\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 71 Hangzhou Anysoft Information Technology Co.Ltd(300571) )
1. Event overview
On April 18, the company announced that Shenzhen Zhaoneng, a subsidiary of the company, signed the framework agreement on emergency centralized procurement of smart home gateway products of China Mobile from 2022 to 2023 with China Mobile, and the tax amount is expected to be about 653 million yuan. The procurement contents are GPON dual band wifi5 intelligent home gateway products and GPON dual band wifi6 intelligent home gateway products.
2. Event comments: the company's operators won the bid continuously, and the bid winning amount exceeded 2 billion yuan in 2022
With the rapid development of the company's smart home and operator equipment business, the orders of the wholly-owned subsidiary Shenzhen zhaonengxun Technology Co., Ltd. and the parent company continued to land. As of April 18, the company announced that the amount of orders exceeded 2 billion yuan. The continuous landing of orders demonstrated the company's product competitiveness and the operator's market expansion ability, and the continuous orders laid a solid foundation for the steady growth of the company's performance.
3. Benefiting from the rapid growth of fixed communication business of China Telecom Corporation Limited(601728) operators, Shenzhen Zhaoneng has taken the lead in card layout and obvious market competitiveness
Shenzhen Zhaoneng products and services have widely entered the five product lines of access and home networking system, digital video, smart home, government enterprise application and Internet of things in communication network;
Over the past few years, China Telecom Corporation Limited(601728) fixed communication business has grown rapidly, and emerging businesses such as smart home have become the first growth engine of income: from the perspective of the industry as a whole, fixed network business has always been an important source of income for operators, accounting for an increasing proportion in the past few years.
We judge that as the income of fixed network business such as smart home of telecom operators becomes more and more important, its related equipment and procurement will continue to develop in the next few years. From the share of previous procurement bidding, Shenzhen Zhaoneng's share ranks among the top three, which proves that its technical strength and market competitiveness are obvious.
4. Cut into the 5g network market of operators and create the second growth point: in addition, the company is expected to become the second growth engine of the company in the future by arranging 5g access, bearing and other markets through private placement. Recently, the company has verified the second growth logic of the company in the wireless access market of operators.
5. Performance forecast and investment suggestions
Considering the execution of subsequent orders and new orders of the company, as well as the performance express of 2021, the performance forecast of the company is slightly adjusted. It is estimated that the revenue from 2021 to 2023 will be adjusted from RMB 3.19/41.3/5.34 billion to RMB 3.59/43.7/5.35 billion respectively, and the earnings per share will be adjusted from RMB 2.4/2.8/3.4 to RMB 2.3/2.8/3.2 respectively, corresponding to the closing price of RMB 40.93/share on April 18, 2022, and the PE will be 16.5/13.7/11.9 times respectively, maintaining the "overweight" rating of the company.
6. Risk warning
The competition threshold of Shenzhen Zhaoneng products and services is low, customers rely on operators, and the gross profit is at risk of decline; The media IP field is head-on, and the company's long-term content investment is high, which hinders the overall performance; Uncertainty of framework agreement.
