Cut into the field of smart power to promote the growth of smart hardware
The company's newly developed intelligent lamp and intelligent power supply product line has been affirmed by European customers. In July 2019, the demand for new orders from EGLO customers in the European market increased significantly; in 2019, the company's new high-quality customers in the field of financial technology-Yihua shares, increased significantly in July 2019, tamping the steady growth of the company's intelligent hardware sector performance.
In recent years, the company has been looking for a breakthrough in the upgrading of smart hardware business. In addition to the mature intelligent lighting and intelligent power components, the company's intelligent hardware plate is also constantly promoting the research and development of other intelligent hardware-related components, such as high-power intelligent power supplies, sensors and so on. According to the announcement, the company is actively expanding 5G base station power and other related projects.
In the 5G era, intelligent power applications fully benefit.
The number of power supplies required for 5G small and micro base stations will be greatly increased. In the future, the number of domestic 5G macro base stations is about 1.5 times that of 4G base stations. Considering that the coverage of small base stations to the hot spots of macro base stations is 20% / 50%, the number of domestic 5G small base stations will also reach 9.5 million. According to the usual amount of a new base station to be equipped with a whole set of communication power supply, the scale of base station power market will have explosive growth in the next 3-5 years.
Industry-oriented and capital-oriented
The company continues to extend the industrial chain, making an in-depth layout in the fields of big data and artificial intelligence, which are closely related to the original business, and has invested in a number of high-quality enterprises, such as Maimai Science and Technology, Liudu Renhe, Shunfei Technology, and so on. gradually formed a set of relatively mature investment logic, that is, "investment-driven industry, industry enabling investment".
Investment rating
We estimate that the return net profit of the company from 2019 to 2021 will be RMB 1.201,152max, RMB 188 million, EPS is RMB 0.21max, RMB 0.26max, and the corresponding PE is 36-28-23. The company cuts into the smart power business and opens up a new growth space for the company. At the same time, the company stimulates internal entrepreneurial vitality, the growth rate of financial terminal orders is fast, and the production, investment and research policy is expected to enter the harvest period. we are optimistic about the future development and overall development strategy of the company's smart hardware business, covering and giving "overweight" rating for the first time.
Risk hint
Business development falls short of expectations; profitability falls short of expectations; changes in fair value of investment targets