Events:
On January 31, 2023, the company issued an annual performance forecast for 2022. It is expected that the net profit of 2022 will turn from a loss to a profit of 11450 million yuan, deducting non-return net profit of 0.75-112.5 million yuan, and basic earnings per share of 0.13Mel 0.195 yuan per share.
Event analysis:
1. The high performance of telecom's overseas business has led to a significant increase in the overall profitability of the company.
The company has adhered to the direction of international development for a long time, providing diversified system solutions to overseas customers around the three major businesses of wireless coverage, wireless network and wireless security, and has provided services to customers in more than 30 countries and regions around the world. and in Asia, North America, Australia, Europe and other places about 200 cities to lay the "information highway". Relying on the company's strategic layout of overseas markets, R & D investment and channel construction over the years, the ratio of overseas revenue to communications business has increased from 10% in 2019 to 33% of H1 in 2022 in the first three quarters of 2022. The company's overseas income reached a record high, an increase of 108.47% over the same period last year. Benefiting from the increase in the gross profit margin of overseas communications business and the increase in the exchange rate of US dollars for export products into RMB due to the higher exchange rate, the overall profitability of the company's communications business has increased significantly. The gross profit of 2022H1 communications business has accounted for about 74% of the company's total business gross profit, and the company's overseas business performance is expected to continue to increase in 2022.
two。 The scale effect of communication operation business has increased, and new business type has become a firm profit maker of the company.
5G infrastructure construction and operation business (communication tower) and satellite communication operation business are the core of the company's communications operation income. In 2022, the company invested 450 million yuan to raise funds for the construction and development of communication towers. In the first three quarters of 2022, revenue reached 56.9684 million yuan, an increase of 81.07 percent over the same period last year. Satellite Communications sector, a subsidiary of Triton, has cumulatively provided broadband Internet access to thousands of small satellite stations around the world, and successfully completed the test of the ship-side information solution of the integration of satellite and 5G in August 2022 to speed up the research and development of intelligent ship products. Based on the gradual increase of the company's communication tower site resources, the continuous improvement of sharing rate and scale effect, and the continuous research and development of intelligent ship products, communications business has become the company's main source of profit, and the company's communications revenue and profits for the whole year of 2022 are expected to continue a high growth trend.
3. Changes in accounting subjects such as impairment of goodwill and compensation for accounts receivable have a positive impact on the company's profits. In 2021, the company's impairment provision for the goodwill of science and technology of Juwang, a subsidiary, was as high as 798 million yuan, resulting in a large loss in the company's performance in 2021. By contrast, the company's impairment of goodwill fell sharply in 2022. As of January 31, 2023, due to the uncertainty of Giant net Technology's annual results in 2022, the company is expected to have little or no impairment of goodwill for the whole year 2022. In addition, according to the "performance reward and compensation Agreement" signed by the company earlier, the company will receive the compensation obligation of the performance commitment compensation obligor to Juanwang Technology's accounts receivable of 15.31 million yuan in 2022, which is expected to have a positive impact on the company's annual net profit.
Investment advice:
The company has formed a dual-main business pattern of communications business and Internet advertising media business. with the continuous construction of 5G and the rapid development of satellite communications, the company's communications business has ushered in a boom cycle. Juwang Technology, a subsidiary of the Internet media plate, will continue to maintain close cooperation with head media and have a broad space for growth in the future. We predict that the total revenue of the company from 2022 to 2024 will be 116.44 yuan 131.32 billion yuan, an increase of 13.45% 12.78% 12.25% over the same period last year, and the company's parent net profit will be 1.29pm 1.79max 2.18 yuan respectively, with a "recommended" rating.
Risk Tips:
Overseas market demand is not as expected; business development is not as expected; order delivery progress is not as expected.
