Maxvision Technology Corp(002990) (002990)
Report summary:
Port informatization to smart port
The port informatization construction will continue to take “security” as the main axis, and show the characteristics of “high barriers + customization”. “Security” is the main axis of China’s port construction. However, due to the diversity of border ports and the differentiated needs of different ports, the industry has the characteristics of “high barriers + customization”. Therefore, for the selection of suppliers, mature and perfect benchmarking projects are the primary evaluation criteria.
The development process of the company is the epitome of smart port
For 20 years, the “shallow customization” under the “horizontal and vertical layout” has broken the traditional integrator model. In port construction, the company’s “high strategy” is reflected in its “horizontal and vertical layout”: that is, vertically push through the old and bring forth the new, and continuously deepen the product matrix “from point to area”; Broaden the application scenarios horizontally and realize the “shallow customization” of the software side based on the industry understanding, so as to improve the reusability of port solutions, which is also the key to the company’s annual compound growth rate of revenue of more than 47% and the gross profit margin of more than 47% in recent five years.
“Expansion and construction” of smart air port under Airport Business
Aviation industry is a key industry supporting China’s economic development, and the epidemic situation does not change the growth trend. According to the “14th five year plan” for civil aviation development, the future includes new construction, renewal and reconstruction and expansion. We believe that with China’s further opening to the outside world, the number of air ports will increase, which will simultaneously drive the expansion of the overall market, and the company, as an industry leader, will also take the lead in benefiting. According to the calculation, under the conditions of pessimism, neutrality and optimism, the corresponding incremental space of airport business may reach 423 million yuan / year, 846 million yuan / year and 1481 million yuan / year by 2025.
Investment advice
It is estimated that the company will achieve a revenue of RMB 1.177/15.32/1.928 billion and a net profit attributable to the parent of RMB 229/3.11/416 million in 21-23 years. The current market value corresponds to 27 / 20 times of PE in 22 / 23 years. Considering the particularity of smart port, we believe that the company has obvious competitive advantages and has achieved a leap to product supplier. At the same time, considering the future incremental space of the market, we believe that the company has broad growth space. For the first coverage, give a “recommended” rating.
Risk statement
The risk of recurrent outbreaks; Digital transformation is not as expected; The increased demand for project customization brings the risk of decline in gross profit margin.
