\u3000\u3000 Queclink Wireless Solutions Co.Ltd(300590) (300590)
Policy + consumer groups double assistance, and intelligent electric two wheeled vehicles will become the future development trend. "Carbon neutralization" and "new national standard" provide a solid policy foundation for the intellectualization of electric two wheeled vehicles. The increase of young consumers provides a huge group for the intellectualization of electric two wheeled vehicles. With the further maturity of Internet of things technology, the intellectualization of electric two wheeled vehicles will improve the service performance from various technical perspectives, adding new functions such as vehicle positioning, sensor / controller, processor / MCU, cellular 4 / 5G, mobile phone interconnection, cloud platform, operating system, artificial intelligence and so on; In addition, the intelligent electric two wheeled vehicle can also have more personalized functions, such as digital car keys, multi-mode interaction, thousands of people and thousands of cars, car as a service, etc., which can provide a more efficient and safe travel experience and further optimize the user's sense of experience.
The 2C end electric two wheeled vehicle has great potential for intelligent growth. The 2B end shared scooter will drive the rapid development of the intelligent industry, and the 2C + 2B end will have a broad space in the future. According to the industrial chain survey, the intelligent penetration rate of electric two wheeled vehicles is low at present, but with the help of double carbon and new national standard policies, the acceptance of intelligent consumers continues to improve, and the intelligent aquatic products in the industry are expected to gradually improve. Globally, the market space of electric two wheeled vehicles is mainly composed of the sum of the market capacity of electric scooters and narrow electric two wheeled vehicles. According to our calculation, it is expected that the market capacity of global electric two wheeled vehicles is expected to reach 17.9 billion yuan in recent five years, with a large growth space.
Queclink Wireless Solutions Co.Ltd(300590) is a leading intelligent terminal manufacturer of electric two wheeled vehicles, which will benefit from the general trend of intelligent electric two wheeled vehicles at 2B + 2C end. The company entered the intelligent of electric two wheeled vehicles earlier. In 2B market, it mainly provides intelligent controller / intelligent screen and solutions for customers of shared scooters, including No. 9, Lambert, Oukai, bird, lime, etc; In the 2C market, the company's intelligent solutions can help electric vehicle enterprises realize a number of intelligent functions such as positioning and navigation and screen launch. At present, the company is promoting cooperation with a number of high-quality customers. According to the semi annual report of 2021, the company achieved a sales revenue of 91.6391 million yuan in the field of short travel transportation (including electric scooters and bicycles), with a year-on-year high growth of 401.67%.
Profit forecast and investment rating: the company is a high-quality Internet of things terminal enterprise in China. It is a leading enterprise in the intelligent of electric two wheeled vehicles. It is expected to benefit from the great development of the industry and have a large growth space in the future. It is estimated that the net profit of the company from 2021 to 2023 will be 172 million yuan, 313 million yuan and 456 million yuan respectively, corresponding to 52.08 times, 28.65 times and 19.68 times of PE. For the first time, 50 times of PE will be given in 2022, corresponding to the target market value of 15.7 billion yuan, and a "buy" rating will be given.
Risk factors: 1. The development of Internet of things industry is less than expected; 2. Intensified competition in the Internet of things industry leads to a price war; 3. Covid-19 epidemic spread repeatedly
