Guide to this report: Build a 5G site resource pool to preempt future network maintenance; gradually promote artificial intelligence applications based on communication resource business and combined with fintech. Key investment points: Profit forecast and investment advice: The corresponding net profit of Zhongjia Bochuang in 2018-2020 is 289 million yuan (+26.20%), 399 million yuan (+38.06%), and 490 million yuan (+22.91%), respectively. EPS was 0.43 yuan, 0.60 yuan, and 0.73 yuan respectively, and the corresponding PE was 26 times, 19 times, and 15 times, respectively. Considering that the market share of Zhongjia Bochuang's intelligent information transmission business continues to increase, the communication network maintenance business is expected to continue to advance due to the impact of 5G construction. We gave Zhongjia Bochuang a 30 times PE value in 2019, with a target price of 18 yuan. The company focuses on three major industries: seizing 5G sites, building a site resource pool, and publishing the first in the field of communication network maintenance; based on the rapid development of mobile payments, using its own communication resources to gradually participate in artificial intelligence applications, fintech business efficiency is expected to be greatly improved; as the number one enterprise SMS service provider in China, actively lays out scenario applications, and profitability is expected to increase dramatically. Customers are stable and market share continues to expand: in the field of communication network maintenance, customers are mainly the three major mobile operators and China Tower, and customer channels are stable; corporate SMS customers are mainly government and large enterprises, and the market share is steadily increasing; at the same time, the company is actively expanding new businesses in the fields of financial service outsourcing and Internet software development and application, continuously increasing revenue. Catalysts: The number of enterprise SMS services continues to increase, and the company's market share continues to increase; based on 5G construction, operators increase network maintenance expenses; financial services outsourcing business is developing smoothly. Risk warning: The gross margin of the SMS business declined; the increase in operators' spending on 5G-based construction fell short of expectations; and the financial services outsourcing business market fell short of expectations.
中嘉博创(000889):吴鹰系重点战略布局未来 5G站址运营和金融科技下的人工智能应用
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