\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 90 Queclink Wireless Solutions Co.Ltd(300590) )
Event: on the evening of April 13, Queclink Wireless Solutions Co.Ltd(300590) released the annual report of 2021 and the first quarterly report of 2022. In 2021, the annual operating revenue was 921 million yuan, a year-on-year increase of + 94.8%; The net profit attributable to the parent company was 156 million yuan, up 71.9% from 90 million yuan in 2020; In 2022q1, the operating revenue was 210 million yuan, a year-on-year increase of + 37.5%, and the net profit attributable to the parent company was 19 million yuan, a year-on-year increase of - 23.4%.
The field of micro travel brings important performance increment to the company, and the growth logic continues to be confirmed. Over the past two years, the company has continuously increased the layout of micro travel field. At present, it can provide intelligent terminal hardware for important products in micro travel scenarios such as electric two wheeled vehicles and shared electric skateboards. In 2021, the company achieved a major breakthrough in the business of micro travel. The two wheeled vehicle intelligent terminal contributed 197 million yuan of revenue, a year-on-year increase of + 248.5%, accounting for 21.45% of revenue, significantly higher than 11.99% in 2020. The company has actively expanded important customers at both ends of B C, and has in-depth cooperation with overseas well-known shared electric skateboard manufacturers bird and lime. At the same time, the Chinese market and many well-known two wheeled vehicle brands jointly enable short-distance travel. It is expected that the field of micro travel will still contribute to the company's important revenue increment in the future.
The company's traditional business layout continued to expand and provide steady growth support. 1. Vehicle field: the company's orders for traditional vehicle intelligent terminal products are advancing steadily, and the new vehicle video products are expected to accumulate in the fields of fleet operation management and insurance based on the company's global customers; 2. Asset management: the demand of downstream customers is relatively strong, and the company continues to make efforts, realizing a revenue of 250 million yuan in 2021, a year-on-year increase of + 129.7%; 3. Industrial Internet: Industrial router products have been successfully launched in 2021. At present, it has obtained pilot small orders from China's core mainframe factory, and is expected to continue to expand in the future; 4. Application extension of RFID Technology: at present, it has expanded from the field of animal traceability management to the field of asset management. The company has obtained orders from CCB, and is expected to extend to other related fields through the application of asset management.
The profit side is under short-term pressure, and the profitability of the company is expected to be repaired under the dissipation of external disturbances. The company's annual revenue in 2021 and 2022q1 increased rapidly, with strong downstream demand. The gross profit margin of the company declined in 2021 and 2022q1, which is mainly due to the short-term fluctuation of raw material prices plus the impact of exchange rate. At present, the company has actively promoted the self-research of core components to improve the level of self-control, and the profitability is expected to continue to be repaired in the future.
Investment suggestion: we expect that the company's operating revenue is expected to reach RMB 1.51 billion, RMB 2.12 billion and RMB 2.82 billion respectively from 2022 to 2024, and the net profit attributable to the parent company is expected to reach RMB 241 million, RMB 333 million and RMB 443 million respectively, corresponding to the PE multiple of 25X / 18x / 14x. Select Quectel Wireless Solutions Co.Ltd(603236) , Fibocom Wireless Inc(300638) as the comparable company, and the 22-year average PE estimated value is 29x (wind unanimously expected). We believe that the downstream demand of the company is strong, and the follow-up revenue is expected to maintain a high growth rate. We are optimistic that the profitability of the company can be repaired under the gradual disappearance of short-term external disturbances, and the long-term operation is expected to improve in an all-round way. Maintain a "recommended" rating.
Risk warning: the recovery process of the global epidemic is lower than expected; The overseas market is disturbed by international relations; The shortage of core parts and the impact of price rise exceeded expectations; Exchange rate fluctuations exceeded expectations; The launch of new products was less than expected.
