21 year-on-year revenue growth, performance in line with expectations, maintain the "buy" rating company announced 22 January to February 22 operating results, is expected to return home net profit is expected to increase by more than 40%. At the same time, it also announced KuaiBao's performance in 2021, with a revenue of 3.59 billion yuan in 21 years, an increase of 48.99%, a net profit of 290 million yuan (basically in line with our expectations of 293 million), an increase of 37.77%, and a non-return net profit of 270 million yuan, an increase of 31.7%. The increase in performance is mainly due to the substantial increase in the size of the company's smart family business orders. Taking into account the company's smart family and other business orders intensive landing, business growth is expected to continue, we raise the smart family business income forecast, the company is expected to return home in 22-23 net profit of 425 million yuan 503 million, 22 years than the company Wind consensus expected average PE 15.5X, considering the effective promotion of 5G business, as an important member of the operator meta-universe ecology, given 2022 19X PE, the target price of 57.76 yuan, to maintain the "buy" rating.

From January to February of 22 years, the net profit of returning home increased by more than 40%. The company with intensive orders for smart families announced its operation in January and February of 22 years. It is expected that the net profit of returning home will increase by more than 40%. The total amount of new bids for smart family business is expected to be about 881 million yuan (including tax). The company's smart family business takes the construction of the intelligent family ecological industry chain of "terminal platform + content application" as the core, and achieves high-speed development under the high-speed development of "double gigabit" network. By the end of the 21st, the total order amount of the company's smart family business is expected to reach 8.8 billion yuan, and the unlanded order size is more than 5 billion, which is expected to support the follow-up growth of the company's smart family business.

21Q4 revenue increased by 45.95% 5G and Yuan Universe Business layout Promotion in a single quarter, 21Q4 achieved a revenue of 1.08 billion yuan, an increase of 45.95%, and a net profit of 46 million yuan, an increase of 24.32%. Through a fixed increase of 585 million yuan, 21Q4 will focus on expanding 5G wireless access network core products, new generation receiving network products, R & D center construction and supplementary liquidity. The company won the bid on February 21 and the provincial and municipal companies of the Mobile Group signed multi-band (including 700m) antenna products (514 million yuan), which will further help the company to open up 5G communication business in the future. At the same time, in the past 21 years, the company has reached strategic cooperation with China Mobile (Jiangxi) Virtual reality Technology and Da Valve Robot in the fields of VR/AR, robot meta-universe, AI and digital twins to expand the layout of meta-universe.

Smart family & 5G equipment business drives growth, meta-universe layout can be expected, maintain "buy" rating companies to carry out business around operators' terminals and content applications, and build a smart family ecological industry chain of "terminal + platform + content application". The long-term cooperation with operators and the continuous improvement of business strength have continuously helped the company to improve the scale of bid-winning orders and business scope, and the 22-year business growth trend such as smart families is expected to continue. We increase the smart family business income, adjust the company's 22-23 year return net profit forecast to 4.25 / 503 million yuan (the previous value is 3699 million), 22-year comparable company Wind consistent expectations of the average PE 15.5X, considering the effective promotion of the company's 5G business, as an important member of the operator meta-universe ecology, give the company 19X PE, the target price of 57.76 yuan (the previous value of 71.04 yuan), to maintain the "buy" rating.

Risk hint: the construction progress of 5G is lower than expected, and the technology bottleneck related to meta-universe.