\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 71 Hangzhou Anysoft Information Technology Co.Ltd(300571) )
Event: 1) Hangzhou Anysoft Information Technology Co.Ltd(300571) issued the announcement on the operation from January to February 2022. From January to February, the company's operation was in good condition, and the net profit attributable to the parent company increased by more than 40% year-on-year; The company achieved a total of about 880 million yuan (including tax) in winning the bid for the smart home business; The company's 2021 performance express has disclosed that it has achieved a revenue of 3.59 billion yuan, a year-on-year increase of 49%; The net profit attributable to the parent company was 290 million yuan, an increase of 37.8% over the same period in 2020; Net profit deducted from non parent company was 270 million yuan, with a year-on-year increase of 31.7%; 2) China Unicom Online Information Technology Co., Ltd. and Xinhuanetco.Ltd(603888) signed the strategic cooperation agreement on jointly building the meta universe joint laboratory, and planned to establish the meta universe joint laboratory.
Build a "double Gigabit" network construction project to boost the growth of smart home and 5g communication equipment business. Relying on China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) , China Radio and television and other communication operators, the company actively built a "double Gigabit" network construction project represented by gigabit optical network and 5g. With the support of national policies, the development of "double Gigabit" network promoted the rapid development of the company's main business.
Reach cooperation with China Mobile to promote the market expansion of 5g network communication equipment. The company signed the framework contract for primary centralized acquisition of multi band (including 700m) antenna and supplementary contract with China Mobile Communication Group Guangdong Co., Ltd. The company successfully won the bid for the procurement project, and it is estimated that the amount excluding tax is 667 million yuan. The successful bid of this project has enabled the company to effectively enter the 5g network communication equipment market of China Mobile and China Radio and television, and injected fresh water into the 5g network communication equipment market for the company.
Sign strategic cooperation agreements with China United Network Communications Limited(600050) and Xinhuanetco.Ltd(603888) to enter into yuancosmos industry. By signing the strategic cooperation agreement on joint construction of meta universe joint laboratory with Unicom Online Information Technology Co., Ltd. Xinhuanetco.Ltd(603888) and the company plans to establish meta universe joint laboratory, share resources, give full play to their respective advantages, enhance the influence of the laboratory in the industry, and jointly promote the construction of meta universe industrial system and industrial implementation. The follow-up performance is worth looking forward to.
Profit forecast and investment suggestions. It is estimated that the EPS from 2021 to 2023 will be 2.08 yuan, 2.96 yuan and 3.67 yuan respectively, and the corresponding PE will be 25 times, 18 times and 14 times respectively. From 2021 to 2023, the net profit attributable to the parent company CAGR is 34.6%, while under the current stock price, the corresponding PE in 22 years is only 18 times. We believe that the company is currently in a valuation depression, and businesses such as smart home are expected to continue to grow in 2022. To sum up, we maintain the "buy" investment rating of the company and suggest paying attention to it.
Risk warning: the risk of product R & D failure; The risk of intensified market competition; Risks of changes in industrial policies.
