\u3000\u3000 Meig Smart Technology Co.Ltd(002881) (002881)
The performance is slightly lower than expected, and the long-term development prospect is broad
The company released the performance forecast for 2021. It is estimated that the company will realize a net profit attributable to the parent company of 110-125 million yuan in 2021, with a year-on-year increase of 300.87% – 355.54%; The non net profit deducted was 72-87 million yuan, with a year-on-year increase of 343.42% – 435.80%; The overall performance was slightly lower than expected. As a new star in the module industry, the company’s shipments of intelligent modules and data transmission modules have increased rapidly, FWA products have rapidly occupied the overseas market, and the intelligent cockpit modules of new energy vehicles have begun to be supplied to the vehicle manufacturers in large quantities, which continues to be optimistic about the future development of the company. Based on the performance forecast, we slightly adjusted the company’s performance expectations. It is expected that the net profit attributable to the parent company from 2021 to 2023 will be 120 (- 0.06) / 182 / 298 million yuan respectively, the corresponding EPS will be 0.65 (- 0.03) / 0.99/1.62 yuan / share respectively, and the PE corresponding to the current stock price will be 58.4/38.5/23.6 times respectively, maintaining the “buy” rating.
The main business blooms at many points, and the scale effect is gradually reflected
In 2021, the company expects to achieve revenue of 1.95-2.05 billion yuan, with a year-on-year increase of 73.95% – 82.87%. The rapid growth of revenue is due to the full flowering of business. The digital transmission module benefited from the vigorous development of IOT market, and the shipment volume increased greatly. In addition to the traditional fields, the intelligent module has entered the cockpit market and has been supplied in batches to the leading new energy vehicle enterprises, forming a good start. FWA products seize market opportunities and expand rapidly in overseas markets. On the expense side, with the rapid growth of the company’s volume, the scale effect gradually appears. In 2021, the company’s sales expenses and R & D expenses increased by about 28.79% and 8.41% respectively, significantly lower than the growth rate of revenue. The business model of the company’s wireless communication module + solution, as well as its strong technical and product support capabilities, have been gradually recognized by the market. The customer base represented by global operators, brand customers and listed companies has been expanding, providing a strong driving force for the development of the company.
Based on aiot, 5g and vehicle business promote the company to a new level
In terms of intelligent modules, with the continuous penetration of the Internet of things and the gradual promotion of 5g, the demand for Internet of things equipment in home appliances, HD video, laptop, industry, power and other fields is growing. The company’s products will continue to expand new industries and improve the market share of their fields. In the field of FWA, under the background of Huawei’s transfer of the market, the company’s products are expected to continue to expand their share. In the field of intelligent vehicles, the company’s cockpit vehicle engine module has achieved a breakthrough from zero to one. In the foreseeable future, the company’s products and solutions will be recognized by more vehicle manufacturers, blossom and bear fruit in the automotive market and promote performance to a new level.
Risk tip: the price of raw materials has risen sharply, competition has intensified, etc.
