Pan Micro Networks (603039) Interim Report Comments: Product R & D improved in Q2 with results

Pan Micro Networks (603039) Interim Report Comments: Product R & D improved in Q2 with results

The company as a whole still maintained a steady growth, the second quarter performance improved quarter-on-quarter, at the same time the gross profit margin of the product slightly increased, showing the benefits of R & D accumulation.

We are optimistic about the excellent technical strength of the company’s products under the development trend of intelligence and localization, which will further increase the city’s share and operating margin, and continue to strongly recommend it!

Event: The company released the semi-annual report for 2019 and achieved revenue in the first half of the year.

5.0 billion, an annual increase of 25.

96%; net profit attributable to mothers was 49.19 million yuan, an increase of 35.

7%; deducting non-net profit of 35.7 million yuan, a year-on-year increase of 16.


Q2 single-quarter non-net profit increased by 27 per year.

5%, a significant improvement from the previous quarter.

At the same time, the company issued a convertible bond fundraising case, and plans to issue no more than 3 convertible bonds.

USD 1.6 billion for R & D and industrialization of Pan-Micro collaborative management software.

Product research and development achieved results, and gross profit margin was maximized.

The change in the company’s non-growth rate in 19Q1 significantly reduced the market’s expectations for the company’s performance and improved in the second quarter.

At the same time, the operating gross profit index increased by 1 in the same period last year.

The initial realization of 16 single, visible product R & D expansions in the previous quarters, and even the sales expense ratio including the cost of implementation services, has increased by 0 as a whole.

53 averages.

The company’s new flagship product Ecology 9 adheres to components and APIs as its core and leads in technical architecture; promotes the deployment and application of universally reproducible solutions in various complex scenarios; provides flexible visual system configuration tools to improve operation and 佛山桑拿网 maintenanceEfficiency, with excellent stability, integration, scalability and advantages.

Against the background of the growing demand for corporate collaborative management, we are optimistic about the company’s combined product competitiveness and marketing services response to further increase market share and improve operating net profit margin.

We are optimistic about the development potential of intelligence and localization, and integrate rich applications to strengthen competitiveness.

The integration of the company’s intelligent cloud platform and localization system is an important growth point at present. The e-cology9 platform, intelligent and full-scale electronic product experience is conducive to rapid and effective customer expansion; the comprehensive localization system construction isThe company has greatly benefited from opening up a potential large government market.

“Highly Recommended-A” rating.

OA integrates the convenience of integrated applications, strong mobility, and a wide and high customer base. With the enrichment of enterprise applications, the application “portal” leader Pan Micro will continue to grow.

The company’s EPS is expected to be 1 in 19-21.



78 yuan, maintaining the “strongly recommended-A” rating.

Risk warning: marketing progress is not up to expectations; corporate application services and domestic industrial Internet development are slow.