Join hands with the Institute to speed up the forward-looking research of the industry, set up the Wantong Communication Research Institute to introduce important expert resources, and build a new driving force for development: on June 9, according to the official website of Wantong Development, Wantong Development was officially invited to become the executive vice chairman of the Institute. Jointly invest scientific research resources with the Institute in including but not limited to 5G private network scenarios and applications, low-level economic industries Carry out special research on cutting-edge digital economy topics such as satellite and ground-to-air Internet, and actively undertake major projects in the field of digital China construction. At the same time, the Wan Communications Research Institute was established, and scientists with outstanding achievements in Zhou Huan, Wu Hequan, Liu Yunjie, Zhang Ping, Yang Zemin and other related fields were specially invited to form an expert committee to participate in the formulation of medium-and long-term plans and annual construction plans in related fields of Wanzhou Communications Research Institute and Wantong New Development Group, and to organize research on the basic theory, major policies, cutting-edge technologies and other topics of integration and innovation of 5G emerging technologies and application scenarios. To provide forward-looking, high-level decision-making consultation and technical support for the digital transformation of Wantong New Development Group.
Joint venture establishment of Wantong Sheng'an, power satellite Internet: Wantong Development established a joint venture with Datang Yongsheng. Datang Yongsheng business covers mobile communications, digital program-controlled switching, optical communications, microwave communications, data communications, radio spectrum management and other technical fields. At the same time, it also launched the first intelligent satellite terminal in China to support China's independent commercial communication satellite "Tiantong-1". Combined with the industrial resources of Datang Yongsheng, Wantong Sheng'an will revolve around industrial opportunities in the field of wireless communications. explore 5G base stations and satellite Internet, and promote the strategic transformation of the digital economy. Phased array technology is one of the key technologies in the development of 5G communication. With the arrival of the development wave of Leo satellites, phased array antennas will be widely used.
The strategic contraction of traditional business will steadily promote the formulation of a clear plan: the strategic contraction of traditional business will help to adjust the asset structure, invigorate existing assets and improve the utilization rate of funds. In order to speed up the implementation of the established policy of the company's board of directors on the strategic contraction of the traditional real estate business, and to ensure large-scale financial support for the company's future transformation, the management of the company formulated a liquidation plan for the traditional real estate development business. at the same time, the board of directors examined and passed the "proposal on opening a special capital account in Industrial and Commercial Bank of China" to set up a special capital account for the settlement of traditional business.
Profit forecast and investment rating: the current strategic transformation is progressing steadily, so we maintain the 2022-2024 return net profit of 211 million yuan, 243 million yuan and 285 million yuan respectively, corresponding to the PE valuation of 103X/90X/76X, we continue to be optimistic about the strategic transformation of Wantong development, urban renewal and digital economy business led to the overall performance steadily upward, maintaining the "buy" rating.
Risk hint: the progress of strategic transformation is not as expected; the progress of the project is not as expected.
