Westone (002268) Annual Report & First Quarterly Review: Significantly Improved Cash Flow and Cloud and Secure Mobile Office Breakthrough

Westone (002268) Annual Report & First Quarterly Review: Significantly Improved Cash Flow Improves Cloud and Secure Mobile Office

Cash flow improved significantly.

In 2018, the company achieved total operating income of 19.

3 ‰, a decrease of 9 per year.

64%; net profit 1.

2 ‰, a decrease of 28 per year.

9%, net operating cash flow was 3286.

90,000 yuan, an increase of 164 in ten years.

37%, a significant improvement; the company achieved revenue in the first quarter of 20191.

65 ppm, an increase of 14 in ten years.

35%, net profit is expected to be 7921 million, an annual increase of 7.


Promote the transition from “project type” to “product type”.

The company actively promotes major projects, focusing on key infrastructure areas such as government, finance, energy, transportation, etc., and creating a complete product lineage of security chips, boards, platforms, complete machines, applications, etc., in 5G security, IoT security, 四川耍耍网 BeidouSpecialized teams have been set up in the fields of application security, industrial control security, blockchain, artificial intelligence, etc., and have made multi-dimensional efforts in the areas of chips, the Internet of Things, Internet + government, data governance, and focused on promoting low-input mobile terminal security chips, High-performance embedded security SE, communication encryption system, trust service system, unified identity authentication, dedicated secure mobile office, secure data sharing exchange platform and other independent innovative products.

Breakthroughs in cloud and secure mobile office.

In 2018, the company’s cloud password machine promotion achieved initial results and successfully won multiple bids. The secure mobile office system successfully obtained the trade secret qualification.北京夜网 Through the pilot, a basic framework for a secure mobile office solution based on the cloud deployment model was provided to provide different usersScalable and customizable secure mobile office services; focus on promoting the central enterprise’s overall security service project, and merged with China Merchants Group to land an initial network security overall security service contract. The project’s phased work has been highly recognized by users.

Investment suggestion: As the national information security team of the company, the breakthrough of the security service model of the central enterprise and the future 5G security business are expected to be the basis for the company’s high growth potential.

The company’s EPS for 2019-2020 is expected to be 0.

17 and 0.

23 yuan, maintain “Buy-A” investment rating, 6-month target price of 36 yuan.

Risk warning: New business progress is not as expected; information security policies are not as expected.