\u3000\u3 China Vanke Co.Ltd(000002) 881 Meig Smart Technology Co.Ltd(002881) )
The Q1 performance forecast in 2022 was released to maintain a high-speed growth trend
The company released the performance forecast of Q1 in 2022. It is estimated that the revenue of Q1 in 2022 will be 400410 million yuan, with a year-on-year increase of 53.85% – 57.69%, and the median is 260 million yuan, with a year-on-year increase of 55.77%; The net profit attributable to the parent company was 23.5-27.5 million yuan, with a year-on-year increase of 52.48% – 78.43%, and the median was 25.5 million yuan, with a year-on-year increase of 65.46%; The non net profit deducted was 19.5-23.5 million yuan, a year-on-year increase of 29.86% – 56.50%, with a median of 21.5 million yuan, a year-on-year increase of 43.18%, in line with expectations. The company is a new star in the intelligent module industry. After the net profit of Q1 increased by 264.77% in 2021, Q1 continued to maintain good growth in 2022. With the continuous expansion of the downstream Internet of things market demand and the continuous expansion of the company’s FWA (fixed wireless access) equipment, intelligent Internet connected vehicle module and other products, the company is expected to continue to maintain excellent growth. We maintain the expectation that the net profit attributable to the parent company from 2022 to 2023 is 182 / 298 million yuan respectively, the corresponding EPS is 0.99/1.62 yuan / share respectively, and the PE corresponding to the current stock price is 30.0 / 18.3 times respectively, maintaining the “buy” rating.
In the era of Internet of things, computing power and network are indispensable, and intelligent modules will play a great role
In the era of Internet of all things, the development of intelligent networking in the fields of industry, automobile, consumption and finance is accompanied by the surge of module demand. With the increasingly powerful functions of Internet of things terminals, the integration of strong CPU and wireless communication capabilities, the demand for intelligent modules with strong AI computing power and complex operating systems is increasing Meig Smart Technology Co.Ltd(002881) launched the first generation of intelligent module supporting 0.2-0.5tops computing power as early as 2017. In March 2022, the company launched the pluggable intelligent module snm951, which is equipped with the latest generation of Qualcomm qcs8250soc and has 15topsai computing power. It can be widely used in cloud game server, video conference, VR camera, intelligent Siasun Robot&Automation Co.Ltd(300024) and other fields. With strong software and hardware adaptation capabilities, the company is expected to smoothly meet customer needs and achieve rapid performance improvement.
Smart modules, 5gfwa and smart cars continue to drive the growth of the company
In 2022, we believe that the high outlook of the company’s industry will continue. The fields of intelligent modules and data transmission modules still benefit from the rapid penetration of the Internet of things industry and face a wide range of downstream markets to continuously improve their performance. The fixed wireless access (FWA) service will continue to benefit from the spread of 5g and expand its market share at home and abroad. In the field of intelligent networked vehicles, although the supply chain and downstream fluctuate, the industrial development trend is established. With the demonstration effect of early products, it is expected that more customers will seek to cooperate with the company to promote the rapid growth of the company.
Risk tips: the epidemic affects the supply chain, downstream demand is less than expected, competition intensifies, etc.
