Inspur Information (000977): Leading level solid performance growth

Inspur Information (000977): Leading level solid performance growth

Event: Company announcement: Revenue of 215 in 2019H1.

4 ‰, an increase of 12 in ten years.

46%; net profit attributable to mothers2.

70,000 yuan, an increase of 39 in ten years.

47%; deduction of non-net profit2.

40,000 yuan, an increase of 32 in ten years.


Performance increased steadily, and expenses increased.

The company’s server revenue increased for ten years in the first half of the year.

46%, widely stable.

Selling expenses increase by 49 per year.

21%, mainly due to the company’s increased market expansion efforts, management costs increased by 34 each year.

02%, mainly due to increased budgets and increased budget costs.

Gross profit margin increased slightly from the same period last year.

56% increased to 11.


Benefiting from factors such as reduction in asset impairment provision, the company’s net profit growth rate was higher than revenue growth rate.

The leading level is stable, and the allotment of shares reduces the pressure on capital.

The company reduced the number of X86 servers and kept the top three in the world, the number one in China and the number one in the world in terms of growth rate.

And the market share finally increases by 1 every year.

3 averages, reaching 7.


The scale is expanding rapidly and the leading level is stable.

In addition, the company issued a rights issue plan in July and plans to raise 20 trillion in capital, which can effectively alleviate the financial pressure brought by the company’s expansion.

Performance improved in 杭州夜网论坛 the second half of the year, and edge servers brought new potential.

In the second half of the year, the company’s performance is expected to improve quarter by quarter as the server industry’s business climate rises and some shares decline.

In the long run, 5G will lead to the rapid development of edge computing, and the market size will exceed one trillion. The company released the first edge computing server this year, which is expected to usher in new development opportunities in the future.

Earnings forecast: We expect the company’s 2019-2021 return to its parent’s net profit forecast to be 8 respectively.

740,000 yuan, 11.

470,000 yuan, 15.

55 ppm, maintain “Buy” rating.

Risk warning: the competition in the server industry is exacerbated by risks; the risk of bad debts.

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