Deeply engaged in the field of digital television, the three major business sectors lead the development of digital technology is the leading domestic digital TV software and system provider, digital TV overall solution provider. At present, the company's business mainly includes intelligent radio and television, telecommunications technology, financial technology three major sectors, in addition to the company is also involved in customized demand business and film and television media business. As an important domestic digital TV software and system, digital TV overall solution provider, the company's products include EMR, triple play modulation solution IPQAM, cloud transcoding solution, emergency broadcasting solution, terrestrial digital TV solution and so on. In recent years, with the rapid development of 5G construction and the UHD video industry, the company continues to enhance its innovation and R & D capabilities, independently develop UHD video products and solutions, and accelerate the landing of applications in order to consolidate its market leading position.
Benefiting from the outbreak of UHD dividends, efforts have been made to build a complete series of radio and television business products of the radio and television ecological company, including the radio and television bureau side, the radio and television network company side, the television station side and the industrialization of new technology. With the outbreak of dividends in the ultra-high-definition industry, the company actively participates in industry standard-setting and technology iteration. In terms of business, the company spares no effort to lay out 5G + UHD business to provide technical guarantee for UHD audio and video to cover the coding, modulation, distribution, demodulation and decoding process, and to promote the landing and implementation of industry technology. In the first half of 2020, when the world was hit by the COVID-19 epidemic, the company quickly adjusted its business strategy and improved its emergency response and management system. Continue to develop the layout of radio and television ultra-high definition, radio and television signal encryption, radio and television satellite signal transmission, intelligent radio and television, radio and television + live broadcast and other industries.
Speed up the expansion of business boundaries and lay out multiple development channels of the company
In recent years, the Internet financial business policy is tightening. In the case of limited financial business development, the company actively responds to the national cross-border trade policy, seizes the overseas cashless payment market, and accelerates the payment business to go to sea. After obtaining the qualification of cross-border RMB payment exhibition industry, the company actively develops overseas markets with the strategy of realizing the globalization of payment business. At present, it has set up digital video American holding company and digital video international limited company in the United States and Hong Kong, China respectively. In addition, the company actively arranges customized business and film and television cultural business for national security, speeds up the expansion of business boundaries, and broadens the company's diversified development channels.
Investment advice: cover for the first time and give an "overweight" rating
We estimate that the operating income of the company from 2020 to 2022 will be 906 million yuan, 1.627 billion yuan and 2.285 billion yuan respectively, the net profit will be 33 million yuan, 160 million yuan and 240 million yuan respectively, the EPS will be 0.02,0.11,0.17 yuan respectively, and the PE of the corresponding stock price will be 238,48,32 times respectively. Coverage for the first time, giving a "overweight" rating.
Risk hint
Policy change industry cycle risk; reserve technology and other commercial risk of failing to achieve the desired target
