\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 71 Hangzhou Anysoft Information Technology Co.Ltd(300571) )
Smooth transformation: from a single reading business to a “communication + reading” two wheel drive, the communication field has achieved a breakthrough of “from 0 to 1”, and is expected to complete the transition of “from 1 to n” Hangzhou Anysoft Information Technology Co.Ltd(300571) was established in 2002 and listed on the growth enterprise market of Shenzhen Stock Exchange in December 2016. In the early stage of development, the company carried out mobile reading business based on operator channels, grasped the dividend of mobile Internet after listing and ushered in rapid development. After the growth of reading business peaked, the company actively sought transformation, acquired Shenzhen Zhaoneng in 2019, took the initiative to layout the communication business with smart family as the core, further extended to 5g access network, bearer network and other fields, and successfully transformed into a comprehensive company driven by two wheels of communication and media.
Mobile reading: old trees bloom new flowers, and the value of digital copyright is expected to be revalued. The digital reading industry has completed the stage of market education, and users have a high willingness to pay. Stimulated by the popularization of technology and the epidemic, the market scale of the industry has increased steadily. The company started by relying on the channels of operators, and further expanded the market coverage of mobile reading business through CPS mode, establishing differentiated self owned platform and other measures. As a large number of copyright resources accumulated by the company have been transformed into high-quality digital copyright reserves, derivative creation can be carried out based on IP resources in the future, which is expected to realize efficient transformation and value reconstruction of copyright resources by relying on metauniverse.
Communication: Smart Home + 5g devices open up growth space. The 14th five year plan for the development of digital economy sets a quantitative target of 60 million Gigabit broadband users in 25 years. At the same time, the strong demand for high-quality network services will promote users to switch from 100 megabytes to Gigabit; According to the data of the Ministry of industry and information technology, the penetration rate of Gigabit broadband users in China was 6.40% and that of 100m broadband users was 93.04% at the end of 21. We believe that the long-term (2030) penetration rate of Gigabit broadband is expected to exceed 80% and the number of Gigabit broadband users in 25 years is expected to exceed 200 million. With wi-fi6 gradually replacing wi-fi5 equipment, the unit price of the company’s smart home products increased significantly, and the company ushered in a boom upward cycle with both volume and price. At the same time, the company will increase its participation in 5g communication equipment sectors such as 5g access network and bearer network, further improve the product layout, and is also expected to expand the source of income. The company added 881 million yuan of orders from January to February of 22 years. Combined with the disclosure of 21q3 orders, we estimate that the company’s current order scale is 5.5-6 billion yuan, with strong performance certainty.
Yuancosmos: relying on the differentiated layout of operators, the progress of yuancosmos is accelerated. The company cuts into the meta universe through operators, and can give full play to its unique advantages of content operation + intelligent terminal with the help of operator channels. On November 9, 2001, the company signed a strategic cooperation agreement with China mobile virtual reality and Dazhong Siasun Robot&Automation Co.Ltd(300024) to lay out Siasun Robot&Automation Co.Ltd(300024) yuan universe; On January 11, 22, the yuancosmos Industry Committee of China Mobile Communication Federation announced the list of the first batch of members, and the company became the first batch of members and served as the vice chairman; On March 17, 22, the company signed a strategic cooperation agreement with China Unicom online and Xinhuanetco.Ltd(603888) to jointly build a meta universe joint laboratory, super video, digital virtual human and other meta universe scenes.
Investment suggestion: the company’s smart home business maintains a high boom, actively relies on the differentiated layout of operators, and has a clear growth path. We estimate that the net profit attributable to the parent company from 2021 to 2023 will be 290 / 420 / 577 million yuan respectively, and the corresponding PE multiple will be 25X / 17x / 12x. For the first coverage, give a “recommended” rating.
Risk warning: the business development of smart home is not as expected; Intensified market competition; The meta universe is not progressing as expected
