Zhongke Shuguang (603019) Semi-annual Report of 2019 Review: Domestic High-Performance Computer Leaders High Input and Power Upstream Core Technology

Zhongke Shuguang (603019) Semi-annual Report of 2019 Review: Domestic 杭州桑拿 High-Performance Computer Leaders High Input and Power Upstream Core Technology

Event: The company released its semi-annual report for 2019. In the first half of 2019, the company achieved operating income of 46.

07 million yuan, an increase of 35 in ten years.

28%; realize net profit attributable to shareholders of listed companies.

30,000 yuan, an increase of 39 in ten years.


Key points of investment: Leading domestic high-performance computer, high-input and high-efficiency upstream core technology. The main business of the company continued to grow steadily, with good cost control during the period.

In the first half of 2019, the company’s operating income increased by 35 compared with the same period last year.

28%, net profit attributable to shareholders of listed companies increased by 39.

14%, the company’s main business as a whole maintained sustained and steady growth.

The main subject company whose revenue growth was improved in the earlier quarter was replaced by the US Commerce Department with a “Entity List” in June 2019, which resulted from the company’s reduction in the sales scale of general products.

We believe that through the company’s search for alternative parts, adjusting production plans, concentrating resources, sorting out its main business, further expanding R & D investment and complementing technical shortcomings.

In the first half of 2019, the company accrued selling expenses1.

89 ppm, an increase of 15 in ten years.

17%; administrative expenses 1.

10,000 yuan, an increase of 30 in ten years.

40%; financial expenses 0.

8.4 billion, an increase of 40 in ten years.

73% was mainly due to the increase in financial expenses accrued from convertible corporate bonds.

On the whole, the company’s expenses exceeded the increase in revenue on average, and the expenses were well controlled.

R & D has grown significantly, creating conditions for the industrialization of core technologies.

In the first half of 2019, the company’s R & D expenses were 2.

68 ppm, an increase of 62 over the same period last year.

29%, the company newly obtained 37 patents, including 25 invention patents.

1) High-end computer.

Mass production of high-density and energy-efficient new silicon cube series high-performance computers using immersion liquid phase-change cooling technology was completed, and research and development of 200Gbps high-speed interconnect modules was completed.The budget has won the world’s first six categories of performance testing; the company launched edge computing servers for edge computer rooms and operator applications that meet the OTII standard in the field of edge computing.

2) Storage.

The company released the distributed block storage software XStor, which has good market prospects in the government, education, and enterprise fields; the NAS storage products developed by itself have successfully won the “Agricultural Bank of China 2019-2020 Storage Equipment Procurement Project”, and the storage products are used in financeThe industry made a breakthrough.

3) Cloud computing.

The company actively promotes the construction and promotion of the Encore cloud platform to form a secure and reliable cloud platform architecture system; actively participates in the trusted cloud, ITSS cloud service capability assessment, and other guarantees2.

Formulation and evaluation of related standards such as 0; build urban cloud brains based on urban cloud computing big data centers, and build a smart city application ecology centered on big data of government affairs.

4) Network security.

In the field of network traffic analysis and processing and visualization, we have completed a high-performance traffic analysis and processing system based on DPI technology that supports 4-7 layers of full traffic analysis, and released DPI products based on domestic processors.

Backed by the scientific research strength of the Chinese Academy of Sciences, the future growth space is broad.

The company belongs to the important listed company platform in the Chinese Academy of Sciences system and will play an important role in the industrialization of scientific research results of the Chinese Academy of Sciences.

The company is a key support object of the “First Action Plan” of the Chinese Academy of Sciences, and has the right to prioritize cooperation in high-quality scientific research resources in the field of advanced computing technology of the Chinese Academy of Sciences.

The company has made comprehensive deployments 南京桑拿网 in the area of “Four Big Data”, investing in Zhongke Xingtu in the field of aerospace big data, and investing in innovative enterprises such as Sanke Sanqing in the field of environmental protection big data, which has a large potential for value-added future equity.

Based on the profit forecast and investment rating, we are optimistic about the future development of the company. Considering the interference of Sino-US trade friction on the company’s high-end computer product sales, the company’s EPS for 2019-2021 is expected to be 0.

82, 1.03 and 1.

33 yuan / share, maintain “overweight” rating.

Risks suggest that competition in the server market is intensifying and gross margins are decreasing; new business expansion is not as expected.

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