Inspur Information (000977): Per capita gross profit exceeds one million dimensions and expands CPU replacement

Inspur Information (000977): Per capita gross profit exceeds one million dimensions and expands CPU replacement

Focusing on customers in large industries to 上海夜网论坛 improve efficiency, the rate of increase in research and development is still low. The multi-dimensional layout seeks to break through the company for 18 years. The gross profit per capita is 1.11 million yuan, which is not weaker than its domestic and overseas counterparts and domestic first-line hard technology companies. The scale effect will make future profit growth faster than revenue.

Under the circumstance that the R & D expenditure expenses increased by about 1 billion in 2018, more than doubled, the company deducted non-attributed net profit for 18 years6.

1 ‰, deducting 3 for about 17 years.

3.4 billion increased by 84%.

In recent years, the company has maintained an expense ratio of about 8%, which enables the company to make market breakthroughs with high quality and low prices.

At the same time, the company’s downstream including domestic and foreign cloud computing, short video, operators and other companies will have better growth in the future, and channel sales should also set high goals and actively promote.

The second generation of Xeon Scalable processors is about to be upgraded. The data center investment is expected to recover in 19 years. The Intel server Cascade Lake chip 18Q4 has been converted.Upgraded versions, including: support for deep learning to accelerate DL Boost, security bug fixes, support for new Optane data center persistent memory technology.

Therefore, it is expected that the temporarily suspended data center investment is expected to begin to recover in the middle of 19 years.

The forecast for 19-21 is 0.

70 yuan / share, 0.

98 yuan / share, 1.

38 yuan / share forecast company 19?
21-year revenue was 582.

7,740.

6,933.

700 million, net profit attributable to mother is 9.

1,12.

6, 17.

8 megabytes, with resolutions of 38%, 39%, and 41%, respectively, and the corresponding PEs are 38, 28, and 20 times based on the latest closing prices.

Considering the company’s overseas, channel, and operator’s multi-dimensional development and scale effect in the next few years will bring about operational efficiency improvements. It is expected that the compound growth rate will reach about 39% in the next three years. If overseas progress exceeds expectations, revenue and profits will still have upward flexibility.space.
At the same time referring to the company’s PE band since February 2014, we 杭州桑拿 believe that the company can give the company a 40-year PE estimate for 19 years, corresponding to a reasonable value of 28.

15 yuan / share, give “Buy” rating.

Risks suggest that the growth rate of Internet customer capital expenditure may be relatively high.

The risk that Internet customers may turn to ODM vendors to purchase servers.

The expansion of overseas markets, telecommunications markets, and channel sales may be less risky than expected.

Risk of asset impairment due to large amount of accounts receivable and inventory.

Business growth and fair incentives may lead to the risk of rapid R & D expenses, financial expenses, and management expenses rising.