Beijing Highlander Digital Technology Co.Ltd(300065) (300065)
Key investment points
Event: Recently, Beijing Highlander Digital Technology Co.Ltd(300065) updated the company's UDC project and the latest project progress of Dudu Ocean on the investor interaction platform, and said that it was actively expanding wider application space such as passenger car EDR.
The submarine data center project is progressing smoothly and actively transforming the marine Entertainment Economy: Beijing Highlander Digital Technology Co.Ltd(300065) actively seek new breakthroughs and cultivate new business growth points. In terms of submarine data center, in September 2021, the company obtained the test report on the performance test of submarine data center and shore based private network under the condition of Telecom man issued by China Institute of information and communication. All the data of the test results meet the conditions of commercialization. In addition, Dudu ocean, a subsidiary committed to building an industrial platform for connecting consumers and water activities, has completed four intellectual property rights authorizations and a full set of Internet value-added telecom business service licenses. Its core products are "Dudu going to sea" app and wechat applet, which have completed the construction from 0 to 1 and carried out the operation smoothly.
Consolidate traditional advantageous business and actively seek new development space: Beijing Highlander Digital Technology Co.Ltd(300065) as a pioneer in the field of marine VDR in China, it has been highly recognized by the market with advanced technology and affordable price. The company's new generation of marine data recorder (hld-vdr600 / svdr600) combines the use experience of about 8000 ships and adopts a variety of unique technical schemes. The products are stable and reliable, the configuration is flexible, and can meet various customer needs. With the steady development of marine VDR, Beijing Highlander Digital Technology Co.Ltd(300065) Actively expand new market space, the VDR produced by the company began to be transformed and applied in high-speed rail and subway. At present, each carriage of high-speed rail in operation has a black box configuration. In 2021 Beijing Highlander Digital Technology Co.Ltd(300065) was the only black box supplier of CRRC Zhuzhou Crrc Times Electric Co.Ltd(688187) . The reliability and safety of the company's products have been fully verified by various models for a long time.
The policy is about to be implemented, and the new market potential of on-board EDR is broad: it is stipulated in the National Standard No. 2 amendment of GB 7258-2017 technical conditions for safety of motor vehicles, "Passenger cars shall be equipped with event data recording system (EDR) in accordance with GB 39732; if equipped with on-board video driving recording system in accordance with GB / t38892, it shall be deemed to meet the requirements", and new vehicles shall be implemented from January 1, 2022. EDR is used to record the key data of vehicle operation in the three stages before, during and after vehicle collision (speed, ABS status, seat belt status, etc.), also known as automobile "black box". At present, Chinese companies have little layout on the on-board EDR market, and only a few companies have relatively mature EDR related products. With the implementation of the policy, the development prospect of the on-board EDR market is expected, Beijing Highlander Digital Technology Co.Ltd(300065) is also actively expanding new application space such as passenger car EDR.
Profit forecast and investment rating: we maintain that the net profit attributable to the parent company from 2021 to 2023 is RMB 0.45/0.99/123 million, the corresponding EPS from 2021 to 2023 is RMB 0.07/0.16/0.20 respectively, and the corresponding PE of the current stock price is 237 / 108 / 87 times respectively. Based on the company's solid and reliable core technology of submarine data center, the company's future performance is expected to usher in rapid development and is rated "buy".
Risk tip: the market competition intensifies, the progress of new business expansion is lower than expected, and the natural environment and natural disaster risk.
