Panwei Network (603039): Steady Revenue Growth Accelerates R & D Investment

Panwei Network (603039): Steady Revenue Growth Accelerates R & D Investment

The company’s revenue continued to grow rapidly in the first quarter. Although the accelerated expansion of research and development has some pressure on profits in the short term, it will contribute to long-term continuous growth.

The intelligent cloud platform of the company’s products improves the efficiency of customer acquisition, and the development of a domesticized system to expand the government market is an important development potential of the company at present. The integration of more OA applications also strengthens the market competitiveness of its own products, and continues to be highly recommended!

Event: The company released the first quarter report of 2019, and achieved revenue 2 in 19Q1.

50,000 yuan, an increase of 30 in ten years.

95%; net profit attributable to mothers is 19.33 million yuan, a year-on-year increase of 37.

79%; deducting non-net profit of 11.8 million yuan, a year-on-year decrease of 1.


Revenue is still growing rapidly, and R & D investment is increasing.

In the fourth quarter of 2018, the company grew faster than expected, and after the scale revenue exceeded 1 billion, it was reasonable that the revenue growth rate in the first quarter of 19 was slightly decelerated.

The percentage of enterprises and governments that sign and complete orders in the first quarter is generally very small. We think that the first quarter will be a relatively gradual inevitable point. The company still maintains a prominent growth of more than 30%.

The growth of the company’s R & D investment in the first quarter increased by 52% year-on-year. This is the initial cause of a slight replacement of non-net profit. Pan-Wei has achieved a gradual increase in market share in the past three years and has maintained rapid growth.The beginning of growth momentum, short-term suppression 成都桑拿网 of profits, but vital to the company’s continued growth.

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

The integration of intelligent cloud platform and localization system of the company’s products is the current important growth point. The e-cology9 platform, intelligent and full-scale electronic product experience facilitates faster and more effective customer expansion; a comprehensive localization system builds the companyOpening up a potential large government market will greatly benefit.

In addition, the company’s in-depth integration with Shanghai CA and contract lock electronic signatures allows the organization’s internal sales contracts, purchase contracts, quotations, bid documents, logistics documents, documents, and orders to be fully electronicized 都市夜网 on the basis of ensuring legal effectiveness.

This forward-looking layout expansion in line with corporate digital trends has strengthened the company’s OA product application function boots and effectively enhanced the competitiveness of expanding customers.

“Highly Recommended-A” rating.

OA integration integrates the convenience of connected applications, the strong mobility attribute, and the wide and high frequency of customer groups. 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.



67 yuan, maintain “strongly recommended -A” rating.

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

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