\u3000\u3 China Vanke Co.Ltd(000002) 841 Guangzhou Shiyuan Electronic Technology Company Limited(002841) )
1q22 revenue increased by 17.2% year-on-year, and net profit attributable to parent increased by 53.1% year-on-year. The company's 1q22 revenue was 4.187 billion yuan (YoY + 17.2%), thanks to: 1) the rapid penetration of interactive smart tablets in overseas markets; 2) Maxhub and shivo in the Chinese market grew steadily; 3) New products such as IOT module, household appliance board and LED display have achieved rapid growth. 1q22 net profit attributable to the parent company is 308 million yuan (YoY + 53.1%), net profit attributable to the parent company after deduction is 260 million yuan (YoY + 58.2%), and gross profit margin is 26.37% (QoQ + 0.52pct, yoy + 2.73pct). Under the background of steady growth of revenue, the company's net profit has achieved rapid growth of more than 50%. At present, the price of LCD panel is still low, the trend of improving the company's profitability is clear, and the profit inflection point is established.
Maxhub launches new products and creates a digital portal for organizational collaboration. On April 25, maxhub held a 2022maxhub leading new product launch conference and launched a new collaborative software maxhub client, aiming to open up the whole chain data management before, during and after the conference with "event" as the center; At the same time, the whole scene collaboration terminal ushered in a comprehensive upgrade, and new products such as maxhub V6 series conference tablet (technology version, audio professional version and classic version), maxhub wireless screen transmitter, wireless cascade microphone, commercial display, intelligent display and vx50 split video conference terminal were released. According to discien data, in 2021, maxhub accounted for 27.5% of the sales in the conference interactive intelligent tablet Market in Chinese Mainland, ranking first for five consecutive years. In the future, maxhub will continue to explore a new path of digital transformation of the whole industry in conjunction with the industry's software and hardware ecological partners to achieve real efficient collaboration.
Smart education has been promoted in an all-round way, and shivo has built a digital leader in education. On the basis of continuing to cultivate the K12 public school market, shivo has accelerated the development of preschool education, higher vocational education and other markets. In terms of hardware, in 21 years, shivo interactive intelligent tablet achieved steady growth, while digital teaching hardware such as recording and broadcasting system and intelligent platform also achieved rapid growth. According to discien data, shivo brand accounted for 47.5% of the sales volume of education ifpd market in Chinese Mainland in 21 years. In terms of software, shivo upgraded the carrier pigeon teaching and research information system, centralized control management system, shivo whiteboard and other core software. By the end of 2021, shivo whiteboard had more than 4.6 million active teachers in primary and secondary schools and 220000 active teachers in kindergartens. 170 million courseware were added in 2021.
Investment suggestion: the profit inflection point of interactive intelligent tablet leader has been established. We expect the company's net profit attributable to the parent company in 22-24 years to increase by 42.1% / 24.3% / 19.9% year-on-year to 24.14/30.01/3.599 billion yuan. Referring to the PE valuation of 23.37 times the consistent expected average value of wind, a comparable company in 2022, we give the company 24-25 times the expected PE in 2022, corresponding to the target price of 86.92-90.54 yuan, and maintain the "buy" rating.
Risk warning: new business development is not as expected; The demand is less than expected; Intensified industry competition, etc
