Qixin Group (002301): Remote office welcomes development opportunities catalyzed by cloud video

Qixin Group (002301): Remote office welcomes development opportunities catalyzed by cloud video
Core Views The outbreak of the new crown pneumonia epidemic catalyzes the demand for telecommuting, accelerating the penetration of cloud video in various application areas such as office, medical, and education.Qixin Haoshitong’s products are leading in technology, large customer base and high stickiness.杭州夜网论坛 The products are widely used in rich scenarios such as government-enterprise meetings, smart party building, distance education, telemedicine, interactive recording and broadcasting, and promote the rapid development of the occupant industry.The company’s EPS for 2019-2021 is 0.37, 0.52, 0.67 yuan, maintain “Buy” rating. Epidemic prevention and control catalyzes the need for remote office work. After Cloud Video ushers in a good opportunity for development of the new coronary pneumonia epidemic, the Central Leading Group Meeting on New Coronavirus Infection and Pneumonia Epidemic Situation calls for appropriate extension of the Spring Festival holiday, adjustment of school opening hours, and support for online office and other measures.Reduce staff turnover.Epidemic prevention and control catalyzes the demand for telecommuting, and works together with platforms such as Yealink.com to provide users with free cloud video conferencing systems, accelerate the development of potential customers, and promote the penetration of cloud video in business office, remote education, telemedicine and other fields.Rapid improvement, the industry ushered in good development opportunities. Cloud video business leads the market share, and will increase investment projects to help increase competitiveness in the cloud video field. Cooperating subsidiary Yinpeng Cloud. Some GoodView products are widely used in government-enterprise meetings, smart party building, distance education, telemedicine, and interactive entry.Broadcasting and other scenarios, according to the company’s annual report, in 2018 Haoshitong has been highly recognized by more than 60,000 corporate customers in the global market. In 2018, Yinpeng Cloud Computing achieved revenue2.USD 9.3 billion, according to IDC data, it has the largest market share in the software video field for three consecutive years from 2016 to 2018, reaching 13% in 2018.Qixin Group will raise funds in 20199.600 million, of which 1.800 million will be used for “cloud video conference platform upgrade and business line expansion projects”, to optimize and upgrade the conference cloud platform’s client, operation support, service architecture and other aspects, expand the cloud video application field, and use steady increase projects to advance steadily.The company has gradually strengthened its leadership in the industry. The demand for office collection is relatively rigid. Under the sun collection policy, the actual medium-to-long-term high-growth cultural office supplies demand is rigid. We judge the epidemic situation or affect the procurement rhythm of the enterprise, but it has a limited impact on the expansion of procurement scale.The expected increase in demand must expand to the impact of the phased decline in purchases of other products on revenue.With the advancement of the National Sunshine Purchasing Policy, the growth in the number of customers and the development of procurement categories, the scale of the collective office collection and procurement business continues to expand and grow rapidly; the effect of scale has been released; the proportion of private-brand products has increased;The company’s profitability of office business is committed to steady improvement. The office business is expected to grow rapidly. Maintaining the “Buy” rating of the outbreak of the epidemic has spurred the demand for remote office work. The cloud video industry has ushered in a good opportunity for development. Haoshitong is trying to take advantage of the industry’s east wind to achieve high-speed development.The medium- and long-term growth of the business is high, and the profit forecast is raised. We estimate that the Qixin Group’s net profit attributable to its mothers will be 2 in 2019-2021.72, 3.80, 4.9.2 billion (previous value was 2.67/3.75/4.880,000 yuan), the corresponding EPS is 0.37, 0.52, 0.67 yuan.The segment valuation method is used to give the B2B office business 34-36 times the target PE and software business 41-43 times the target PE in 2020, corresponding to the target city size of 137.01-144.610,000 yuan, corresponding to a target price of 18.67?19.70 yuan, maintain “Buy” rating. Risk reminder: Customer development is less than expected, competition in the cloud video industry is intensified, and the risk of bad debts of accounts receivable.