\u3000\u3 China Vanke Co.Ltd(000002) 236 Zhejiang Dahua Technology Co.Ltd(002236) )
Event: on April 18, 2022, the CSRC examined and approved the company’s application for non-public offering of shares. The object of this fixed increase is China Mobile. On December 1, 2021, the company issued an announcement and signed a share subscription agreement with China Mobile. This agreement intends to adjust the issuance object of this non-public offering from China mobile capital to China Mobile, the parent company of China mobile capital.
China Mobile’s fixed growth has been smoothly promoted, and synergy drives industrial resonance. According to the announcement on December 1, 2021, before the equity change, China Mobile did not hold the company’s shares, and the equity will be subscribed in cash. After the change is completed, China Mobile will hold more than 8% of the company’s shares and plan to hold the company’s shares for more than 3 years. In 2020, China Mobile has 942 million mobile customers, 210 million wired broadband customers, 13.84 million government and enterprise customers, 870 million intelligent Internet of things connections, more than 300000 self owned and cooperative channel outlets, and more than 43.5 billion yuan of revenue from dict solutions in industry, agriculture, education, government affairs, medical treatment, transportation and finance, promoting the great leap forward development of “network + cloud + dict”. China Mobile has a wide range of strategic resources. This fixed increase will continue to deepen the strategic partnership and realize resource sharing and complementary advantages.
We will deepen cooperation and achieve strategic complementarity. The main projects of fixed growth are in line with their own business and strengthen industrial chain coordination in the era of big IOT. In this non-public offering, the funds raised will be used to promote key projects such as “smart IOT solutions” and the construction of three intelligent manufacturing and R & D centers. In the smart IOT, the company will promote the rapid sinking of channels; Continue to build an open system around business value, and design closed-loop solutions in the implementation of IOT aware access and integration, data processing, data application, scenario scheme implementation and other aspects. The three intelligent manufacturing and R & D centers build their own sustainable competitiveness, continue to strengthen the research, development and commercialization of multi-dimensional perception, artificial intelligence, cloud computing and big data, software platform, machine vision, Siasun Robot&Automation Co.Ltd(300024) , 5g, network security and other technical fields, and continue to innovate based on customer needs.
Investment suggestion: the development of 5g will expand aiot from consumer oriented applications to industrial and production-oriented applications. Sensors, cameras, network infrastructure, big data, cloud and AI technology will be the key and core of aiot. The long-term development of the industry still maintains a good trend. As a leading enterprise of R & D platform, the company has accumulated a deep moat in market, R & D, supply chain and other aspects, The advantages of the company’s platform will continue to be reflected in the rapidly changing market in the future. This time, the company plans to introduce China Mobile as a strategic shareholder through private placement, which is expected to further promote the company’s business development with the help of China Mobile’s strategic resources. It is estimated that the company’s EPS from 2021 to 2023 will be 1.24 yuan, 1.52 yuan and 1.68 yuan respectively, and the corresponding PE will be 13 times, 11 times and 10 times respectively. Maintain a “recommended” rating.
Risk warning: industry competition intensifies the risk; Risks of new related parties; Slow layout of new areas and risks
