\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 71 Hangzhou Anysoft Information Technology Co.Ltd(300571) )
Key investment points
Event: Hangzhou Anysoft Information Technology Co.Ltd(300571) released the annual report of 2021 and the first quarterly report of 2022. In 2021, the total operating revenue was 3.6 billion yuan, a year-on-year increase of 49.6%; The net profit attributable to the parent company was 240 million yuan, a year-on-year increase of 15.7%; Non net profit deducted was 230 million yuan, a year-on-year increase of 9.9%. In 2022, Q1 achieved a revenue of 1.29 billion yuan, a year-on-year increase of 103.6%; The net profit attributable to the parent company was 110 million yuan, a year-on-year increase of 40.1%; Deduct non net profit of 110 million yuan, with a year-on-year increase of 42.14%.
Under the background of “double Gigabit” network wave, the main business has developed rapidly. Actively respond to China Mobile’s “smart and home communication” business, and actively respond to China Mobile’s . In 2021, the company’s smart home business and 5g communication business revenue ushered in rapid growth, realizing an operating revenue of 2.66 billion yuan, with a year-on-year growth rate of 69%; The significant increase in Q1 performance in 2022 is mainly due to the performance growth of Shenzhen Zhaoneng, a subsidiary.
5g communication has stepped into the stage of large-scale commercialization and raised funds to help its future development. The company started 5g communication business in 2021 and won the bid of 700m / 5G network bid of China Radio and television and China Mobile in July 2021. As of the announcement date of the annual report in 2021, the bid winning amount of 5g communication business of the company is about 904 million yuan (including tax); In addition, the company raised 580 million yuan by issuing shares to specific objects, which will be fully invested in the development of 5g communication business. The company has entered the stage of large-scale commercialization in 5g communication field, and 5g communication equipment business will become a new driving force for future performance improvement.
The strategic layout of virtual universe and the focus of digital cooperation. In March 2022, the company reached strategic cooperation with China Unicom Online Information Technology Co., Ltd. Xinhuanetco.Ltd(603888) to jointly build a meta universe joint laboratory, focusing on the research and development of industrial alliance, industrial fund, VR / AR, enterprise digital employees, family digital members, digital twins, industrial applications and other achievements in the fields of smart city, smart enterprise, smart family, cultural and tourism mutual entertainment, 5g news and so on. At the same time, the company focuses on the field of virtual digital human, and plans to provide personalized virtual digital human services and charge fees for enterprises, families and individual customers of communication operators. At present, the virtual digital human used for live delivery and video RBT production has entered the testing stage. Relying on the existing massive and high-quality digital copyright resource base, the meta universe business can be expected in the future.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 410 million yuan, 510 million yuan and 610 million yuan respectively, and the corresponding PE will be 13 times, 10 times and 9 times respectively. From 2022 to 2024, the net profit attributable to the parent company CAGR is 35.6%, while under the current share price, the corresponding PE in 2022 is only 13 times. We believe that the company is currently in a valuation depression, and businesses such as smart home are expected to continue to grow in 2022. To sum up, we maintain the “buy” rating and recommend attention.
Risk warning: risk of product R & D failure; The risk of intensified market competition; Risks of changes in industrial policies.
