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On October 9, SZ:002230 released its performance forecast for the first three quarters of 2019. It is estimated that the net profit of shareholders belonging to listed companies in the first three quarters of this year will be 330 million to 380 million yuan, an increase of 50.61% to 73.43% over the same period last year. Among them, the third quarter net profit is expected to be 140 million to 190 million yuan, and the expected upper limit is doubled from the same period last year.
Once the performance forecast was disclosed, the market was overwhelmed. HKUST's share price jumped high on the second day, rising 7.7% in a single day.
Has the market value growth of HKUST News Feiguo really ushered in the reversal day? After in-depth observation, the author believes that we should not be too optimistic.
01 Increasing income does not increase profits
Since its listing in 2008, its revenue has increased from 258 million yuan in that year to 7.917 billion yuan in 2018, a 30-fold increase in 10 years; in contrast to the continuous increase in revenue, its net profit has only increased from 777 million yuan to 542 million yuan, an increase of only 7 times.
If the subsidies are eliminated, the non net profit of iFLYTEK's main business will only increase by less than four times in the past ten years.

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