Monternet Group (002123)： Continue to consolidate the leading advantages of the industry, and Fuxin can look forward to the future
Monternet Group (002123): Continue to consolidate the leading advantages of the industry, and Fuxin can look forward to the future
The company achieved operating income in the first half of the year13.
20 ppm, a reduction of 14 per year.
76%; net profit attributable to mothers1.
2.4 billion, an annual increase of 16.
58%; net profit attributable to mothers after deductions1.
30,000 yuan, an increase of ten years.
Performance has grown rapidly, and market share has continued to rise.
In the first half of the year, Monternet Technology achieved operating income9.
73 ppm, 19% growth over ten years; net profit1.
150,000 yuan, an increase of 52 in ten years.
Gross profit margin 22.
47%, a decrease from the same period last year.
According to the data of the Ministry of Industry and Information Technology, driven by a wide range of services such as service login and identity authentication, the business volume and revenue of the SMS business have kept growing simultaneously.
In the first half of the year, the national mobile short message service volume increased by 35 each year.
At 5%, the revenue of mobile short message business reached 20.8 billion yuan, a year-on-year increase of 6.
In the first half of the year, the company’s SMS sending volume increased by 40% each year, and its operating income increased by 19%. The average value exceeded the industry average, indicating that its market share continued to rise.
The company’s new corporate users are growing by 52 per year.
11%, the amount of new customer information sent increases by 81 every year.
9%, there were 4,368 new active accounts on the Internet platform and 1,518 new developers.
An interactive reply is expected to be achieved this year to fully open up the SaaS ecosystem with the enterprise.
The company is building fast interactive and interactive + Fuxin. It is expected that menus, cards, buttons, and product announcement functions will be implemented in Fuxin within the year. It will seamlessly interface with customer business and management systems to achieve dynamic background data output and complete the enterprise endCoverage of SaaS services.
At present, the company cooperates with the mainstream domestic Android phone manufacturers, and it is expected that more companies and mobile phone brands will join the cooperation ecosystem.
RCS may be an accelerated 5G application.
Our previous report “RCS may accelerate 5G applications for landing” has pointed out that RCS is based on traffic, and in the case of a significant reduction in the cost of 5G traffic, the future is expected to usher in leapfrog development.
As a key update of RCS (RichCommunication Service) to upgrade 深圳桑拿网 MaaP (message as platform), Fuxin (RCS Business News) may become a 5G application that has landed in the future.
Investment suggestion: The company further proves that it has the advantages of the leading enterprise SMS. Under the situation that the volume has become the first in the industry, the growth rate of revenue and delivery continues to exceed the industry.
We’re back again: Fuxin is expected to be one of the first applications to land in the 5G era.
The company’s EPS is expected to be 0 in 2019-2020.
53 yuan, 0.
87 yuan, maintain Buy-A rating, 6-month target price of 22 yuan.
Risk warning: Fuxin’s promotion is less than expected; industry competition is intensifying.