Weistone (002268) Express Letters Review: Clean up and start again The company’s new business enters the harvest period

Weistone (002268) Express Letters Review: Clean up and start again The company’s new business enters the harvest period

Event: The company released a performance report in the evening of February 27, and achieved operating income of 19 in 2018.

31 ppm, a decrease of 9 per year.

64%, net profit attributable to shareholders of listed companies.

40 ‰, a decrease of 17 per year.

twenty two%.

Predicting companies for 2019?
The profit in 2020 is 5.

4.7 billion, 8.

07 billion, EPS is 0.

65 yuan, 0.

96 yuan, maintaining the “strongly recommended” level.

Views: 1.

Many projects are still in the period of investment, and the expansion of high-level replacements has dragged down the performance. The new chairman is expected to bring a new round of performance improvement.

In the fourth quarter of a single quarter, the company achieved operating income13.

740,000 yuan, 15 in the fourth quarter of last year.

6.2 billion, a year-on-year decrease of 12%, and net profit attributable to mothers2.

26 ppm, a reduction of 14 per year.

72% in the fourth quarter, the single-quarter profit growth was large, for four reasons. First, the domestic information security industry has intensified competition. Some of the company’s provincial e-government network projects have been delayed, and commercial password product marketing has fallen short of expectations. Second, smart cities,The business model and profit model of the new kinetic energy business such as central government consolidation and Weisyun are still being sorted out and explored. During the investment period, the progress of new business development has fallen short of expectations. Third, the expansion and expansion of the chairman has affected the progress of some projects of the company; fourth, The extent of asset impairment, driving down corporate profits.

Qing Yu, the new chairman of China Net Security, has worked in thirty institutes for the first time. Scholars have been working in the military for many years for cyber security. In the future, they will effectively promote the business of traditional encryption and clarify the business chain between Weistone and thirty.Business collaboration and distribution issues; has made a lot of achievements in the field of network security, and has 南宁桑拿 recently leaned towards cloud computing security, trying to promote the smooth promotion of the network security cloud computing business, especially in the military industry; former vice chairman of Sanliang Shengan, familiar with the networkSecurity service business, and once served as the Deputy Director of the Security Coordination Bureau of the Cyberspace Office. It will accelerate business advancement in the field of security operation and maintenance of central enterprises. It is expected that the quarterly report will pick up and embark on a new round of high growth.


The number of asset impairment indicators decreased in 2017, and the company’s total asset impairment reserves accrued in 2018 at a controllable level totaled 6,363.

It is expected to reduce the net profit attributable to shareholders of the 淡水桑拿网 parent company by 5,383 yuan in 2009.

50,000 yuan, reducing the company’s owner’s equity attributable to the parent company in 2018 by 5,383.

500,000 yuan.

Among them, the inventory fell by 1075.

980,000 yuan, mainly for inventory goods and issued goods; accounts receivable bad debt provision 53.2 million yuan.

The impairment of assets in 2017 was 74.6 million yuan, and the scale of asset impairment in 2018 did not increase relatively. Inventory and bad debt losses are still at a manageable level.


Investment advice Westone is the focus of our team to cover the subject, we have published a number of reports since August 22 (“Westone” (002268.

SZ): Credential qualification to build a strong moat and build a party, government, and army comprehensive information security service provider, “Guardian (002268.

SZ): Deploying Military Cloud Computing and Creating New Growth Pole for Business “, Weishitong (002268.

SZ): One of the series of Guardian reports, overall security operation and maintenance, large market space and high margin of security “, Guardian (002268.

SZ): The second of a series of reports, security controllable to help secure operation and maintenance, password advantages lead to overtaking in corners, “Guardian (002268.

SZ): Part Three of the In-Depth Report Series, New Leadership and New Weather, Keeping the Network Offensive and Defensive Not Relaxing, “Guardian (002268.

SZ): Benchmark US FireEye in pursuit of absolute advantage in network attack and defense “), strengthen recommendation from the bottom, company strength 16.

Since the low of 3 yuan, the rebound has been close to 60%.

At the current point in time, we are still optimistic about the company. Several major new businesses of the company in 2019 have entered the harvest period. At the same time, the quarterly report is expected to exceed market expectations, and it is recommended to participate actively.

We predict the company 2019?The profit in 2020 is 5.

4.7 billion, 8.
07 billion, EPS is 0.

65 yuan, 0.

96 yuan, maintaining the “strongly recommended” level.


Risks remind that security operation and maintenance promotion is not up to expectations, fierce competition in government affairs, and 5G is gradually surpassing expectations.