Pan Micro Networks (603039) 2019 Interim Report Review: Steady Growth in Performance and Wide Prospects for Electronicization

Pan Micro Networks (603039) 2019 Interim Report Review: Steady Growth in Performance and Wide Prospects for Electronicization

The company is a domestic leader in the OA field. It is recommended to pay attention to the development of the company’s three major product lines, electronics, electronic office and team development, and the promotion of electronic signature business.

We maintain our 2019-21 net profit forecast. After the share capital increase, it will correspond to EPS 0.



64 yuan, maintaining the “overweight” level.

Performance has steadily increased, and R & D remains high.

The company achieved revenue in the first half of 20195.

05 ten percent, +25.

96%, achieved net profit attributable to mother 0.

49 trillion, +35 ten years ago.

70%, net profit after deduction is 0.

36 trillion, ten years +16.


Net cash flow from operating activities was 30.45 million yuan, -28 for the whole year.


The company further continued to optimize products and solutions and launch new products; strengthened the strengthening of brand promotion and the construction of marketing service system to ensure the rapid growth of revenue.

In terms of expenses, the company’s sales expenses in the first half of the year were +27.

11%, mainly from the increase in project implementation costs; R & D costs +22 every two years.

31%, the company still maintains high investment in technology research and development.

Create a complete product system to meet the needs of customers at different levels.

The company’s three major product lines are well-positioned to meet the differentiated needs of different customer groups through product functions, comprehensively covering and responding to different levels of collaborative management needs.

e-cology is developed with a component design method, which realizes both advance and equipment at the same time, can 成都桑拿网 cover the needs of large and medium-sized users, and is a core product company with a competitive advantage.

Based on the mature experience of e-cology products, the company continues to develop highly productive electronic offices, which can be used for small and medium-sized customer groups for large-scale product sales by using its fast-reproducible features.

The company combines mobile internet technology, cloud technology and social application technology to continuously develop a product team for the SaaS application model to meet the collaborative cloud office management needs of enterprise customers.

The product ecology of the main large and medium-sized enterprises is the main driving force for the company’s growth. As the main product of the cloud model, the medium-term development space is expected.

Fully integrate the upstream and downstream alliances in the industrial chain, expand the application scenarios of electronic signatures, and realize the entire process of electronicization.

The company launched an integrated service platform for electronic signing and physical seal management. With contract lock, Shanghai CA has carried out in-depth work on management structure and business integration, allowing the organization’s internal sales contracts, purchase contracts, quotations, bid documents, logistics documents, official documents, Orders, etc. are fully realized on the basis of legal efficiency.

The company cooperated with Shanghai CA, Contract Lock and thousands of enterprise managers, information managers, and seal managers to jointly understand and experience the entire electronic office scene through the “Electronic Signing-Enabling Business Electronicization” experience conference to promote electronicThe signatures are deeply applied to different business scenarios in various industries, which comprehensively accelerates the organization’s entire electronic office process.

In the long run, it will promote the growth of company performance.

Risk factors: The market promotion of OA products of large enterprises is less than expected, and the market promotion of cloud products is slow.

Investment advice: We maintain the company’s 2019-21 net profit forecast1.



480,000 yuan, corresponding to EPS 0 after considering the capital increase.



64 yuan.

The company is a leader in the domestic OA field, and it is recommended to continue to pay attention to the development of the company’s three major product solutions, e-cology & e-weaver, e-office and eteams, as well as the electronic progress of the whole process represented by electronic signatures.Maintain the “overweight” rating.