\u3000\u3 China Vanke Co.Ltd(000002) 881 Meig Smart Technology Co.Ltd(002881) )
Event: on April 14, 2022, the company released the performance forecast for the first quarter of 2022. In 2022q1, it is expected to achieve an operating revenue of 400410 million yuan, a year-on-year increase of 53.85% – 57.69%; The net profit attributable to the parent company was 24-28 million yuan, with a year-on-year increase of 52.48% – 78.43%; The net profit attributable to the parent company after non deduction was 20-24 million yuan, with a year-on-year increase of 29.86% – 56.50%.
Comments:
Actively overcome the impact of the epidemic, ensure the R & D progress and product delivery, and further improve 5g shipments
According to the announcement of the company, the median operating revenue of Q1 in 2022 is expected to be 405 million yuan, with a year-on-year increase of 55.97%; The median net profit attributable to the parent company is expected to be 26 million yuan, with a year-on-year increase of 65.48%; It is estimated that the median net profit attributable to the parent company after deducting non-profit is 22 million yuan, with a year-on-year increase of 43.14%. Although the development of the Internet of things industry has slowed down under the influence of the epidemic, the company strives to overcome the adverse impact of the epidemic on the R & D and supply chain, and actively ensure the R & D progress and product delivery. Among them, the delivery of 5g products in the fields of intelligent cockpit and FWA has been improved. On the whole, the company has sufficient business orders
In the short term, the company’s intelligent and customized capabilities have started, and the revenue growth is expected to maintain
In the short term, the company’s intelligent and customized service capabilities have formed a characteristic brand effect, with a significant increase in shipments, superimposed with the resulting product premium, and the revenue is expected to maintain a high growth trend. Specifically, on the one hand, the company is characterized by intelligence and customization, which promotes product premium and significantly improves the shipment volume, among which 5g and on-board products grow rapidly; On the other hand, with the expansion of the scale of revenue, the rate of various expenses of the company has decreased, and the scale effect of expenses has gradually appeared. It is expected that the growth rate of revenue of the company will maintain a high level in the short term.
In the medium and long term, the company is deeply engaged in the field of intelligent modules, cooperates closely with Qualcomm and maintains a leading position in the industry
The company started the field of intelligent modules earlier and launched 5g intelligent modules for the first time in the industry. At present, it has formed a complete product series of intelligent modules and accumulated rich R & D technology and industry know-how in the field of intelligent modules. The company has long-term cooperation with Qualcomm and strong cooperation viscosity, which is conducive to the procurement and preparation of baseband chips and SOC chips. In the future, the company is expected to launch higher-performance intelligent module products under the condition of in-depth cooperation with Qualcomm, take the lead in seizing development opportunities and enjoying industry dividends under the background of accelerated development of the Internet of things and accelerated penetration of intelligence.
FWA intelligent terminal is sourced from Huawei, with strong R & D strength and broad development space in the future
Based on module technology, the company has formed a rich series of FWA terminal products. The company has cooperated with Huawei for a long time. It started cooperation with Huawei in 2014. It is a provider of Huawei CPE solutions and has accumulated rich experience in R & D technology. At the same time, it also carries out cooperation in business fields such as PCBA and FWA. With Huawei’s focus on pure soft, the company, as Huawei’s in-depth partner, has natural advantages in acquiring 5g CPE market share and strong certainty in its future development.
Launch vehicle modules and terminals, and open a new growth curve for vehicle business
The company actively arranges the on-board business line, develops vehicle specification level modules and on-board terminals, provides intelligent on-board solutions, and deeply arranges the whole industrial chain of intelligent networked vehicles. At present, the company has reached cooperation with China’s mainstream car manufacturers, actively explore new forces in car manufacturing, and continuously expand on-board business customers. In the future, the intelligent Internet connected car business will open a new growth curve for the company.
Profit forecast and investment rating
The company deeply cultivates “intelligent module + connected vehicle + FWA” and other tracks, attaches importance to R & D investment, and has a deep industry know-how. In the future, it is expected to continue to benefit from the development dividends of 5g and the Internet of things industry, and is optimistic about the long-term development space. It is estimated that the net profit of the company from 2022 to 2023 will be 208 million yuan and 288 million yuan respectively, and the corresponding PE of the current stock price will be 26.64 times and 19.24 times respectively, maintaining the “buy” rating.
Risk factors
The development of the Internet of things industry was not as expected, the intensified competition in the Internet of things industry triggered a price war, and the covid-19 epidemic spread repeatedly
