\u3000\u3 China Vanke Co.Ltd(000002) 123 Montnets Cloud Technology Group Co.Ltd(002123) )
Event: the company released the annual report of 2021 and the first quarterly report of 2022. In 21 years, the company achieved a revenue of 3.175 billion yuan, a year-on-year increase of 16.07%, and the net profit attributable to the parent company was -238 million yuan, a year-on-year decrease of 335.37%; 22q1 achieved a revenue of 693 million yuan, a year-on-year increase of 11.08%, and the net profit attributable to the parent company was – 39.1 million yuan, a year-on-year decrease of 182.70%.
1. Continue to expand the market and steadily increase the business volume. Due to the epidemic and the continuous rise of supply prices of operators and other factors, the profit of the company was blocked. The company’s revenue increased steadily in 21 years and 22q1, and the net profit fell sharply. The reasons are as follows: 1) due to the impact of the epidemic in all parts of China and the increase of supply prices of some operators, the overall SMS gross profit margin of the company continued to be low, and the cloud SMS business volume and revenue maintained growth year-on-year, However, the total gross profit decreased year-on-year. 2) The company’s R & D and trial service volume of Fuyu media increased by 20.92% year-on-year to 159.9% after deducting the R & D and trial service volume of Fuyu media in the international market, which resulted in a certain year-on-year increase of 22.2% in the volume of Fuyu media’s R & D and trial service volume of Fuyu media, which increased by 21.2% year-on-year to 159.2% year-on-year; The revenue of international cloud communication business increased to 500% year-on-year in 21 years, the gross profit increased to 3200% in 20 years, the business volume of 22q1 increased by 1069% year-on-year and 9% month on month. 3) In the second half of the year, the promotion method of free trial for some major customers, and the trial commercial use of new products led to an increase in certain operating expenses. 4) The company’s 21q4 revenue increased rapidly by 47.8% year-on-year, so the balance of accounts receivable at the end of 21 increased by 350 million yuan year-on-year, resulting in a significant increase in the provision for credit impairment losses in 21 years. 5) Combined with the actual operation and future operation forecast of each subsidiary in three years, the company has accrued goodwill impairment of 251 million yuan, 4.64 million yuan and 28.22 million yuan respectively for Shenzhen mengwang, Shangding planning and mengwang video.
2. Sign a business cooperation agreement with Huawei cloud, which is expected to help 5g rich media messaging business
Shenzhen mengwang, a subsidiary, recently signed a business cooperation agreement with Huawei Cloud Computing Technology Co., Ltd. “on the procurement cooperation of intelligent information terminal analysis capability”. In this cooperation, huaweiyun built its own koomessage operation platform, and Shenzhen mengwang provided intelligent information aim + capability; Huawei cloud pays the purchase fee to Shenzhen mengwang according to the usage of terminal resolution capability and the price agreed by both parties. 1) Huawei cloud’s rich enterprise customer resources are expected to help the company improve the business scale of 5g rich media news: according to the latest report released by Gartner, an international independent analysis agency, on March 21, 2022, Huawei cloud will reach 18% market share in 2021, with an annual growth rate of 67%, ranking second in the market. Huawei cloud has high-quality partners and rich developers, services and operating partners. It is expected to help mengwang quickly open the 5g rich media Messaging Market in the future. 2) It has greatly promoted the company’s business potential and brought new end-to-end channel industry opportunities: the traditional short message integration ability is insufficient, and it usually carries the notification function. This time, the intelligent information aim + can realize rich scene social interaction without downloading applications according to the terminal analysis, breaking the boundary restrictions between apps, bringing great convenience to end users and providing low-cost Highly transformed customer touch channel. With the deepening of cooperation, the message as a service model formed by this will provide a new choice for the traffic entrance of enterprises and become a new user habit. The company will also continue to improve its technology, experience and service capabilities, release greater energy, continue to explore the market and serve the digital transformation and upgrading of more enterprises.
3. China Mobile Internet partners are selected, and aim / SMS applet (Fuxin 2.0) is expected to further open the development space of the company. In December 21, the subsidiary Shenzhen mengwang selected “China Mobile Internet Co., Ltd. on the partner recruitment project of SMS applet 2.0 terminal analysis service capability”. As an upgraded version of traditional SMS, aim / SMS applet is positioned as one of the fall back schemes in the development of 5g messages. It is an important part of Trust Alliance Information Development Inc.Ltd.Shanghai(300469) and digital economy. At the China Mobile Global Partner Conference held in November 2021, SMS applet version 2.0 was officially released, showing the industry the smart solution for SMS applet upgrade at the current stage. Its rich presentation forms and interactivity can guide end users to the business scene, increase interaction with enterprises while improving the end user experience, and realize message as application. Aim / SMS applet currently covers nearly 400 million mobile terminals and is one of the upgraded versions of 5g rich media news. Based on the customer expansion of China Mobile Group and relying on the close cooperation between the company and partners, it is expected to further open the business development space and improve the capacity of cloud communication products, which will have a positive and positive impact on the company’s performance in the future.
4. Forward looking layout + high-quality customers + partners to build the company’s core competitiveness
The company’s cloud communication service business has formed core competitive advantages in terms of technical advantages, customer resources and operator channels. As early as 2018, dreamnet began to lay out video short message (Fuxin 1.0). Dreamnet is the first company in the industry to put online video short message (Fuxin) into commercial operation. In terms of industry solutions, after four years of deep cultivation, the company has formed a large-scale temsector accumulation, and video messages have covered many types of industry application scenarios such as banking, securities, funds, automobiles, beauty makeup, clothing, catering, film and television, tourism, aviation, games and so on; In terms of customer resources, the company has always adhered to the customer-centered concept. In the past 20 years, the company has completed the market layout of emerging important industries and customers such as finance, Internet, government and public utilities and consumer goods, and established and maintained close cooperative relations with major customers in the industry; In terms of cooperation with terminal manufacturers, the company has successively established cooperative relations with well-known terminal manufacturers at home and abroad such as Huawei, Xiaomi, oppo, vivo, Samsung and Meizu in recent years, forming global link resources, and accumulating good advantages for the upgrading of the original basic message service of the terminal.
Profit forecast and investment suggestion: as a leading cloud communication service provider in China, the company not only becomes bigger and stronger in the field of enterprise SMS, but also keeps up with the pace of 5g network construction and layout 5g messages. Cloud communication business covers many fields. With the large-scale promotion of 5g news, relying on its strong technology R & D capability and service capability, dreamnet can quickly transform and upgrade customer needs, which is conducive to medium and long-term market expansion. Considering the continuous rise of supply prices of operators and the large investment of the company in promoting new businesses, the estimated net profit attributable to the parent company in 22-23 years is adjusted to 240 million and 410 million yuan (the original value is 330 million and 490 million yuan), and the estimated net profit attributable to the parent company in 24 years is 540 million yuan, corresponding to 27 / 16 / 12 times of PE, maintaining the rating of “overweight”.
Risk tips: 5g news development is not as expected, operator policy change risk, intensified market competition, goodwill impairment risk, etc
