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【信达证券】中威电子:计算机行业

信達證券 ·  Mar 21, 2016 00:00  · Researches

This issue's “Excellent Promotion” package: Zhongwei Electronics (300270). Zhongwei Electronics (300270) (2016-3-18 closing price 14.66 yuan) core recommendation reasons: 1. Highway video surveillance leader. Since its establishment in 2000, Zhongwei Electronics has focused on research and development of security video surveillance transmission technology. Its main products are security video surveillance platforms and front and back ends. Currently, it is a leading enterprise in the field of highway video transmission, with a market share of over 30%. 2. The expansion of business into safe cities and intelligent transportation has achieved remarkable results. Judging from the company's different business revenue ratios in recent years, the company's dependence on the expressway business has declined, while revenue from safe cities and intelligent transportation has continued to increase in the proportion of the company's revenue, indicating that the expansion of the company's main business from highways to safe cities and intelligent transportation has achieved obvious results, and the company's business revenue is expected to continue to grow in the next few years. 3. Take root in highway informatization and enter the field of mobile Internet. In 2014, Zhongwei Electronics and Beijing Zhonghuineng signed a 153 million yuan sales contract, which is equivalent to 128% of the company's 2013 revenue. At the same time, the company is shifting from being a provider of video surveillance solutions to providing Internet services in the field of highways. The company not only established a joint venture subsidiary with China Jiaohui Energy, but also signed a 10-year cooperation agreement with Zhejiang Smart Expressway Service Co., Ltd. at the end of 2014. Simply put, the project is to provide mobile Internet access services for people in motorway cars. Profit forecast and investment rating: We predict that the company's EPS for the next three years will be 0.25 yuan, 0.32 yuan, and 0.41 yuan respectively, giving it an “increase in holdings” rating. Risk warning: gross margin declined, and high-speed mobile wireless broadband Internet project testing fell short of expectations. Related research: “20150605 Zhongwei Electronics: Business Expansion in Advantage Areas and Entering the Mobile Internet”

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