\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 71 Hangzhou Anysoft Information Technology Co.Ltd(300571) )
Event:
The company recently released several bid winning information, as follows:
At the same time, the company has successively announced the winning of several projects recently, and important orders include:
1) announced on March 10 that it signed the 2022 emergency procurement framework contract for smart home gateway with Zhejiang Mobile. The purchased products include GPON dual band WiFi 5 smart home gateway and GPON dual band WiFi 6 smart home gateway. The upper limit of tax included in the contract is 352554 million yuan;
2) announced on March 7 that it had signed a 2022 framework contract for the procurement of WiFi free and voice free smart home gateway with Hebei mobile, and the maximum amount of tax included in the contract was 375002 million yuan;
3) on March 7, it was announced that Shanghai Mobile would win the bid for 2022 non voice intelligent home gateway procurement, with a bid winning share of 40%, and the bid winning amount is expected to be about 40.64-56.64 million yuan;
4) on February 28, it was announced that Hubei Mobile would win the bid in 2022 without WiFi intelligent gateway procurement. The company is the second candidate for the bid, and the bid winning amount is expected to be about 62.4 million yuan (including tax);
5) on February 21, it was announced that it had signed a framework agreement on centralized purchase of multi band (including 700m) antenna products with provincial and municipal companies of China Mobile Group. The 444 antenna and single 4 Antenna Companies in package 1 accounted for 10.14%, and the estimated amount excluding tax of winning the bid was 153 million yuan; The share of 4448 antenna company in package 2 is 11.59%, and it is estimated that the bid winning amount excluding tax is 514 million yuan.
Our comments are as follows:
Driven by the digital economy and Gigabit broadband policy, smart home business has developed rapidly, and Shenzhen trillion energy orders have been landing, with strong growth momentum in the future.
The main customers of the company's smart home business are the main communication operators in China. Shenzhen Zhaoneng has grown into one of the main suppliers of communication operators with its high-quality products, perfect marketing service network, many years of product development and operation experience, technical level and other advantages. By the end of 2020, the bid winning amount of Shenzhen Zhaoneng was about 4.8 billion and the outstanding orders were about 2.5 billion. In the first half of the year, Shenzhen Zhaoneng added about 2.476 billion yuan of smart home business orders in the past 21 years, and the unexecuted orders and new orders were still rapidly and gradually implemented last year, laying the foundation for the growth of the company's smart home business.
The fixed increase strengthens the 5g end-to-end product layout, wins the big order of 5g antenna, and is expected to make a continuous breakthrough in the future.
In the early stage, the company completed the fixed increase, with a net fund-raising of 569 million yuan and an issue price of 38.70 yuan / share, focusing on the expansion of 5g wireless access network core products, new generation bearer network products, R & D center construction and supplementary working capital. Recently, the company signed a framework contract for centralized procurement of China Mobile's multi band (including 700m) antenna products, and the two bid packages obtained a good share, with a total bid winning amount of about 667 million yuan. The project is a bidding jointly conducted by China Mobile on behalf of China Radio and television and China Mobile. This bid winning helped the company successfully enter the mobile and radio and television 5g equipment market, Help the company further open 5g communication equipment business.
Mobile reading business content and channels are expanded, and it is expected to grow steadily in the future.
In terms of content business, the continuous incubation and fission of the company's own reading platform. As of the first half of 2021, the company has more than 60000 high-quality text reading products and more than 37000 original works of contracted authors. In terms of channels, the company has a wide range of content distribution channels, including free operation platforms such as super reading novels and box novels, self operated new media accounts such as wechat microblog, communication operators and reading platforms, terminal manufacturers' reading platforms, etc. At the same time, the company uses CPS mode to open a one-stop operation platform and content support for a large number of we media, and accelerate the layout of new media field. At present, the company has nearly 50 million wechat fan matrix. The content + channel continues to expand, and the reading business is expected to grow steadily.
Investment advice and profit forecast
The company has a deep accumulation of mobile reading and is expected to grow steadily in the future. The layout of the communication field has been continuously improved. The subsidiary Shenzhen Zhaoneng has actively arranged the smart home and 5g communication market. Driven by the policies of digital economy and Gigabit broadband, the company has intensively implemented orders, signed a multi band (including 700m) antenna framework contract with China Mobile, which has substantially cut into the 5g equipment market and opened up future growth space. As the company's business development exceeded expectations, the net profit attributable to the parent company in 20212023 was adjusted from 310 million yuan, 388 million yuan and 487 million yuan to 310 million yuan, 434 million yuan and 532 million yuan respectively, corresponding to 15 times and 12 times P / E ratio in 22-23 years, and the "buy" rating was reiterated.
Risk warning: the progress of order execution and revenue confirmation is slower than expected, the industry development is slower than expected, the market competition risk, the actual winning situation and amount of the framework and pre winning contract shall be subject to the final contract
