\u3000\u3 Shengda Resources Co.Ltd(000603) 236 Quectel Wireless Solutions Co.Ltd(603236) )
Event: Quectel Wireless Solutions Co.Ltd(603236) issued the stock option incentive plan (Draft). The number of stock options to be granted to incentive objects in the incentive plan is 289590000, accounting for about 1.99% of the total share capital of the company on the date of publication of the draft incentive plan. This grant is a one-time grant without reserved rights and interests.
Comments:
The compound growth rate of income in 22-25 years is 27%, and the nuclear goal of the college entrance examination shows confidence. The performance assessment target of this equity incentive is the operating revenue. The operating revenue from 2022 to 2025 is not less than RMB 14.9/193241/30.2 billion respectively, with a corresponding year-on-year growth rate of not less than 33% / 30% / 25% / 25%, and a compound growth rate of 27% + from 2022 to 2025. We believe that the setting of this goal demonstrates the company's confidence in long-term development and ensures the realization of the company's future development strategy and business objectives.
Profitability is expected to improve and the downstream opens up room for growth. According to the company's performance express, there was strong demand in the downstream market of the Internet of things in China in 2021. The company actively responded to the needs of global customers, continuously innovated products, enriched and optimized the product structure, and formed a one-stop solution including cellular communication module, WiFi & BT module, GNSS module, antenna and cloud platform. The diversified products and rich functions can meet the growing demand for intelligent terminals of the Internet of things. The company's sales revenue in vehicle, intelligent security, gateway, wireless payment, laptop and other fields increased significantly. At the same time, with the improvement of automotive intelligence and networking, we believe that the company's shipment of vehicle communication modules is expected to increase. With the increase of the company's share of high-end scenes such as vehicle, the product structure is expected to be continuously optimized and the gross profit is expected to increase.
Due to the limited space for cloud module construction, the focus of cloud module industry is gradually becoming more homogeneous due to the relatively limited space for cloud module construction Quectel Wireless Solutions Co.Ltd(603236) currently has its own cloud platform queicloud. Relying on its own module products, mobile has created a series of cloud services such as data access, firmware upgrade, connection management and so on. On the whole, we believe that cloud ecology will become a strong support for the company in the future and help the company achieve long-term development.
Profit forecast, valuation and rating: with the growth of downstream demand, the company's revenue is expected to achieve high growth and its profitability is expected to continue to improve. According to the company's performance express, in 2021, the company continued to strengthen internal management and improve operation efficiency, and the expense rate decreased compared with the same period of last year. We adjusted the net profit forecast of the company from 2021 to 2023 to 351 / 539 / 763 million yuan, which is - 1.4% / + 7.6% / 14.4% compared with the previous adjustment, corresponding to pe78 / 51 / 36x. We are optimistic about the development prospect of the company as a leader in the field of enterprise communication and cooperation, and maintain the "overweight" rating.
Risk warning: competition intensifies risk; The industrial chain is blocked and the risk of exchange rate fluctuation.
