The hottest matteno net profit increased by 106 ye

Matteno: net profit increased by 106% year-on-year, big data + artificial intelligence strategy continued to promote

Event:

on August 25, the company released its 2018 semi annual report, achieving an operating revenue of 1.999 billion yuan, a year-on-year increase of 109.56%

because its thermal conductivity is lower than that of extruded polystyrene board:

on August 25, the company released its 2018 semi annual report, achieving an operating revenue of 1.999 billion yuan, a year-on-year increase of 109.56%; The net profit attributable to the parent company was 361million yuan, with a year-on-year increase of 106.21%

key points of investment:

1. The sharp increase in performance is mainly due to the consolidation of BBHI, which is expected to increase by 64% throughout the year.

in the first half of 2018, the company achieved an operating revenue of 1.999 billion yuan, an increase of 109.56% year-on-year; The net profit attributable to the parent company was 361 million yuan, with a year-on-year increase of 106.2, making the back of the sample gap subject to an impact load of 1%, and the performance was in line with expectations. The substantial growth of revenue and performance is mainly due to the consolidation of BBHI. BBHI achieved a net profit of 298million yuan in the first half of the year, contributing 82.66% of the company's net profit attributable to the parent company. BBHI is the world's second SSP platform, and promises that the annual net profit attributable to the parent company in terms of medical and health care will not be less than US $71.59 million, US $85.91 million and US $99.93 million. In August, 2018, BBHI renewed its five-year long-term contract with its largest customers, OAS and Yahoo, and the certainty of future business performance increased. During the landing process of BBHI China, the expansion of new customers is smooth, which is expected to release the performance flexibility. The annual performance of the company is expected to increase by 64%

2. The marketing and big data businesses grew together, and the gross profit rate increased slightly

from the perspective of products, the company made a breakthrough in data intelligence applications and services in the first half of the year, achieving a revenue of 237 million yuan, an increase of 120.36% over the whole year of 2017, and the revenue share increased from 0.39% in 2017 to 11.90%. The revenue of the media intelligent marketing platform was 1.437 billion yuan, accounting for 72.14% of the revenue, and the gross profit margin was 33.84%, an increase of 6.43 percentage points over 2017, driving the overall gross profit margin of the company

3. The strategy of big data + artificial intelligence continues to be promoted, and the global layout has taken shape.

the company's transformation focuses on big data + artificial intelligence, introduces top experts to build a senior management team, and provides strong support for the domestic landing of SSP platform. The big data and Artificial Intelligence Research Institute will be established to carry out strategic cooperation with Hainan Province on artificial intelligence and big data industrial cluster projects. It plans to acquire 100% equity of Huakun Daowei, a data intelligence service provider, and layout big data services in depth

the company's domestic and foreign businesses have developed together, and the global layout has taken shape. The subsidiary Riyue peers opened the door to the overseas mobile Internet market through the BBHI brand cross-border business. On June 25th, 2018, with the cooperation of other teams, the official launch of the backstage in China was completed. Through content search advertising, Chinese enterprises were helped to go to sea and get involved in cross-border payment and other businesses, which is expected to increase the company's performance

profit forecast and Valuation:

we maintain the previous forecast, temporarily ignoring Huakun Daowei and equity incentive plan. It is estimated that the annual net profit attributable to the parent company will be 797 million yuan, 1029 million yuan and 1289 million yuan respectively, EPS will be 0.68 yuan, 0.88 yuan and 1.10 yuan respectively, and the corresponding p/e will be 16 times, 12 times and 10 times respectively, maintaining the "buy" investment rating

risk tip:

bbhi fails to reach the performance commitment; Regulatory risks; The lifting of restricted shares will cause the risk of stock price fluctuation

for details, please refer to the report of Zheshang communication, "matteno (3000 is used to measure the hardness of each constituent phase in metal tissue 38): net profit increased by 106% year-on-year, and the big data + artificial intelligence strategy continued to advance."

key charts: