\u3000\u3 China Vanke Co.Ltd(000002) 881 Meig Smart Technology Co.Ltd(002881) )
Event: equipped with a new generation of 5g network technology, MEG 5g high computing power intelligent modules snm951 and srm930 help cloudar / VR and “go to the cloud” for one second by virtue of high-speed data transmission performance, ultra-low delay, super high computing power support and excellent network capability.
Ultra high computing power supports solving the pain points of the industry and helps cloudar / VR and Games “go to the cloud”: the high computing power intelligent module of the new generation 5g network technology, with high-speed data transmission performance, ultra-low delay, super large computing power support and excellent network capability, perfectly avoids the shortcomings of traditional AR / VR and maximizes the user experience; Based on 5gsocqcm6490 platform, srm930 series modules adopt 6nm process, support independent networking and non independent networking, support 120Hz screen refresh rate, network coverage 5gnr / lte-fdd / lte-tdd / WCDMA, etc., the maximum dominant frequency of CPU is increased to 2.7ghz, and AI computing power exceeds 14tops. Snm951 adopts slot interface design and 7Nm process, which can provide comprehensive AI computing performance up to 15tops and support 120Hz screen refresh rate, Provide sufficient computing power support for cloudar / VR edge computing, support wi-fi6, downlink 2 2wi-fimimo, Bluetooth 5.1 and scalable 5g network link capability, and support up to 7 cameras and up to 4K@120fps Video coding processing capability. Aiming at the current problems of cloudar / vr virtual information picture jitter, poor data transmission delay, network signal congestion, slow loading of cloud games, stuck game interface and so on, Meig Smart Technology Co.Ltd(002881) ‘s high-power 5g intelligent module seamlessly connects the high-performance requirements of the two modules.
5g + cloudar / VR and 5g + cloud games are gaining momentum, driving a steady increase in the demand for intelligent modules: at present, VR applications are gradually penetrating into education, medical treatment, industry, games and other fields. According to the data of China Academy of communications, it is expected that by 2024, the global shipment of AR terminals will reach 41.25 million units, with an annual compound growth rate of 188%, and its market size is estimated to reach 240 billion yuan. On the other hand, according to the game industry data analysis website newzoo, In 2021, there were more than 21.7 million paid users of cloud games, and at the turning point of the outbreak of cloud games, more game users are gradually changing from “ground” to “cloud”. Therefore, we believe that Meig Smart Technology Co.Ltd(002881) as the leader of the intelligent module industry, based on the in-depth layout of intelligent Internet connected vehicles and FWA, and based on its own products and technical advantages, further expand AR / VR, cloud games and other industries to create more business growth points.
Profit forecast and investment rating: Meig Smart Technology Co.Ltd(002881) as a leader in the intelligent module industry, we are optimistic about the steady and rapid growth of future performance. We maintain the performance expectation from 2022 to 2024, with net profit attributable to the parent company of 203 / 368 / 626 million yuan and EPS of 1.10/1.99/3.39 yuan respectively, with corresponding valuations of 32 / 18 / 10x respectively. We continue to be optimistic about the future development of Meig Smart Technology Co.Ltd(002881) and maintain the “buy” rating.
Risk warning: business expansion is not as expected; Market competition intensifies.
