\u3000\u3 China Vanke Co.Ltd(000002) 881 Meig Smart Technology Co.Ltd(002881) )
Event: on April 7, Meig Smart Technology Co.Ltd(002881) released the annual performance express of 2021. In 2021, the operating revenue was 1.969 billion yuan, with a year-on-year increase of 75.68%, and the net profit attributable to the parent company was 118 million yuan, with a year-on-year increase of 330.70%. The performance met our expectations.
The scale of revenue increased rapidly and the operating efficiency continued to improve: in 2021, Meig Smart Technology Co.Ltd(002881) operating revenue achieved rapid and steady growth. Firstly, from the perspective of business, Meig Smart Technology Co.Ltd(002881) adhered to the three main lines of Pan connection, intelligent network connected vehicles and FWA. The annual shipment volume increased significantly in 2021, driving the overall revenue scale to rise steadily, of which 5g and vehicle capacity grew rapidly; Secondly, from the perspective of service form, Meig Smart Technology Co.Ltd(002881) adheres to the “nanny service”, which is characterized by intelligence and customization, and has strong premium ability in product pricing; Finally, from the perspective of operating efficiency, with the expansion of the scale of operating income, the scale effect is gradually reflected, and the expense rate has decreased. We believe that Meig Smart Technology Co.Ltd(002881) as the leader of the intelligent module industry in 2021, the product shipment will increase steadily, driving the overall revenue to rise steadily. With the gradual appearance of scale effect, the operation efficiency is expected to be further improved in the future.
The product layout is comprehensive, and the technical and product advantages are further highlighted: with the continuous increase of the overall penetration rate of intelligent module products in the Internet of things industry, the demand for intelligent modules has increased steadily, Meig Smart Technology Co.Ltd(002881) as the leader of the intelligent module industry, based on the deep product design, research and development ability and the customized development ability of vertical industries, the application industry and customer group are expanding, and will continue to be the focus of the company’s development in the future; From the perspective of standard data transmission module products, the product structure is comprehensively improved, and the shipment of all standard products has been greatly improved. In terms of Internet of things solutions, the breadth and depth of expansion in the three fields of intelligent Internet connected vehicles, FWA and Internet of things pan connection have been continuously strengthened, and continue to expand to the new large particle market. At present, Meig Smart Technology Co.Ltd(002881) has a perfect layout of intelligent module, data transmission module and FWA. Based on the “nanny” service concept, it can better match the diversified needs of customers and enhance customer stickiness. Therefore, in conclusion, with the steady development of the Internet of things industry, Meig Smart Technology Co.Ltd(002881) as a leading module player, we continue to be optimistic about the steady growth of future performance.
Profit forecast and investment rating: Based on the latest performance express data, we lowered the performance expectation for 2021. The net profit attributable to the parent company in 2021 was lowered from 121 million yuan to 118 million yuan. The performance forecast for 2022 and 2023 remained unchanged. The net profit attributable to the parent company was 203 million yuan and 368 million yuan respectively, and the EPS from 2021 to 2023 was 0.64/1.10/2 million yuan respectively, with the corresponding valuation of 53 / 31 / 17x respectively. Meig Smart Technology Co.Ltd(002881) as the leader of intelligent module, We continue to be optimistic about the rapid and steady growth of future performance and maintain the “buy” rating.
Risk tip: the development of Internet of things industry is less than expected; The intelligent Internet connected vehicle business was less than expected
