Monternet Group (002123): Steady growth in performance and focus on cloud communications

Monternet Group (002123): Steady growth in performance and focus on cloud communications

Performance summary: The company achieved operating income in the first half of 201913.

200 million, down 14 each year.

8%; net profit attributable to mother 1.

24 ppm, an increase of 16 in ten years.


The divestiture of power assets is about to be completed, the financial indicators of the indicators are remarkable, and Monternet Technology, a subsidiary of the company’s core cloud communications business, has achieved growth.

The reason for the year-on-year decrease in the company’s operating income in the first half of the year was mainly due to the divestiture of related assets of the power electronics business in the past three years. After the implementation of the group’s scale, the contract will no longer continue to contribute revenue and the business scale will be reduced to 3.

50,000 yuan, a decrease of 3.

USD 800 million, a decade of cloud communications business growth.

7% made up the gap; the company’s gross profit margin in the first half of the year was 24.

7%, an increase of 0 compared with the same period last year.

1 ;; The supplement of the power electronics business scale and the strengthening of cost control, the company’s cost reduction and efficiency effects increased release, sales costs and management costs decreased by 10 respectively.

9% and 杭州桑拿网 11.

7%; cash flow from operating activities increased by 73 in ten years.

2%, due to the increase in sales receipts during the period.

The subsidiary Monternet Technology achieved operating income in the first half of the year9.

70,000 yuan, an increase of 18 in ten years.

7%, to achieve net profit attributable to mother 1.

1.5 billion, a 51% increase in ten years.

The company’s focus on building a large-scale rich media cloud communication platform business has gradually become more effective, with cloud communication business accounting for more than 70% of revenue and profit contribution of nearly 90%.

The company’s cloud communications business accounted for over 70%, and through the continued separation of the power business, the proportion continued to increase, and the proportion of profit to the overall net profit rose to 89.

1%, becoming the company’s main source of profit contribution, which also shows that the company’s focus on building a large-scale rich media cloud communication platform business oriented to 5G networks has gradually become effective.

In the first half of the year, the size of the company’s corporate SMS increased by 40% annually, which was higher than the industry 35.

5% growth rate; ten-year growth in new corporate users 52.

1%; the volume of new customer information sent increases by 81 each year.


In terms of service model, the Internet platform added 4,368 active accounts, 1518 new developers, and 97 new active accounts.

8% growth, completed the online and offline customer conversion, opened up new feasible channels for the company to expand customers.

The cloud communication platform has 73940 active accounts, covering almost all Internet industries, and more than 30% of the financial industry.

Rich media communication is expected to become one of the first batch of 5G applications. The company, as a leader in enterprise communications, is expected to start a comprehensive growth phase in the traffic period.

The advent of the 5G era will bring shifting transmission speeds and synchronously low traffic costs.

Fuxin is based on the Internet traffic channel. The decline in prices will lead to the expansion of Fuxin ‘s market size, which will reduce costs and reduce Fuxin ‘s gross profit margin.

At the same time, 5G is the era of the interconnection of video and everything, and it will become a broad new application scenario of Fuxin.

In the future, Fuxin ‘s low traffic costs, rich information integrating video and audio, and real-time interactivity will quickly take advantage in the context of 5G.

Currently, the company IM Cloud 2.

0 has been officially launched. This version upgrades text messaging to rich media information that integrates phone contacts, pictures, sounds, videos, and IM public accounts. The company is building fast interactive and interactive + rich letters.Fuxin implements menu, card, button, product promotion functions, seamlessly connects with customer business and management systems, realizes background dynamic data output, forms online business interaction capabilities, completes intelligent push of short messages, upgrades O2O services, customer service,Production messaging, payment scenarios and other scene-based capabilities.

Since this year, a number of cooperation and a new round of equity incentives have been implemented. It is expected to participate in Huawei’s ecological construction for a long time in the future.
The company and the national ticket information preliminary cooperation agreement, it is estimated that the electronic ticket inserted through Fuxin will reach 2 billion; established a strategic cooperation relationship with overseas cloud communication company Twilio, Monternet cloud communication platform relying on Twilio’s core technology, will accelerate the internationalization processTo provide users with an international cloud communication solution; the company won the bid of CCB’s MMS and overseas short message sending service projects, marking the company’s increase in the proportion of customers in the financial industry; the company issued another round of distribution incentives, the 2019 stock incentive planThe scale is larger than 2018, and the exercise performance evaluation target is higher. Based on the 2018 Monternet technology revenue, the company’s revenue in 2019-2022 is not less than 40%, 80%, 120%, 170%, respectively.That is 25.
900 million, 33.

300 million, 40.

700 million, 50.

US $ 0 billion, showing the company’s long-term development confidence; at the same time, the company was invited to participate in Huawei’s global developer conference, the future breakthrough 5G and Huawei’s continuous development and upgrade of the OS, the company will be committed to long-term participation in Huawei’s development process.

Profit forecast and rating.

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

45 yuan, 0.

79 yuan, 1.

08 yuan, the net profit attributable to the mother in the next three years will maintain a compound length of 123%.

Considering that the company as a leader in enterprise cloud communications will fully benefit from the 5G cyclical traffic dividend, it will be covered for the first time and given an “overweight” rating.

Risk warning: 5G application landing or less than expected, new product market promotion or less than expected, industry competition or intensification, goodwill impairment risk.