Sino-Singapore (002912): 19H1 meets expected inflection point transition and long-term growth is determined


Sino-Singapore (002912): 19H1 meets expected inflection point transition and long-term growth is determined

Investment highlights: Event: On July 12, 2019, the company disclosed the 2019 semi-annual report performance forecast, and it is expected that the company will achieve a net profit of 6,209 in the first half of 2019.

54 to 7451.

450,000 yuan, an increase of 0 to 20% a year.

The 19H1 performance forecast is in line with previous expectations, and Q2 is determined to be the inflection point for performance, leaving no room for expansion.

Q1 company temporarily reduced due to the impact of order confirmation. If the median forecast growth rate is taken as half a year to increase by about 10%, Q2 single quarter growth rate is about 20%.

It is expected that 19 will initially complete the return to net profit.

90,000 yuan, an increase of 42 in ten years.

78%, the H2 growth will accelerate quarter by quarter, proving that this is the turning point for the company’s performance.

Historical operating cash flow is accelerating quarter by quarter, and the company’s profit quality is high.

The company’s single-quarter operating cash flow in “17-18” was “low before and then high”, and each quarter of 2017 was -0.




54 ppm, -0 for each quarter of 18 years.




4.9 billion.

In addition, the company’s historical cash flow remains unchanged (17 and 18 profit cash flow ratios are 1 respectively.

6, 1.

1) The real performance can be more reflected under the order system.

Combined with H1’s notice that the growth rate of returning mother’s net profit is 0 to 20%, the second half of the results will be released intensively.

Sufficient orders in hand, stable growth in the medium term.

The demand for network visualization is stable, and multiple orders for the broadband network are implemented smoothly; mobile network products continue to penetrate the county-level units of the public security system. The winning customers in the first half of the year were Tianjin, Hubei, 杭州桑拿网 Hunan, and Anhui.

The company’s orders are sufficient and sustainable, and network visualization revenue will maintain a growth rate of more than 35% in the next three years.

Previously, primary collaboration and channel capacity extension will benefit from traffic bursts in the long run.

It is expected that the company’s overseas network content security business will be implemented smoothly. Industrial Internet security products have achieved initial application in relevant provincial government departments and industrial enterprises. The transformation of big data operation products has been completed on 2 provincial, 61 district and county platforms.The deployment of the system (as of the end of 2018), the city / district / county market will continue to develop in the 成都桑拿网 future.

With the continuous outbreak of network traffic and the extension of the 5G investment cycle, the company’s performance will benefit in the long run.

Maintain profit forecast and “Buy” rating.

Driven by the core of traffic, the front-end network visualization leader is partially stable, and network content security and big data services are outstanding, maintaining the 2019-2021 profit forecast unchanged.

The company’s net profit is expected to be 2 in 19/20/21.



8.6 billion, corresponding to PE of 33/23/17.

With reference to the average price-earnings ratio of comparable listed companies, the company is given 42 times PE in 2019, corresponding to a market value of 122.

64 ppm, maintain “Buy” rating.