Hangzhou Anysoft Information Technology Co.Ltd(300571) (300571)
Event: 1) fixed increase fund raising:] the company plans to issue 15.11 million shares at 38.7 yuan / share, with a net fund raised of 570 million. The investment projects include the construction of 5g wireless access network core products, the construction of new generation bearer network products, the construction of R & D center, etc; 2) Cooperation with communication operators: the company has signed strategic cooperation agreements with China Mobile (Jiangxi) virtual reality technology company and Dazhou Siasun Robot&Automation Co.Ltd(300024) company, and the three parties will carry out strategic cooperation in VR / AR, Siasun Robot&Automation Co.Ltd(300024) metauniverse, artificial intelligence, digital twins and other fields.
Signed a strategic agreement with China Mobile to complement each other’s advantages and build a meta universe project. Relying on China Mobile’s extensive user touch and cloud collaboration, the company will use its own software and hardware advantages to build a smart home ecological industrial chain of “terminal platform + content application”, so as to enrich and improve the digital life quality and entertainment experience of home users. In terms of hardware, the company has VR / AR glasses equipment with a resolution of 1600 * 1600; In terms of software, the company has rich digital reading content and film and television works. At present, there are more than 60000 copies of copyright in hand, which can provide partners with a variety of entertainment content; In addition, the company’s shareholder Zhejiang Daily Digital Culture Group Co.Ltd(600633) holds a large number of digital cultural content such as games, sports and art, Xinhuanetco.Ltd(603888) has a variety of virtual anchor IP and technologies, which is expected to form a synergistic effect with the company’s meta universe business in the future and help the company achieve a more leading advantage in content and technology.
Cooperate with Zhejiang University Laboratory to reserve virtual human products. Hangzhou Anysoft Information Technology Co.Ltd(300571) cooperate with many parties to develop virtual human products. This project is provided by the CAD Laboratory of Computer College of Zhejiang University. The digital human technology, character modeling and rendering technology are from the leading enterprises of digital 3D modeling and rendering in China. The cooperation provides solid technical support for the company’s layout of yuanuniverse business. In the future, the three parties may establish a joint venture, which will be controlled by Hangzhou Anysoft Information Technology Co.Ltd(300571) to form a more long-term and stable cooperative relationship.
Increase cash flow to raise funds for 5g construction. The company plans to issue 15.11 million shares at 38.7 yuan / share, raising a net fund of 570 million. The investment projects include the construction of 5g wireless access network core products (137 million), the construction of new generation bearer network products (118 million), the construction of R & D Center (160 million), etc. after the fund-raising, the company will have richer cash flow to support technology development and product R & D, so as to lay the foundation for the follow-up business.
Profit forecast and investment suggestions. It is estimated that the EPS from 2021 to 2023 will be 2.15 yuan, 2.82 yuan and 3.39 yuan respectively, and the corresponding PE will be 26 times, 20 times and 17 times respectively. The company’s 2021-2023 revenue and net profit attributable to parent company CAGR are 31%, while under the current stock price, the corresponding PE in 22 years is only 20 times. We believe that the company is currently in a valuation depression. We give the company 25 times PE, which is consistent with the industry average in 2022, corresponding to the target price of 70.5 yuan. It is covered for the first time and given a “buy” rating.
Risk prompt: risk of product R & D failure; The risk of intensified market competition; Risks of changes in industrial policies.
