Twenty-six (002467): The leader of enterprise service Video + strategy has great potential

Twenty-six (002467): The leader of enterprise service “Video +” strategy has great potential

The main points of investment are steady and rising performance, with corporate business as the main driving force: the company’s layout of three major business lines, the Corporate Communications Division, the International Communications Division and the North American Internet Integration Division.

Among them, the enterprise communication product line is constantly developing.

In 2018, it realized operating income of 929 million yuan, an increase of 11 year-on-year.

11%, net profit attributable to mothers was 86 million yuan, a year-on-year increase of 177.

67%.

The net profit growth rate continues to rise. We believe that after the company’s successful transformation, it is expected that in 2019, the performance of cloud communications, IDC and other businesses will usher in steady growth.

The three major businesses have successively exerted their strengths to drive steady progress in performance: it is expected to become a new growth driver.

The industry’s prospects are good, and cloud conferences can be expected to develop: Cloud video has a broad market space, and it is also expected to produce large-scale video conference service providers in China.

263 itself can provide a complete “cloud + end” solution, and play an advantage in corporate customer service and marketing.

Cloud video conference provider scaling has become a video conference XaaS unicorn, with a total market value of 24 in July 20深圳SPA会所19.

$ 7.7 billion.

The success of Zoom will also drive domestic related industries, and the sector is expected to improve.

Profit forecast and investment grade: As a leader in corporate services, 263 is integrated into three business lines and integrated “video +” strategy. We are optimistic about the company’s business development path.

We expect the EPS for 2019-2021 to be 0.

12 yuan, 0.

16 yuan, 0.

20 yuan, corresponding to 48 for PE.

06/37.

24/29.

37 times, the first coverage given a “buy” rating.

Risk warning: Sino-U.S. Trade frictions are alleviated and expected, video technology research and development progress is less than expected, and the risk of loss of core customers.