The performance has achieved substantial growth. The company released its 2019 results, KuaiBao, with an annual income of 3.299 billion yuan, an increase of 3.77 times over the same period last year, and a net profit of 831 million yuan, an increase of 125.40 times over the same period last year.
The income of Q4 in a single quarter was 2.17 billion yuan, an increase of 6.38 times over the same period last year, and the net profit of returning home was 702 million yuan, an increase of 30.18 times over the same period last year.
For the whole year, ETC business increased by more than 8 times. Benefiting from the comprehensive promotion of the cancellation of highway provincial toll stations across the country, and the transportation department vigorously promoting the popularization of ETC construction, the company's overall revenue increased significantly compared with the same period last year. ETC electronic tags (OBU) shipments increased significantly compared with the same period last year, while roadside antenna products (RSU) have completed project construction and acceptance delivery, driving ETC business revenue to increase significantly by more than 800% over the same period last year.
Take the lead in the intelligent transportation industry, with both short, medium and long logic. Autopilot in China, the road end is no less important than the vehicle end, and the road transformation is the implementation of LTE V2X and the future 5G V2X standard. After the transformation of the road network, the informationization and digitization of the road end and the vehicle end will implement the same standard, so as to reduce the difficulty of automatic driving and facilitate the realization of vehicle-road coordination. As a leader in the intelligent transportation industry, the ETC business performance at both ends of the company's cars and roads is both explosive and sustainable. At the same time, the company is also the forerunner of the intelligent network era, successfully launched V2X + lidar vehicle-road coordination program, leading the maturity industry. The overturning accident in Wuxi viaduct sounded the alarm, and the dynamic weighing business has a broad prospect. 1) in the short term, the Ministry of Communications requires an ETC OBU penetration rate of 80% in 2019, driving the company's performance to explode. In the medium term, we are optimistic about the post-ETC application market of the company. After the 312 accident in Wuxi, the national out-of-limit control is strict, and the weighing business is expected to achieve high growth. 3) in the future, 5G V2X vehicle networking relay has a broad market space, and the company is in the lead in the layout of C-V2X intelligent network base station and lidar, aiming at hundreds of billions of markets.
Investment suggestion: the company's income from 2020 to 2021 is expected to be 5.79 billion yuan and 7.296 billion yuan respectively, and its net profit is 1.042 billion yuan and 1.43 billion yuan respectively, corresponding to EPS 9.47 yuan and 13.01 yuan respectively, corresponding to PE 9 times and 6 times respectively, maintaining the "Buy-A" investment rating.
Risk hints: uncertainty of 5G-V2X technical solutions and applications; high collaborative complexity of the industrial chain; pressure on the supply of the industrial chain caused by the outbreak of demand; and intensified market competition.
