In the first half of 2021, the company achieved operating income of 678 million yuan, an increase of 32.72% over the previous month, and a net profit of 64.9113 million yuan, up 72.69% from the previous month. In the first half of 2021, the company's operating income was 678.2725 million yuan, down 0.64% from the same period last year, up 32.72% from the previous year; the company's net profit belonging to shareholders of listed companies was 64.9113 million yuan, down 11.80% from the same period last year and up 72.69% from the previous year. Among them, in the second quarter of 2021, the company's operating income reached 386.8916 million yuan, up 4.12% from the same period last year and 32.78% from the previous year; the company's net profit belonging to shareholders of listed companies was 36.9676 million yuan, down 9.28% from the same period last year and up 32.25% from the previous year. We believe that the company's business intelligent interactive display and intelligent interactive all-in-one business are widely used in retail, catering, sports, medical, education, finance, industrial automation and other fields are expected to continue to benefit from Europe and the United States as a typical field of real economic recovery demand, rapid development.
The continuous technological progress of the industry has promoted the continuous upgrading of the industry. In recent years, the gradual maturity of technology and the continuous upgrading of products in the terminal application fields of retail, finance, medical and other industries have greatly driven the market demand of products in this industry and promoted the development of technology in this industry. At the same time, with the continuous improvement of product technology and the continuous accumulation of industry experience, the commercial intelligent interactive display equipment manufacturing industry has gradually improved in control module design, software and hardware and firmware development, display technology, product testing, mold design and automatic production, which has promoted the innovation and upgrading of products in this industry. In terms of product performance, the appearance, wide color gamut, color temperature, brightness, heat dissipation, anti-interference, anti-glare, anti-false touch, dustproof, waterproof, durability, anti-riot, anti-corrosion and other performance of commercial intelligent interactive display devices continue to improve.
The downstream application field extends, the market demand is exuberant. With the development of the Internet of things, "Industrial 4.0" and smart city construction around the world, a large number of new devices will be connected to the network and applied to all aspects of industrial production and social life. The application field of commercial intelligent interactive display products continues to expand, and the application scene is also deepening, which brings a huge market demand for intelligent interactive display devices. As the construction of smart city has become a global hot spot, the connotation of smart city, such as smart medical treatment, intelligent transportation, intelligent education, smart energy, smart environmental protection, smart building and so on, is developing rapidly. as the basic requirement and module unit of the smart city structure, the Internet of things will usher in a broad market space, and intelligent interactive display devices will usher in a larger market demand.
Profit forecasts and valuation recommendations. We expect the company's 2021E-2023E main business revenue to be 1.5 billion yuan, 1.801 billion yuan and 2.161 billion yuan respectively, with a net profit of 160 million yuan, 196 million yuan and 237 million yuan. Combined with comparable company valuation, 1) PE valuation, give 2021E (PE) 23x-27x valuation, corresponding to reasonable market value range of 36.79-4.318 billion yuan, reasonable value range of 28.74-33.74 yuan. 2) PS valuation, given 2021E (PS) 2.5x-3x valuation, corresponding to reasonable market value range of 37.51-4.501 billion yuan, reasonable value range of 29.31-35.17 yuan. In summary, we think that the reasonable market value range of the company is 37.51-4.318 billion yuan, and the reasonable value range is 29.31-33.74 yuan, which is rated as "better than the big market".
Risk tips: market expansion is not as expected, downstream demand is not as expected.