Two six three (002467): Enterprise-level cloud communications leader international business to help grow


Two six three (002467): Enterprise-level cloud communications leader international business to help grow

This report reads: The company’s enterprise-grade cloud communications products and brands are both excellent, and the performance is expected to grow with the market dividend period; targeting 厦门夜网 overseas, acquisition of iTalk, Risheng Company, Shanghai Naisheng, expect explosive growth in international business.

Investment Highlights: Cover for the first time and give an “overweight” rating.

We forecast the company’s revenue for 2019-2021 to be 11.

2.5 billion (21.

16%), 13.

4 billion (19.

11%), 15.

7.2 billion (17.

31%); the corresponding net profit attributable to shareholders of the listed company is 1.

6.8 billion, 2.

1.7 billion, 2.

5.4 billion.

EPS per share is 0.

12 yuan, 0.

16 yuan, 0.

19 yuan.

Taking into account the upward prosperity of the communications industry and the smooth development of international business, we give an estimate of 47 times for 263 in 2020, with a corresponding target price of 7.

52 yuan.

The enterprise SaaS market is in the dividend window of rapid 佛山桑拿网 development, and international business promotes rapid growth.

The company’s 263 cloud communication products and brands are both excellent and highly recognized in the market; the company and Japan’s NTT jointly established Shanghai Naisheng to acquire Hong Kong I-Access.

Business adjustment is smooth, and it is expected to expand overseas markets, and international business growth is expected.

The personal-level business has blossomed, and the overseas Chinese market has expanded to inject vitality.

The overseas Chinese communications market has great prospects. The company’s cross-border communications technology is leading. The acquisition of iTalkBB has become the world’s largest Chinese and Korean telecommunications operators. Due to the reduction in international personal data roaming tariffs, personal overseas data roaming services are facing adjustments. Overseas Chinese home phones (VoIP), television (IPTV), and mobile communication service (MVNO) profit models have been improved, and personal-level services have made steady progress.

catalyst.

The enterprise communications market is growing rapidly, and the demand for video conferencing is increasing in advance for 5G commercial use. The company ‘s joint venture with NTT ‘s Nascent ‘s overseas communications market has expanded smoothly.

The main risk factors.

Competition in the communications industry has intensified; trade war policies, economic conditions, and expansion of overseas markets have been hindered.