\u3000\u3 China Vanke Co.Ltd(000002) 990 Maxvision Technology Corp(002990) )
Event: on April 8, 2022, the company held a strategic cooperation agreement signing ceremony with Huawei. The two sides will carry out comprehensive and in-depth cooperation in the field of global customs (including customs, ports and comprehensive bonded areas / free trade zones) around product and solution development, market promotion, project expansion and ecological construction, so as to jointly create a new pattern of industry development.
The resources of both sides are integrated with each other and work together to create a smart port industrial ecology. As the first A-share smart port, the company focuses on providing the overall solution of smart port inspection system and its intelligent products. With the competitive advantage of R & D and innovation driven as the core, the company realizes the creation of value for customers with innovative technology, and has a high brand awareness and significant market position in the field of smart port. As the world’s leading ICT leader, Huawei is committed to building an intelligent digital world with interconnected everything. After signing the cooperation contract in the field of intelligent transportation and commercial market, the two sides fully found the complementarity of mutual resources and realized further cooperation in the direction of smart port.
The core content of this strategic cooperation starts from four dimensions:
1) solution cooperation: including the cooperation of intelligent bayonet / cloud bayonet solution, scientific and technological anti epidemic solution, AR panoramic visual solution and other solutions;
2) market cooperation: in the Chinese market, through the promotion of joint solutions of both sides, carry out the joint layout and expansion of the market, and create the incremental effect of cooperation between both sides. One belt, one road, the smart port and intelligent customs building, is being developed in the international market.
3) project cooperation: relying on market insight and layout, the two sides will jointly explore project opportunities, share project information, form a joint project team for key projects and implement the project.
4) Ecological Cooperation: carry out the superposition of ecological resources of both sides around the whole industrial chain in the field of ports and customs, accelerate the innovative application of both sides in the field of smart ports and smart customs, improve the core competitiveness of joint solutions of both sides, and jointly help the digital transformation of the industry.
Investment suggestion: it is estimated that the company will achieve a revenue of RMB 1.177/15.32/1.928 billion and a net profit attributable to the parent company of RMB 229/3.11/416 million in 21-23 years. The current market value corresponds to the PE of 22 / 23 years, which are 21x / 16x respectively. Considering the particularity of smart port, we believe that the company has obvious competitive advantages and has achieved a leap to product supplier. At the same time, considering the future incremental space of the market and the close cooperation with Huawei, the company has a broad growth space. Maintain a “recommended” rating.
Risk warning: the risk of repeated epidemic; Digital transformation is less than expected; The increased demand for project customization brings the risk of decline in gross profit margin.
