Panwei Network (603039) semi-annual report comment: net profit growth rate was 35.

70% of R & D investment achieved a breakthrough

Panwei Network (603039) semi-annual report comment: net profit growth rate was 35.

70% of R & D investment achieved a breakthrough

Net profit growth rate was 35.

70%, short-term increase in gross profit margin1.

16pct company released 2019 semi-annual report: Realizing revenue 5.

50,000 yuan, an increase of 25 in ten years.

96%; net profit attributable to mother 4919.

370,000 yuan, an increase of 35 in ten years.

70%; net profit after deduction is 3570.

20,000 yuan, an increase of 16 in ten years.

36%, performance in line with market expectations.

2019H1 sales expenses increase by 27 in ten years.

11%; management expenses increased by 6 in ten years.

77%, mainly due to the increase in wages and benefits of the number of persons reported.

Gross profit margin was 96.

05%, a year to increase by 1.

16 points.

Net cash flow from operating activities was 3045.

09 million yuan, a decrease of 28 a year.

55%, mainly due to the increase in project implementation fees paid for reporting purposes.

Breakthroughs in R & D investment, steady progress in localization, and OA office applications gradually improved in the first half of 2019.

500,000 yuan, an annual increase of 22.

31%, breakthroughs in technology research and development.

(1) The progress of localization is steadily advancing: the company deeply develops and supports the localization system, replacing multiple localization technology platforms, supporting the deployment of domestic operating systems, domestic middleware, and domestic databases, and serving domestic customers.

(2) Gradually perfect applications in the OA office field: launched and improved a variety of application functions, solutions and configuration tools in the mobile office field; continued optimization and upgrades in collaborative applications, mobile applications, data centers, etc., and multi-time attendance, Bank-enterprise direct connection, system-related secrets, expense control and other aspects of upgrading and expanding applications.

(3) Continuous upgrade and optimization of the intelligent system: The company continues to 北京SPA会所 improve the technical architecture of the development system, adheres to the open technology platform for collaborative office with components and APIs as its core, and the intelligent system is continuously upgraded and optimized.

The multi-level marketing system continues to expand, which is conducive to the steady growth of OA software revenue. For E-cology products, the company has established more than 300 service teams in nine regions across the country to provide localized services; for e-office products, the company’s first-tier citiesDevelopment partners and business partners, set up a dedicated team responsible for product support and sales support by region; for mobile office cloud OA-eteams products based on the SAAS cloud architecture, the company recruited online sales and regional sales teams.

The company’s multi-level marketing service system is constantly growing, which is conducive to the steady growth of OA office software revenue.

Investment suggestions R & D breakthroughs have made breakthroughs, and we are optimistic about the continued growth of the company’s business in the future.

The company’s EPS for 2019-2021 is expected to be 1.

00, 1.

31, 1.

65 yuan, maintain the “recommended” level.

Risk warning: Business progress is less than expected, R & D progress is less than expected, and industry competition is intensifying