Hang Seng Electronics (600570) Quarterly Report Comments: Off-season performance is in line with expectations Optimistic about subsequent 杭州桑拿网 orders to drive rapid growth in performance

The event company released a quarterly report and achieved operating income in the first quarter of 20195.

92 ppm, an increase of 11 years.

17%; net profit attributable to mothers3.

980,000 yuan, an increase of 593 in ten years.

66%; net profit deducted from non-return to mother 0.

3.6 billion, an annual increase of 5.


The growth rate of opinion revenue is in line with expectations. The low growth rate is due to the order rhythm and the science and technology board business affecting the company’s implementation of the new accounting standards in the quarter, resulting in a larger increase in net profit attributable to mothers.

The revenue growth rate is lower than our expectation of gradual growth rate, which is in line with our judgment. There are two 杭州桑拿网 main reasons: the first and the first quarter are the off-season of revenue recognition, and it is expected that the revenue will accelerate to release in subsequent quarters;Under the expectation that the board is about to land, downstream customers will focus on the construction of the science and technology board system, so that the system upgrade needs will be replaced, and the related income of the science and technology board has not yet been released.

In terms of business, brokerage business decreased by 15 every year.

73%, which is mainly due to the decline in order volume caused by the unsatisfactory performance of brokerage customers in the previous year; asset management and wealth businesses increased each year.

35%, 26.

95%, in line with expectations; gear fluctuations on the smaller scale of exchange business; banking business decreased by 17.

64%, still continuing the impact of last year’s statistical caliber change; Internet business continued to grow15.

82%, in line with expectations.

Expenses were well controlled, and sales and R & D expenses grew faster than revenue growth in the first quarter.

83 ppm, an increase of 2 per year.

80%; administrative expenses 1.

14 ppm, an increase of 24 in ten years.

22%; R & D expenses 3.

12 ppm, an increase of 5 in ten years.


Sales and R & D expenses were significantly lower than the revenue growth rate, and the cost control effect was obvious.

It is expected that the difference in future growth will drive profit growth faster than income growth.

Follow-up with the launch of the science and technology board, optimistic about the order to drive rapid growth in performance After the official launch of the science and technology board, optimistic about the company’s related orders usher in rapid growth, the follow-up will drive the company’s performance to accelerate growth.

At the same time, we will continue to pay attention to relevant supplementary needs brought by foreign entry into China and financial supply-side reforms.

Investment recommendations are optimistic that the company will continue to benefit from financial supply-side reforms. Net profit is expected in 2019/20208.


5.0 billion, corresponding to P / E 69.


53 times, maintain “Buy” rating.

Risk warning: Capital market fluctuation risks; strict supervision affects downstream demand; the advancement of science and technology board products is less than expected