\u3000\u3 China Vanke Co.Ltd(000002) 881 Meig Smart Technology Co.Ltd(002881) )
Key investment points
Event: on May 20, Meig Smart Technology Co.Ltd(002881) said on the investor interaction platform that the company has always focused on the technical capacity-building of wireless communication modules and solutions. It has deep technical precipitation in 4G / 5G solutions and mature ESIM software technology. The recently released 5g communication shell product of Soyea Technology Co.Ltd(000909) is Meig Smart Technology Co.Ltd(002881) R & D.
The profound accumulation of wireless communication technology helps 4G upgrade 5g experience: 5g communication mobile phone shell can upgrade 4G to 5g by embedding ESIM chip and 5g modem in the mobile phone shell. It only needs to open ESIM service under one mobile phone master card Meig Smart Technology Co.Ltd(002881) has always focused on the technical capacity building of wireless communication modules and solutions, and has a deep technical precipitation in 4G / 5G solutions. At present Meig Smart Technology Co.Ltd(002881) has leading RF design, EMC, EMI design and 4G 5g protocol layer technology. The measured average downlink peak rate is 1.86gbps, and the theoretical peak rate can be as high as 2.5Gbps. We believe that Meig Smart Technology Co.Ltd(002881) product line is perfect, and the intelligent and customized features of products form a strong differentiated competitiveness, which can fully meet the needs of different industries and customers. The market recognition and product influence are increasing, the number of customers is increasing rapidly, and the volume of customers is expanding.
High computing power intelligent module helps the in-depth layout of intelligent connected vehicles, universal connection and cloud Games: Meig Smart Technology Co.Ltd(002881) pay close attention to the development trend of intellectualization and customization in the module market, maintain the technical leadership of the company's intelligent module products, become the first brand in the field of intelligent modules, and do a good job in the three application fields of Internet of things universal connection, intelligent connected vehicles and FWA based on the advantages of products and technology, Expand to new large particle markets, such as networked PC, cloud computing, Siasun Robot&Automation Co.Ltd(300024) , UAV, AR VR and other fields. We believe that Meig Smart Technology Co.Ltd(002881) as the leader of the intelligent module industry, based on the customization of services, technology leadership and product comprehensiveness, we will deeply layout the fields of intelligent network connected vehicles and cloud games, and cultivate new 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. The corresponding valuation score is 36 / 20 / 12x. We continue to be optimistic about Meig Smart Technology Co.Ltd(002881) future development and maintain the "buy" rating.
Risk warning: business expansion is not as expected; Market competition intensifies.
