Reporter | Yang Make
Editor | Chen Feixia
Smart government affairs sector ushered in an explosion. Recently, the General Office of the State Council issued the "Guidelines for the Construction of National Integrated Government Big Data System", which proposed integrated tasks from eight aspects: overall management, data catalog, digital resources, sharing and exchange, data services, computing power facilities, standards and specifications, and security guarantees. It is required that the national integrated government big data system will be initially formed by the end of 2023; by 2025, the national integrated government big data system will be more complete.
Affected by the above news, the smart government sector rose 7.28% on October 31, and as many as 21 companies in the sector hit the daily limit, among which Jiuqi Software (002279.SZ) has won four daily limits in a row. However, judging from the recent third-quarter report report card, Jiuqi Software's stock price does not match its performance.
lost for seven consecutive quarters
Jiuqi Software is a professional management software supplier and a comprehensive service provider of big data. Driven by cloud computing and big data application technology, combined with rich industry application scenarios, the company provides competitive software products and services to government and enterprise customers. Its current users cover 140 central departments, 24 local provinces, more than 400 universities, nearly 700,000 administrative and public institutions and many large enterprise groups across the country. Judging from the first three quarters of this year, Jiuqi's losses have narrowed, but the third quarter seems to have returned to the old path.
Jiuqiruan's main business income in the first three quarters was 1.793 billion yuan, an increase of 11.69% year-on-year; net profit attributable to shareholders was -74.82 million yuan, an increase of 33.73% year-on-year. Among them, in the third quarter, the company's main business income was 595 million yuan, a year-on-year decrease of 16.77%; the net profit attributable to shareholders was 45.1807 million yuan, a year-on-year decrease of 56.06%. The increase in operating costs of
is an important reason for this loss. Jiuqi Software's total operating costs in the first three quarters reached 1.913 billion yuan, and R&D and management expenses both increased compared with the same period last year. In addition, there are data in the third quarter report that the company's non-current liabilities due within one year at the end of the period were 781 million yuan. It is doubtful whether the redemption can be completed within the next year under the current loss situation. Regarding the current losses, Jiuqi Software once stated on the investor interactive platform that the performance of the software industry is seasonal, and customer collection and acceptance are mostly concentrated in the fourth quarter, so most of the losses in the first three quarters.
Jiuqi software's rhetoric seems to be somewhat untenable. WIND data shows that in the past five years, Jiuqi Software's revenue growth rate has shown a downward trend year by year and has suffered losses for seven consecutive quarters. In the past five years, the company's profits have been positive in only seven quarters, and losses have been plaguing its software for a long time.
In addition, the smart government business, which has now closed for 4 consecutive days, accounts for less than 18% of the company's total revenue, and the company's main business is still Internet business. Digital communication is the company's main business, providing customers with digital marketing, social marketing , content marketing, e-commerce marketing, brand overseas marketing and big data services, etc., such as digital marketing, integrated marketing communication services.
subsidiary once inflated its performance and suspected of fraud
Jiuqi Software not only has poor performance, but also suspected of contract fraud. On March 10 this year, Jiuqi Software's subsidiary Shanghai Yitong Network Co., Ltd. received a regulatory letter from the Shenzhen Stock Exchange for contract fraud due to inflated performance. The regulatory letter shows that the then-elected executive of Shanghai Yitong Network Co., Ltd. had an inaccurate profit of during the performance evaluation period (2014 to October 2016) and the performance bet during the period (2016 to 2018), which made the financial reports disclosed by Jiuqi Software from 2017 to 2018 inaccurate. The "oil bottle" is not just a subsidiary of Shanghai Yitong Network Co., Ltd. Last year's annual report showed that the main reason for Jiuqi Software's net loss of 132 million yuan was that its goodwill impairment occurred in three subsidiaries, Huaxia Dentsu, Yiqilian Technology and Ruiyi Hengdong.
For Jiuqi Software, which has continued to lose performance, mostly "non-performing assets", and its main business is advertising, a business that accounts for less than 20% of the market value has driven nearly 50%. Whether it is reasonable remains to be discussed.
