Baoxin Software (600845): Steady growth in performance and gross profit margin continued to increase

Baoxin Software (600845): Steady growth in performance and gross profit margin continued to increase

Event: The company announced that it achieved revenue 26 in 2019H1.

99 ppm, an increase of 11 years.

86%; Net profit 4.

0.6 million yuan, an increase of 37 in ten years.

28%; deduct non-net profit 3.

80,000 yuan, an increase of 46 in ten years.


Revenue grew steadily, and service outsourcing business achieved rapid growth.

The company’s revenue grows by 11.

86%, additional stability; from the perspective of business, service outsourcing revenue increased by 31%, which is expected to benefit mainly from the increase in the number of racks on the IDC business; the company’s software and engineering services revenue increased and increased.

7%, integration business has improved.

The company’s operating net cash flow performance was excellent, reaching 4.

9 billion, an annual increase of 49.


The gross profit margin increased, and the company’s expense growth rate was lower than the revenue growth rate.

The company’s gross profit margin increased by an average of 3.

51%, mainly benefited from the increase in the proportion of service outsourcing services with high gross profit margins, reaching 33%.

At the same time the company’s sales expenses increase by 4 per year.

42%, the 杭州桑拿网 management expenses increase by 7 every year.

49%, the growth rate is lower than the growth rate of revenue.

The increase in gross profit margin and the decline in expense ratio have driven the company’s net profit margin to increase.

67 units.

Benefit from Baowu Group’s resource advantages and worry-free long-term growth.

The company’s informatization and automation business has benefited from the expansion of the Baowu Group’s territory and the increase in steel informatization brought by the improvement of the profitability of the steel industry. It is expected to maintain stable growth for a long time.

The IDC business adopts Baowu Group’s resource advantages and successively delivers Baozhiyun Phase 4 projects. The company has very few first-line IDC resources. The contract with customers is about 10 years. Long-term contracts can contribute to stable cash flow.worry.
Earnings forecast and investment advice: We expect the company’s net profit attributable to its mothers to be 8 from 2019 to 2021.



340,000 yuan, maintaining the level of “prudent increase”.

Risk reminders: Risks of poorer-than-expected performance; risks of intensified market competition; risks of policy changes.