications, finance, medical, education and other fields, has rich industry experience and successful cases.

The company has the highest reputation, and its products have a high degree of recognition in the market.

The company is at the forefront of the industry in the field of core data security protection.

The company has always put technology research and development first, and the investment in research and development has accounted for more than 20% of the company’s revenue for many years.

Have a complete national marketing service system: branches have been established in key regions of the country and major provincial capitals, and full coverage of areas with high information security needs can effectively reduce the cost of company technical services and increase customer demandSpeed 合肥夜网 of response.

At present, the company has established a total of 11 internal subsidiaries in Sichuan, Xi’an and Shanghai; 13 branches in Guangzhou, Chongqing and Henan; and 12 offices in Shandong and Tianjin.

The company has established a three-tier linkage management service network with Beijing headquarters as the center and radiating nearly 30 provinces (autonomous regions, municipalities) across the country.

Profit forecast: We expect the company’s operating income to reach 6 in 2019-2021.

10, 7.

40 and 8.

920,000 yuan, the net profit attributable to mother is 0.

82, 1.

10 and 1.

28 ppm, EPS is 0.

89, 1.

19 and 1.

39 yuan, according to the closing price of 15 on May 6, 2019.

25 yuan for calculation, corresponding to 2019-2021 dynamic PE is 17 respectively.

1X, 12.

8X and 11.

0X, give “recommended” 杭州桑拿 investment rating.

Risk reminders: (1) intensified competition in the industry; (2) risk of technical loss of confidentiality and loss of core technical personnel; (3) risk of bad debts.