Vanjee Technology Co.Ltd(300552) (300552)
We have been deeply involved in the field of intelligent transportation for many years, and the car ecology, road ecology and cloud platform have developed in coordination. As a leading intelligent transportation platform enterprise in China, Vanjee Technology Co.Ltd(300552) has focused on intelligent transportation for more than 20 years, The product covers dedicated short-range communication (etc), laser products, intelligent network connection and dynamic weighing series. At the same time, the company is forging ahead in many fields such as Internet of vehicles, big data, cloud platform, edge computing and automatic driving, and has developed a series of products such as lidar at both ends of the vehicle road, v2x vehicle road coordination equipment, intelligent network connection, roadside smart base station and intelligent transportation cloud platform, so as to promote the development of smart Expressway and smart city Provide comprehensive solutions, systems, products and services.
Lidar has a vast space, with mechanical, MEMS and silicon-based solid-state multidimensional development at the same time. Yole data show that from 2020 to 2026, Lidar‘s CAGR will reach 21% and reach US $5.7 billion in 2026. Vanjee Technology Co.Ltd(300552) Since 2011, he has been engaged in the research and development of lidar, and has accumulated and reserved many years of technology in optical structure, laser transmitting and receiving circuit design. As of December 31, 2020, the company has obtained 237 patents on lidar products, covering multiple markets such as automatic driving, intelligent transportation, Siasun Robot&Automation Co.Ltd(300024) . On December 16, 2021, Vanjee Technology Co.Ltd(300552) released its hybrid solid-state 128 line vehicle specification laser radar at the Guangzhou World intelligent vehicle conference, marking the further improvement of the layout of the company’s pre loading specification laser class.
In addition, in addition to mechanical lidar, the company also has in-depth layout and accumulation in the field of more advanced MEMS lidar and silicon-based all solid-state lidar. In the future, with the increasing demand of industry Siasun Robot&Automation Co.Ltd(300024) and intelligent driving for lidar, this part of the company’s business is expected to accumulate and develop.
“People car road cloud” coordinated development, and intelligent Internet connection actively grew. With the steady progress of 5g large-scale commercial, reliable communication network is expected to promote the construction and application development of Internet of vehicles. According to the data of intelligent networked vehicle technology roadmap 2.0, the new vehicle assembly rate of c-v2x terminal is expected to reach 50% in 2025 and basically popularize in 2030. In the field of intelligent networking, the company began to layout in 2016. Its products mainly include v2x communication terminals, roadside smart base stations and intelligent networking cloud control platform, which is expected to benefit from the steady growth of the automotive intelligent networking market. Strong R & D strength, increasing the industrialization capacity of fixed code. In recent years, the company’s R & D strength has been continuously strengthened. By the end of 2020, the company has 508 R & D personnel; As of June 30, 2021, the company has 796 patents in total. In order to meet the needs of the fast-growing intelligent transportation industry, the company raised funds in 2021 to further increase the industrialization investment in the fields of lidar and intelligent network connection. With the implementation of the raised investment project, the company’s product and service capabilities for the overall solution of intelligent Internet connection are expected to be strengthened again.
Profit forecast and investment rating: first coverage and buy rating. As an intelligent transportation platform enterprise with forward-looking strategic vision, Vanjee Technology Co.Ltd(300552) has laid out etc business since 2007, achieved the leading position in the industry through more than ten years of hard work, and ushered in harvest in 2019. Although the company’s performance has declined for two consecutive years after the pulse peak of etc business in 2019, its R & D investment in lidar, intelligent Internet connection and other fields continues to increase. The R & D expenditure accounted for more than 20% in the first three quarters of 2021, which shows that the company adheres to the strategic determination of long-term development. In the future, Vanjee Technology Co.Ltd(300552) with advanced and in-depth layout in this field is expected to repeat the successful path in etc market in that year with the maturity of lidar and intelligent network market. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 93 million yuan, 181 million yuan and 284 million yuan, and the current market value corresponding to PE is 79.50, 40.80 and 25.98 times respectively. Considering that the company is a relatively scarce platform target in the current A-share market with both mechanical, MEMS, all solid-state lidar and relevant technical skills of intelligent network connection, and the core track has obvious advantages and growth attributes, the company is given a buy rating.
Risk tips:
1) Etc and dynamic weighing business demand is lower than expected; 2) The R & D and industrialization of lidar are not as expected; 3) The R & D and industrialization of intelligent networking are not as expected; 4) Intensified market competition; 5) Repeated outbreaks have led to business development less than expected.
