Focus on traffic brain, layout V2X industry. The company is the leading urban brain operation service provider in China, taking the urban brain as the main body, deeply ploughing the industrial application of traffic brain and healthy brain, and opening up the industrial innovative application of judicial brain. to establish an urban brain operation model with Yinjiang characteristics. Since 2019, the company has laid out the V2X industry and developed HERO traffic signal version 1.0 on the hardware side, and has begun small batch production and small batch testing. The company takes intelligent transportation business as its main source of income, with revenues of 1.111 billion yuan, 978 million yuan and 1.01 billion yuan respectively from 2018 to 2020, accounting for 46.02%, 47.01% and 47.23% of revenue respectively. The income of smart city business, medical information business and integrated services business has developed steadily, with revenues of 772 million yuan, 334 million yuan and 23 million yuan respectively in 2020.
In the era of the Internet of everything, the V2X market is predictable. With the rapid development of 5G, intelligent network connection automobile and other industries, V2X industry chain has also entered a high-speed development channel. As a necessary component to connect vehicles, people, traffic roadside infrastructure and network, V2X plays a vital role in the fields of vehicle-to-vehicle communication, real-time information service, real-time data exchange and so on. Under the double blessing of a large number of potential demand and policy support at the end of the industrial chain, V2X has a considerable incremental market. From the roadside point of view, the national total highway mileage of 5.1981 million km, highway mileage of 161000 km, highway intelligent construction will become the main demand of V2X roadside market. The integration of V2X vehicle terminal equipment and intelligent cockpit brings more than 10 billion potential market to the V2X car side market, and the "C-V2X+X" multi-product form is about to be formed.
The combination of software and hardware to create a new mode of global traffic control. In the field of intelligent transportation, Yinjiang launched the next generation global traffic AI control system-HERO, which is completely independently developed and oriented to the city level, with global AI evolutionary learning and a new control architecture. On the basis of the Yinjiang signal control system, HERO has the ability to operate stably under the condition of poor data quality, and can be integrated with different signal control devices and platforms to generate the signal control scheme according to the self-designed deep learning framework, so as to realize the global optimal control. In 2020, the company launched the HERO supporting traffic signal on the hardware level, which sounded the clarion call for the company to enter the V2X hardware field, enabling the company to play a better role in improving driving safety, improving traffic efficiency and providing travel information services. The combination of software and hardware products will bring stronger product competitiveness for the company.
Profit forecast and investment suggestions: we believe that the company has been deeply cultivated in the field of intelligent transportation for more than 20 years, and a series of intelligent products, programs and applications have been fully recognized by the industry through practical applications, and will continue to expand the field of intelligent transportation segmentation in the future. enhance the ability of data operation services. We forecast that the operating income of the company from 2021 to 2023 is 2.838 million yuan, the net profit of return to the mother is 1.95 million 2.41 billion yuan, and the corresponding EPS is 0.30 0.37 pound 0.45 yuan respectively. Refer to the comparable company, give the dynamic PE40-50 times in 2021, the corresponding reasonable market value is 78.2-9.77 billion yuan, and the corresponding reasonable value range is 11.92-14.90 yuan per share, maintaining the "better than the market" rating.
Risk hint: smart transportation business development is not up to expectations.
