The company's "push" products have a high level of competition. Technically, "GE push" products guarantee a good experience for APP users through two major advantages: power saving, traffic saving, resource saving, and high concurrency, high throughput, high speed and high reliability. In the business model, the company is open to developers in a nearly free way, while adding auxiliary modules such as data statistical analysis, so that the push service has the characteristics of "low use cost and high replacement cost" and enhances user stickiness: at present, the "push" SDK has a cumulative installation capacity of 60 billion, which is the cornerstone for the company to obtain huge amounts of data.
Compared with the application of APP, the company has obtained a wider range of big data resources. The developer service with push as the core provides a natural scene for the company to accumulate huge amounts of mobile Internet user behavior data. Because the company's SDK products are accessed by multiple APP on the user's mobile phone terminal, it has become a resident program for a long time, which can maintain a long link with the server and obtain more and more high-frequency user behavior data. As an SDK embedded in various types of APP, big data acquired by the company can obtain more extensive data than APP, a vertical application owned by giants such as BABA and Tencent. Big data has a broad space for realization, and the SaaS model of public service is worth paying attention to. After years of trying, the company has accumulated big data's experience in digital marketing, risk control services, public services and other fields. We believe that the SaaS service model provided by the company in the field of public services deserves particular attention. According to the estimates of customers in four areas, namely, the public security and police department, the development planning department, the medical and health department, and the tourist scenic spot, the short-term business reach space of the company can reach 1 billion. And the company provides services in the SaaS mode, which will greatly increase the company's performance if the penetration is improved.
Investment advice and rating: we forecast the company's annual return net profit in 2020-21-22: 1.39,2.47,376 million, EPS0.35, 0.62,0.94. The company has a unique advantage in the source of data acquisition, and in terms of data realization, public services and other areas can be expanded. Considering the high growth type of the company's performance, we give the company a "buy" rating of 38XPE in 2022 with a target price of 35.7 yuan for the first time.
Risk hint: the push service is replaced by the operating system developer: the increase of false flow of effect advertising leads to the decrease of advertisers; the promotion of government affairs big data falls short of expectations.
