\u3000\u3 China Vanke Co.Ltd(000002) 881 Meig Smart Technology Co.Ltd(002881) )
Event: in March 2022, Meig Smart Technology Co.Ltd(002881) together with Qualcomm, launched a new generation of flagship slot high computing power module, officially entering the server, cloud computing and complex video computing industries. The next-generation flagship Android intelligent module snm951 adopts slot interface design instead of direct welding, that is, it supports plug-in and replacement after power failure, which is convenient to use and maximizes space saving.
There are abundant intelligent module products, creating a precedent for intelligent computing module, with significant first mover advantages: Meig Smart Technology Co.Ltd(002881) as the leader of intelligent module industry, all intelligent modules are developed based on SOC chips. As early as 2017, Meig Smart Technology Co.Ltd(002881) launched the first generation of intelligent module supporting 0.2-0.5t computing power. At present, Meig Smart Technology Co.Ltd(002881) module has experienced the evolution of three generations of products, forming a matrix product combination from 0.2T to 27t, At the same time, accurately grasp the direction of industrial development, and launch the product line of computing power module based on its deep R & D strength and the advantages of a full range of solutions. At present, it has in-depth cooperation with industry experts, telecom operators and university scientific research institutions. We believe that Meig Smart Technology Co.Ltd(002881) as a leader in the intelligent module industry, it has leading advantages in technology and products.
Accelerate the expansion of intelligent core application scenarios and accumulate more driving force for performance: Meig Smart Technology Co.Ltd(002881) has deeply laid out three application fields: Pan connection, smart car and FWA. First, pan connection has maintained a stable growth trend in traditional Internet of things pan connection fields such as new retail, logistics scanning and sharing economy; Secondly, in the field of intelligent networked vehicles, it has formed a deep market application and customer base around 5g communication, camera application, millimeter wave radar, computer vision / speech recognition, multimedia processing and other development technologies. At present, the high-power intelligent module launched by Meig Smart Technology Co.Ltd(002881) is equipped with high-performance GPU and ISP, supports multi-core AI engine, and realizes “one core, multi screen, multi touch and multi screen linkage”, At present, Meig Smart Technology Co.Ltd(002881) ‘s high computing AI intelligent module and intelligent cockpit solution vehicles have been commercialized in large quantities. Finally, FWA has formed a rich series of FWA terminal products, covering Cat4, CAT6, Cat12, 5g millimeter wave and other rate products, of which 5g millimeter wave product development technology is in the leading position in the industry. We believe that in the future, with the steady progress of the interconnection of all things and the intellectualization of vehicles, Meig Smart Technology Co.Ltd(002881) as the leader of the intelligent module industry, will fully benefit from the development of the industry and continue to be optimistic about the steady growth of future performance.
Profit forecast and investment rating: with the steady improvement of the demand for Internet of things and automotive intelligence, we continue to be optimistic about the steady growth of Meig Smart Technology Co.Ltd(002881) performance. Therefore, we maintain the forecast of net profit attributable to parent company from 2021 to 2023, which are respectively 121 / 203 / 368 million yuan, corresponding to the EPS forecast of 0.66/1.10/2.00 yuan from 2021 to 2023, and the PE valuation corresponding to the current market value is 58 / 35 / 19 times. Considering the continuous development of 5giot and automotive intelligent business of the company, the operating efficiency has been steadily improved and the “buy” rating has been maintained.
Risk warning: the progress of vehicle intellectualization is less than expected; The product iteration is not as expected.
