The company is the domestic leading cloud network edge full scene products and solution service provider, committed to providing customers with "cloud network edge" integrated software and hardware products and solutions under the intelligent scene. At present, with the rapid development of the Internet of things industry, the new ICT era has produced new changes, new requirements for equipment manufacturers, and take advantage of policy power to open the market. The company relies on multi-scene and multi-type scene product definition capabilities to build a flexible manufacturing + intelligent information system. Products and solutions have been applied to smart education, smart office, new retail, smart finance, smart business show, smart medical care, industrial automation, robots, edge computing, cyber security and big data, and continue to explore new scenes such as smart energy, intelligent transportation, intelligent logistics and so on. In the future, with previous accumulation and continuous R & D, it is expected to become a system-level solution service provider based on self-developed software and hardware products, and create a new ecological pattern of the Internet of things. Combining the absolute valuation method and the relative valuation method, the target price was given 31 yuan, covered for the first time, and given the rating of "increasing holdings".

Zhi micro intelligence: China's leading cloud network edge full scene products and solution service provider. Founded in 2011, Zhi Wei Intelligence is the leading provider of full scene products and solutions on the edge of the cloud network. Guo Xuhui, the director of the company, and Yuan Weiwei, the chairman of the company, hold a total of 71.26% of the shares of the company and are the actual controllers of the company. The company is located in DMS design and manufacturing service provider, with "octopus mode" multi-chain and multi-product line synchronous development, has been able to provide multi-industry, full scene, covering the "edge of the cloud network" one-stop software and hardware products and solutions, won high recognition in the industry. With its excellent technical level and market expansion, the company's performance has maintained steady growth in recent years. From 2019 to 2021, the company achieved revenue of 13.9777 billion yuan, an increase of 9.6%, 38.3% and 39.7%, respectively, compared with the same period last year. The net profit of returning to the mother was 0.89 and 1.46 billion yuan respectively, an increase of 288.1% and 64.5%, 35.4%, respectively.

Industry trend: the Internet of things promotes the arrival of a new ICT era, and the industry ushered in new changes and new needs. Equipment hardware, which carries all the technology and information, is an indispensable part of the ICT industry chain. In the current rapid development of the Internet of things industry, the new ICT era has produced new changes, equipment manufacturers also gave birth to new requirements, and take advantage of policy power to further open the market scale. In all market segments, hardware equipment is an important basis for informatization, so it is possible to look forward to a higher space, such as educational informatization, conference tablets and cloud desktops in office scenes, and other markets have good prospects. the demand for equipment automation is also increasing in retail, financial, industrial and other markets, and high-quality domestic hardware suppliers, including companies, are expected to further occupy a larger share.

Company analysis: to create flexible manufacturing + intelligent information system, a wide range of product line layout. The key for the company to keep up with the market demand and continue to provide high-quality products and services in the new ICT era is to have outstanding core competencies in the industry. It has multi-scene and multi-type scene product definition capabilities and outstanding R & D capabilities. In the upstream and downstream aspects, the company builds flexible supply chains and manufacturing capabilities to ensure supply chain stability and meet more customer needs, while building an intelligent information system. Ensure the rapid response ability of product quality and service.

In terms of layout, the company has laid out in many aspects of the industry, products and programs have been applied to smart education, smart office, new retail, smart finance, smart business show, smart medical care, industrial automation, robots, edge computing, network security and big data and other fields, and continue to explore new scenes such as smart energy, smart transportation, smart logistics and so on. In the future, with recent accumulation and continuous research and development, it is expected to develop into a system-level solution service provider based on self-developed software and hardware products, so as to further expand the core competitiveness and create a new ecological pattern of the intelligent Internet of things.

Risk factors: fluctuating demand in the downstream market, tight supply of major raw materials and rising prices, technological innovation is not as expected, market competition intensifies, fund-raising projects do not meet expectations.

Profit forecast, valuation and rating: we are optimistic about the company's leading position in the intelligent hardware products and solutions of the Internet of things. With the development of the Internet of things industry, the ICT market has entered a new era. The company has multi-scene and multi-type scene product definition capabilities, gradually launched its own brand "JWIPC Smart Micro Industry" in the industrial field, and continues to expand new application scenarios such as robots, smart medicine, and smart energy. Future performance is expected to achieve sustained growth. It is estimated that the company's net profit from 2022 to 2024 will be 1.97 million yuan, respectively, and the corresponding EPS forecast will be 0.80 trillion yuan. The company will be given a target price of 31 yuan by combining the absolute valuation method and the relative valuation method, covering it for the first time and giving it an "overweight" rating.