\u3000\u3000 Queclink Wireless Solutions Co.Ltd(300590) (300590)
December 24, 20
Event: on January 26, 2022, the company issued the performance forecast for 2021; It is estimated that the operating revenue will exceed 900 million yuan, with a year-on-year increase of about 95%; The net profit attributable to the parent company is expected to be 155-183 million yuan, with a year-on-year increase of 71.33% - 102.28%; It is expected to realize a net profit of 140-167 million yuan, with a year-on-year increase of 135.28% - 180.66%.
Comments:
Q4 revenue growth hit the inflection point, and the order scale of two wheeled vehicle business rose
According to the announcement of the company, the median net profit attributable to the parent company in 2021 is expected to be 169 million yuan, with a year-on-year increase of 86.81%; It is estimated that the median net profit attributable to the parent company after deducting non-profit is 154 million yuan, with a year-on-year increase of 157.97%. The market had some concerns about the uncertainty of the company's performance before. According to the company's announcement, the revenue in Q4 in 2021 exceeded 300 million yuan in a single quarter, with a year-on-year increase of more than 78%, which proved that the company's operation has gradually improved after the impact of adverse factors such as epidemic situation, rising prices of raw materials, rising freight and exchange rate fluctuations, thus dispelling the doubts of the market.
At the current stage, the intelligent speed of 2B and 2C end electric two wheeled vehicles continues to increase, especially the 2C end two wheeled electric vehicles represented by Mavericks and Yadi have a large growth space. As the intelligent leader of two wheeled electric vehicles, the company has strong R & D strength + first mover advantage, and the order scale of two wheeled vehicle business has exploded. From the analysis of three dimensions, we believe that the company has full growth momentum in the future: 1) the order scale of two wheeled vehicle business has exploded, the order scale of products shared by the company in 21 years has exploded, and the market of ordinary vehicle series products has been further developed, Moreover, the company continued to invest in R & D, and the R & D expenses increased by nearly 50% year-on-year in 21 years, laying a solid foundation for future development; 2) In 2021, the company's Q4 revenue exceeded 300 million yuan, with a year-on-year increase of more than 78%. The operating inflection point gradually appeared. We believe that the performance is expected to maintain a sustained high growth with the promotion of the company's various businesses in the future; 3) The company's products cover a wide range of scenarios and various businesses are actively promoted. The company's businesses currently cover a variety of application scenarios, including Internet of vehicles, asset tracking and security, smart industry, smart pasture, two wheeled vehicles, shared travel and so on. At present, they are in a rapid growth stage and have a large space for long-term development.
According to the company's announcement, in Q1-Q4 in 2021, the company's single quarter revenue was 153 million, 246 million, 205 million and more than 300 million respectively, with a year-on-year growth rate of 58%, 183%, 71% and more than 78% respectively. The growth rate of Q4 revenue gradually increased and the inflection point gradually reflected.
Policy + consumer groups double help, 2C + 2B end electric two wheeled vehicle has great potential for intelligent growth
"Carbon neutralization" and "new national standard" provide a solid policy foundation for the intellectualization of electric two wheeled vehicles. The increase of young consumers provides a huge group for the intellectualization of electric two wheeled vehicles. With the further maturity of Internet of things technology, the intellectualization of electric two wheeled vehicles will improve the use performance from various technical perspectives, adding new functions such as vehicle positioning, sensor / controller, processor / MCU, cellular 4 / 5G, mobile phone interconnection, cloud platform, operating system, artificial intelligence and so on; In addition, the intelligent electric two wheeled vehicle can also have more personalized functions, such as digital car keys, multi-mode interaction, thousands of people and thousands of cars, car as a service, etc., which can provide a more efficient and safe travel experience and further optimize the user's sense of experience.
According to the industrial chain research, the intelligent penetration rate of electric two wheeled vehicles is low at present, but with the help of double carbon and new national standard policies, the acceptance of intelligent consumers continues to improve, and the intelligent aquatic products in the industry are expected to gradually improve. From a global perspective, the market space of electric two wheeled vehicles is mainly composed of the sum of the market capacity of electric scooters and narrow electric two wheeled vehicles. According to our calculation, it is expected that the market capacity of the global intelligent terminal of electric two wheeled vehicles is expected to reach 17.9 billion yuan in recent five years, with a large growth space.
The leading intelligent terminal manufacturer of electric two wheeled vehicles has benefited from the general trend of intelligent electric two wheeled vehicles at the 2B + 2C end. The company has entered the intelligent electric two wheeled vehicles earlier, with technical R & D strength + first mover advantage to build its core competitiveness. In the 2B market, it mainly provides intelligent controllers / intelligent screens and solutions for shared scooter customers, including No. 9, Lambert Oukai, bird, lime, etc; In the 2C market, the company's intelligent solutions can help electric vehicle enterprises realize a number of intelligent functions such as positioning and navigation and screen delivery. At present, the company is promoting cooperation with a number of high-quality customers. According to the 2021 semi annual report, the company achieved a sales revenue of 91.6391 million yuan in the field of short travel transportation (including electric scooters and bicycles), with a year-on-year high growth of 401.67%.
Profit forecast and investment rating
The company is a high-quality Internet of things terminal enterprise in China. It is a leading enterprise in the intellectualization of electric two wheeled vehicles. It is expected to benefit from the great development of the industry and have a large growth space in the future. It is estimated that the net profit of the company from 2021 to 2023 will be 172 million yuan, 313 million yuan and 456 million yuan respectively, corresponding to 48.49 times, 26.67 times and 18.32 times of PE, maintaining the "buy" rating.
Risk factors
The development of the Internet of things industry is less than expected; The intensified competition in the Internet of things industry leads to a price war; Covid-19 epidemic spread repeatedly
