1. The domestic mine monitoring navigator enjoys the technological advantages of the Internet of things, and the business is gradually extended to the field of municipal and environmental protection. Meanson is a high-tech company with complete technology chain and product chain of technology, product, data processing and application services, and ITSS (Information Technology Service Standard) operation and maintenance capabilities, mainly providing "Internet of things + security emergency, mining, municipal, environmental protection" overall solution and operation and maintenance services in the field of security.
The company is mainly engaged in intelligent sensing business, gradually extending the risk management experience accumulated in mine perception to 1) urban municipal facilities management and 2) environmental monitoring with water and special air pollution (VOC, PM2.5) monitoring as the core.
two。 With the expansion of mine monitoring into smart mines, the entry of giants is expected to drive the traditional business into a new round of growth cycle. Since the establishment of the company, the main business is coal mine safety production monitoring equipment and a complete set of safety guarantee system. The prosperity of the downstream coal industry is the "barometer" of the coal mine monitoring industry. At present, with the completion of the supply-side reform of the coal industry, the demand for coal safety monitoring equipment in high-quality coal mining enterprises continues to rise to drive the growth of the coal mine safety industry. On the other hand, mine safety business has gradually expanded to smart mines, and the scope of business has expanded from coal mines to the whole mine. In 2021, 100 primary intelligent demonstration coal mines will be built nationwide, and giants such as Huawei and BABA will join the bureau to promote the application of 5G, cloud computing and other technologies in the field of smart mines, which is expected to drive a new round of development of mine intelligence.
3. Smart city construction is expected to become an important direction of new infrastructure, a number of cooperation have been landed, smart city business is expected to accelerate the growth. In China, the population density and urban density are high, and the construction efficiency of smart city is high. Taking into account the adverse impact of the COVID-19 epidemic, the domestic smart city project is expected to accelerate the landing. Since 2015, Mayanson has successively landed a number of cooperation agreements with dawning, China Telecom Corporation, ZTE, founder International, etc., to break through the technology chain related to the smart city, and the multi-year layout is expected to gradually enter the harvest period.
4. Investment rating and valuation: we expect the company to achieve revenue of 397 million yuan, 567 million yuan and 782 million yuan in 2020-2022, net profit of 48.39 million yuan, 69.87 million yuan and 84.62 million yuan, respectively, EPS of 0.29 / 0.42 / 0.5, corresponding to PE of 40-28-23, considering the company's breakthrough in the field of coal testing, the project landing advantage is gradually highlighted, covering for the first time, giving the company a "recommended" rating.
5. Risk hint: the prosperity of the coal industry is not as good as expected; the company's smart mine business expansion is not as expected; smart city and environmental protection business orders are not as expected.
