Aerospace Information (600271): The first three quarters of revenue, profits and deductions were higher than expected

Aerospace Information 四川逍遥网 (600271): The first three quarters of revenue, profits and deductions were higher than expected
The income / profit / deduction of non-profit was higher than expected, exceeding 9% / 13% / 5% respectively.Aerospace Information discloses the first three quarters of 2019.1) The first three quarters achieved operating income of 191.50,000 yuan, an increase of -17 in ten years.1%; realized operating profit of 20.9.3 billion, an increase of 10 in ten years.3%; net profit attributable to owners of the parent company11.45 ppm, an increase of 34 in ten years.0%; realized non-net profit deduction of 7.62 ppm, a ten-year increase of -24.8%.2) Our forecast for the three quarterly reports is 171.80,000 yuan, an increase of -26 in ten years.0%; realize net profit attributable to owners of the parent company10.31 ppm, an increase of 21 in ten years.0%, realizing deduction of non-net profit 武汉夜网论坛 6.98%, an annual increase of -31%.3) It is believed that the main reason for exceeding expectations is that the anti-counterfeiting tax control / service business is better in the third quarter, because the revenue and gross profit margin in the third quarter of 2019 are better than expected. High and low before 2018, business development is likely to be “low and high after” in 2019. Gross profit margin and revenue growth rate in 19Q3 are verified.1) In 2019, we implemented the “Business Structure Adjustment Strategy” to avoid low-margin business. Therefore, in 2019, revenue increased but added value increased.In terms of revenue, 2019Q2 revenue increased by -35%, and 2019Q3 revenue increased by -4%, and began to improve.In terms of gross profit margin, the gross profit margin for 2019Q3 was 18.5% up 2 every year.4 units.19Q3 single quarter verification and adjustment of structural strategies.2) The external environment for taxation in 2019 is “reduction of taxes and fees”. Therefore, anti-counterfeiting tax control users and membership fees “return first and then levy.”At the end of 2018, there were 13 million service users. Due to the short-term “tax and fee reduction”, investors thought that there would be no users at the end of 2019.It is estimated that approximately 1.6 million service users will be added in the first half of 2019, far exceeding market expectations.4) Combined with the number of 19Q2 service users and 19Q3 gross profit margin, “front low and then high” is being verified. Even if capitalization is considered, the peak period of human compensation has passed, and the high point of expense growth should be in 2019Q1.1) 2018Q4-2019Q1 sales expenses increased by 41% / 21%, and R & D expenses increased by 409% / 54%, which should be related to the provision of bonuses. In the third quarter of 2019, sales expenses / administrative expenses / research and development expenses increased by 36% / 35% / 25%, respectively, and the growth rate has not been high.2) If compensation is paid to employees in the cash flow statement, employee compensation payable in the balance sheet, and disclosed capitalization (directly included in amortization of intangible assets), the growth rates of compensation in 2019Q1-2019Q3 will be 22 respectively.2% /-0.6% / 20.2% (29 without capitalization).6% / 5.8% / 20.3%), also verified that the peak period is 2019Q1. Many balance sheet items are related to the business development of “e-commerce and retail,” etc. The company has announced an increase in factoring for receivables to accelerate capital turnover and maintain liquidity.1) Ending balance of accounts receivable 28.310,000 yuan, a rate of change of 67.8%.2) End of inventory period 28.24 ppm, a rate of change of 158.26%.3) Prepayment 17.RMB 870,000, with a rate of change of 152.51%.The above are all related to e-commerce, retail stock sales and system integration business.4) The company also announced that it will increase the amount of non-recourse factoring business with accounts receivables with domestic commercial banks in 2019 (20 trillion to 35 trillion, valid for one year), which will help speed up capital turnover and reduceAccounts receivable balance, reducing accounts receivable. Maintain profit forecast and buy rating.Net profit is expected to be 20 in 2019-2021.33, 26.82 and 29.82 trillion, is expected to be 308 in 2019-2021.01, 340.70 and 363.09 million yuan.Maintain “Buy” rating!