Suzhou Keda (603660): Q1 performance is in line with expectations

Suzhou Keda (603660): Q1 performance is in line with expectations
This 杭州桑拿 report reads: Suzhou Kodak released the first quarter of 2019 report. In the first quarter of 2019, revenue increased 21% and net profit increased 28%. The company’s performance was in line with expectations. The prosperity of the video conferencing industry and the strong competition of the company promoted rapid growth. Investment Highlights: Maintain “Overweight” rating and target price unchanged at 32 yuan.The forecasted operating income for 2019 and 2020 will remain unchanged at 25 respectively.6.9 billion, 28.26 trillion, increase EPS to 1.09 (+1.87%), 1.29 (+0.78%). Considering the continuous increase in demand for video conferencing, it is estimated that the operating income in 2021 will be 35.330,000 yuan, EPS1.67 yuan.With reference to the estimates of comparable companies, considering that the company’s R & D expenditure level exceeds the industry average, the “AI + Big Data” strategy accelerates the company’s commercialization process, and the demand for the video conferencing industry increases. Suzhou Keda is given a 29x 2019 estimate and maintains a target price of 32Yuan, maintaining the “overweight” rating. The Q1 2019 results were in line with expectations, and the overall gross profit margin continued to rise.In Q1 2019, the company achieved operating income5.66 ppm, an annual increase of 21%, achieving a net profit of 0.50 ppm, a year-on-year increase of 28%, and performance was in line with expectations.The company’s Q1 gross profit margin reached 64 in 2019.09%, an increase of 3.63%, the software and hardware integrated video conferencing solution guarantees that the company’s profit space continues to expand and the industry’s leading position is further defined. “AI + Big Data” empowers customers in multiple industries, and industry prosperity and strong competitiveness have contributed to the continued high growth in performance.The company has proposed the “AI + Big Data” strategy to advance the actual combat of AI and big data from the two goals of depth and breadth, enabling the front-end, big data platform, big data display and other multi-scenario customers.The video conferencing industry continues to prosper under the favorable conditions of “5G + smart party building + government video conference market sinking + education + medical care”. The company maintains a high R & D advantage, a high gross profit solution advantage, a public inspection customer advantage, and high performance and sustainable growth. Catalyst: The video conferencing business has developed smoothly in other industries, and the government has stepped up investment in security. risk warning.The development of video conferencing channels fell short of expectations, and Huawei gained market share.