Embrace the blue ocean of the Internet of things and tap the potential of the "connection of things": Haoyun Technology was founded in 2001 and listed on the gem in 2015. Before 2015, the company mainly engaged in financial security system equipment and system integration business, after 2015, the company took advantage of 5G and the Internet of things to successfully achieve strategic transformation.
At present, Haoyun Technology has become a multi-in-one industry integrated solution provider with low-code Internet of things development platform as the core, intelligent sensing terminal as supporting, and big data operation as service.
The epidemic affects short-term performance and has recovered rapidly since the second half of the year, and the long-term performance growth trend remains unchanged:
Before 2019, the company's revenue and return net profit maintained rapid growth. In 2019, the company achieved revenue of 784 million yuan, up 2.50% from the same period last year, and realized return net profit of 154 million yuan, up 10.13% from the same period last year. Affected by the epidemic in the first half of the year, the slow progress of project acceptance led to a short-term decline in performance, but the company's total orders were less affected, and the company's performance recovered rapidly since the third quarter, taking into account the obvious seasonal characteristics of the company's performance. the fourth quarter is the performance concentration confirmation period, it is expected that the company's Q4 performance will still accelerate the recovery.
Wide space downstream, high-speed growth of the industry Dongfeng: 1) low-code platform, because it can greatly improve the efficiency of application development, it is expected to be used on a larger scale in the era of the Internet of things. 2) in terms of UWB chip, as a new positioning technology in its infancy, UWB has a series of advantages such as high positioning accuracy, strong penetration and anti-interference, low power consumption, a wide range of downstream application scenarios, and a number of consumer mobile phones have been carried out, and the demand is expected to continue to increase. 3) in terms of big data's operation, the company's share of revenue from Ping an City continues to increase, benefiting from favorable policies, and the space downstream of Ping an City and Smart City grows rapidly; at the same time, the company innovates the product system of vehicle big data, which is unique in the field of transportation big data, such as expressway and ETC nuclear fee, and has a significant track first-mover advantage.
Leading technical strength and product advantages lay the foundation for long-term development: in terms of low-code platform, the company has developed Haoyun 4.0 Wisdom data platform with advantages in cost and efficiency; in terms of UWB chips, the company is the third domestic manufacturer to join the FiRa alliance, while looking ahead to lay out the core chip production link, the product positioning accuracy is ahead of the industry. Big data platform, the company's products through big data, face recognition, car face recognition and other five major technologies to establish the competitive advantage of the industry. The company's three major business coordinated development, helping to build a leading manufacturer in the integration industry.
Profit forecast and investment rating: we continue to be optimistic about the growth of the company's industry. It is estimated that the company's operating income from 2020 to 2022 will be 867 million yuan, 1.13 billion yuan and 1.505 billion yuan respectively, and its net profit will be 164 million yuan, 214 million yuan and 283 million yuan respectively, and its earnings per share will be 0.24,0.31 yuan and 0.41 yuan respectively. The PE of the stock price before that is 45 times, 35 times and 26 times respectively. For the first time, coverage gives a "buy" rating.
Risk tips: UWB application promotion is not as expected; business promotion of low-code platform is not as expected; short-term epidemic impact recovery is not as expected.