\u3000\u3 China Vanke Co.Ltd(000002) 123 Montnets Cloud Technology Group Co.Ltd(002123) )
On April 26, 2022, the company released its annual report for 2021. During the reporting period, the company achieved an operating revenue of 3.175 billion yuan, a year-on-year increase of 16.07%; The net profit attributable to the shareholders of the listed company was -238 million yuan, which turned from profit to loss year-on-year. At the same time, the company released the first quarterly report of 2022, realizing a revenue of 693 million yuan, a year-on-year increase of 11%.
The company's 5g messaging business has achieved rapid growth, and the high growth trend in 2022q1 continues. The company continued to increase the investment in research and development and market promotion of new products such as 5g rich media news, international cloud communication and Huawei service number. In 2021, the business volume of 5g rich media news increased by 300% year-on-year, and the gross profit increased by 200% year-on-year after deducting a certain amount of trial cost; The revenue of international cloud communication business increased by 500% year-on-year, and the gross profit increased by 3200% year-on-year. According to the company's report for the first quarter of 2022, the company's 5g rich media message business volume increased by 159.92% year-on-year in the first quarter, and the international cloud communication business volume increased by 1069% year-on-year, still continuing the trend of high growth. 5g rich media business is under continuous development and large-scale marketing and expansion, resulting in a high increase in R & D expenses and sales expenses. 5g is in an important stage of rapid development, laying an important foundation for the company's long-term development.
Huawei cloud cooperation is expected to bring changes to the business model, and 5g messaging business continues to make benchmarking progress. 1) Potential changes in business model: the agreement signed between the company and Huawei cloud stipulates that Shenzhen mengwang will provide intelligent information terminal analysis capability, technical support and other services as a partner of Huawei cloud. This cooperation not only helps the company to improve the business scale of 5g rich media news, but also is expected to bring changes to the business model, that is, to promote the transformation of the company's business model to SaaS like successful volume billing and monthly settlement. In the era of 5g news, the company is expected to provide customers with the ability of platform + services. In the face of friends and operators, more output is platform capacity, and the charging form may also change. 2) Benchmarking progress of 5g messaging business: the company's SMS applet has covered 400 million users, and the applications of operators, governments and hospitals have begun to land. According to the company's public meeting minutes, the SMS applet is expected to cover 600700 million users by the end of this year, corresponding to 60-70% of mobile phone users. In terms of typical projects, the company selected the "partner recruitment project of China Mobile Internet Co., Ltd. on SMS applet 2.0 terminal analysis service capability", which is expected to set a typical benchmark in SMS applet and lay an important foundation for obtaining more customers and model innovation. At the same time, the company has reserved technology and talents, strengthened the development of overseas business, helped Chinese enterprises carry out relevant business, and arranged local operations. It has been successfully arranged in Hong Kong, Indonesia, Australia and other places in China.
Investment suggestion: the commercialization of 5g news continues to advance, and the company, as a leading enterprise, is expected to benefit for a long time. During the 5g promotion period, the company's performance was under short-term pressure due to cost investment and other reasons, but 5g news business made rapid progress. In the first quarter of 2022, relevant businesses still maintained rapid growth. The short-term pressure on performance did not change the long-term expectation, and the rapid growth of high gross profit business will also promote the recovery of performance. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 309 / 413 / 554 million yuan, and the corresponding PE will be 23x, 17x and 13X respectively, maintaining the "recommended" rating.
Risk tip: the commercial progress of 5g message is less than expected, and the application form of the industry may change.
