Sino-Singapore (002912): Fast-growing track results

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Sino-Singapore (002912): Fast-growing track results

Event: The company announced that it is expected to realize net profit attributable to mothers in 20192.

66-3.

28 trillion, an annual increase of 30% -60%, of which non-recurring gains and losses of 3-8 million yuan.

Steady growth in performance, broadband network, and expected product revenue growth.

The company’s stable performance growth in 2019, the core lies in: 1. Completion of China Telecom’s large single-signal acceptance 南京桑拿网 in 2019, and the revenue of broadband network products has grown significantly; 2. The revenue of alternative network content security products and big data operating products has grown; 3. The company’s refined managementDuring the period, the cost is effectively controlled.

The downstream demand is high, and the company has a high-quality track.

The government has continued to strengthen the management of network data, and has made policy additions.

5G construction continues to land, traffic is expected to expand rapidly, and the demand for the dual-drive broadband network industry is high.

The company is the industry leader. In the future, broadband network products are expected to upgrade from 100G to 400G, driving the company into a new stage of growth.

The company’s equity incentive has been implemented, and long-term development is expected.

The company’s equity incentive plan on January 2, 2020 was approved by the controlling shareholder, and the sales restriction was lifted in three phases. The main conditions are: 1. ROE from 2020 to 2022 is not less than 13%, 13

5%, 14%; 2, 2019-2020 two-year net profit margin, 2019-2021 three-year net profit margin, 2019-2022 four-year net profit margin is no less than 40%, 50%, 65%.

The landing of equity incentives means that the company maintains full confidence in its own development, and long-term development can be expected with the promotion of downstream demand.

Profit forecast and investment advice: Based on the company’s performance forecast, we will raise the 成都桑拿网 company’s net profit attributable to mother to 3 from 2019 to 2020.

00/3.

85 trillion, the net profit attributable to mothers is expected to be 5 in 2021.

260,000 yuan, maintaining the level of “prudent increase”.

Risk reminders: Risks of poorer-than-expected performance; risks of intensified market competition; risks of policy changes.