\u3000\u3000 Meig Smart Technology Co.Ltd(002881) (002881)
Event: Recently, Meig Smart Technology Co.Ltd(002881) has made good progress in 5g millimeter wave, 5g chip modules and IOT “cloud + end” solutions, achieved comprehensive strategic upgrading and continued to create value for customers.
Comprehensively promote the strategic deployment of domestic substitution, work together to develop domestic core and help all things Zhilian. Meig Smart Technology Co.Ltd(002881) together with zhanrui, a leading enterprise in integrated circuit design, officially released 5g domestic core module srm821 based on zhanrui Tanggula 5g baseband chip platform v510 on February 17. As a 5gsub-6ghz module specially designed for IOT / FWA and other applications, srm821 supports the frequency band requirements of China’s four major operators. It can be widely used in FWA, industrial Internet, power, Internet of vehicles, HD video, telemedicine, smart city and other vertical industries, bringing a new 5g experience to Chinese customers. It will be mass produced in Q2 of 2022. Meig Smart Technology Co.Ltd(002881) continuously carry out technology research and development, enable thousands of industries with domestic cores, and continuously accelerate the process of digital transformation and upgrading of the industry. At the same time, as a strategic partner of Beijing Inhand Networks Technology Co.Ltd(688080) data communication services, the company has reached a number of cooperation agreements in the fields of industrial routers, gateways and wireless data terminals to provide high-speed access and advance guarantee for data transmission, and won the honorary title of Beijing Inhand Networks Technology Co.Ltd(688080) “excellent supplier award”.
With the rapid growth of global data traffic, the demand for 5g millimeter wave technology needs to be improved. Millimeter wave technology is an important means for 5g system to achieve high speed. With the global 5g network deployment advancing in depth, 5g millimeter wave commercial deployment is also gradually carried out all over the world. Meig Smart Technology Co.Ltd(002881) as the world’s leading provider of wireless communication modules and solutions, it has also made great progress in 5g millimeter wave technology. Recently, Meig Smart Technology Co.Ltd(002881) has launched millimeter wave outdoor cpesrt853 based on Qualcomm x55 platform, which supports millimeter wave NSA mode. It has the ability to provide large uplink and large downlink rate guarantee for 5g industry applications, and can meet the business needs of video monitoring, mobile police Siasun Robot&Automation Co.Ltd(300024) , remote surgery, 4K / 8K, VR / AR video and other industry applications. It has high configuration Multi dimensional reliable design and the ability of no dead corner WiFi coverage in the whole house comprehensively improve customers’ 5g use experience and accelerate 5g popularization.
Profit forecast and investment rating: with the steady improvement of the demand for the Internet of things and automotive intelligence, the Meig Smart Technology Co.Ltd(002881) module will achieve rapid improvement in 2021. Therefore, we maintain the operating revenue forecast of 1.97/29.9/4.8 billion yuan from 2021 to 2023, the net profit attributable to parent company forecast of 1.21/203/368 billion yuan from 2021 to 2023, the corresponding EPS forecast of 0.66/1.10/2.00 yuan from 2021 to 2023, and the PE valuation corresponding to the current market value is 71 / 42 / 23 times. Considering the continuous development of 5giot and automotive intelligent business of the company, the operating efficiency has been steadily improved and the “buy” rating has been maintained.
Risk warning: the price of upstream raw materials is not alleviated as expected; The intelligent automobile business is not as expected; Industry competition intensifies risks.
