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New World (000997): Achievements can be seen in R & D excellence, operation ecology strengthens stickiness

New World (000997): Achievements can be seen in R & D excellence, operation ecology strengthens stickiness

The company’s first quarter performance of 18 years and above in 19 years continued to maintain good growth, mainly due to the rapid growth of payment services, at the same time the development of the business operation service ecosystem has become increasingly mature, and financial services have emerged.

The equipment business that the market is worried about is still growing steadily under the leadership of product research and development and innovation, and continues to be highly recommended.

Event: The company released its 2018 annual report and 2019 first quarter report, and achieved revenue of 59 in 18 years.

470,000 yuan, an increase of 20 in ten years.

88%; net profit attributable to mother 5.

86 ppm, 10-year average of 10.

43%; deduct non-net profit 5.

3.7 billion, with a ten-year average of 9.

48%.

After excluding real estate, it gradually realized revenue57.

960,000 yuan, an increase of 43 in ten years.

23%; net profit attributable to mother 5.

810,000 yuan, an increase of 26 in ten years.

12%.

Real estate revenue was eliminated in 1Q1.

99 ppm, an increase of 18 years.

79%; net profit attributable to mother 2.

46 ppm, an increase of 48 in ten years.

63%.

Payment service flow is still increasing, and merchant operations 佛山桑拿网 have increased ecological stickiness.

There have always been doubts in the market that WeChat, Alipay scan code payment instead of bank card swiping will erode the third party payment acquiring business, but in fact the two parties are in a cooperative relationship, and the company’s operating data is also confirmed from the side: 18 years of the company’s payment service businessVolume breaks through 1.

5 trillion yuan, a year-on-year growth of 88%; by December 18, the company’s platform scanning transactions in the month accounted for more than 70% of the total transactions in the month.

At the same time, the “Star POS” created by the company is positioned as a one-stop service platform for merchants, actively trying various value-added services and innovative businesses and achieving better growth.

By the end of 北京夜网 2018, there were more than 500,000 PaaS platform service merchants, and various types of partners have increased. The improvement of the merchant operation and service ecosystem complements the stability of existing platform merchants and attracts new merchants. The platform itself will also bring more numbers.Merchant services are maturing.

IoT equipment continued to grow steadily, and financial services emerged.

The market has also been worried about the stagnation in the growth of the company’s POS-based IoT devices, but the company continues to develop new products adapted to consumer changes.

94% growth.

Financial services as a redemption operated by the company’s merchants, the loan balance as of the end of 201816.

US $ 3.3 billion, of which online lending accounted for over 50%, and by the end of the first quarter it had exceeded 68%, with a NPL ratio of 3.

49%, subsequent expectations continue to bring more benefits to the company.

Maintain “Highly Recommended-A” investment rating.

EPS is expected to be zero in 19-21.

73/0.

93/1.

18 yuan, corresponding to PE is only 25/20/15 times.

Payment receipts continue to grow at a high speed. Merchant operations will be accumulated with the improvement of the ecology. The payment equipment industry will be consolidated more and more aggressively, and the “strongly recommended-A” level will be maintained.

Risk reminder: regulatory risks in the payment and acquiring industry; business operation development is lower than expected.