充分利用多方优势，开拓多行业多领域应用场景1)扎实的市场基础和稳定的合作伙伴：公司核心客户覆盖七大互联网视频牌照商、国家新闻出版广电总局、省市县级广播电视、中国移动等运营商。2)泛安全行业：公司是国内极少数同时具备“视频编码”与“视觉AI”双引擎技术的企业，已形成成熟的产品及解决方案，并在智慧社会治理、智慧警务，以及金融、能源、轨道交通等泛安全行业客户中应用。3)智能网联汽车：公司聚焦车载智能娱乐座舱方向，充分利用视频技术优势、视频生态优势、视频行业优势，打造面向未来的All-in-One 沉浸式视听娱乐中间件。Main points of the report:
The company, which continues to dig deep into the big video field and gain a leading market position in the domestic video field, was established in 2010 and is located in the big video field, mainly for media culture, pan-security, intelligent Internet-connected cars and other directions. provide intelligent video solutions and video cloud services. From 2016 to 2021, the CAGR of the company's operating income reached 32.73%. The company is deeply involved in the localization process of ultra-high definition software and hardware equipment, "Panwei" series products deeply integrate Huawei "Taishan" series of Kunpeng high-performance processors, realizing the comprehensive localization of encoders from hardware platform, CPU, operating system, database to application software.
Driven by multiple technologies of UHD video + 5G + artificial intelligence, the continuous expansion of UHD video, 5G and artificial intelligence in the field of large video applications is an important development direction of the new generation of information technology. Under the background of the development of 5G and UHD integration, downstream application demand is expected to continue to break out. According to CNNIC's 49th Statistical report on the Development of the Internet in China, by December 2021, the number of users of online video (including short videos) had reached 974.71 million, with a utilization rate of 94.5%. According to the data of iResearch, China's AI+ security software and hardware market will reach 45.3 billion yuan in 2020, and it is expected that China's AI+ security software and hardware market will exceed 90 billion yuan in 2025. AI will begin to infiltrate into the sinking market of public security traffic and long-tail segments of pan-security.
1) solid market foundation and stable partners: the company's core customers cover seven Internet video licensees, the State Administration of Press, publication, Radio, Film and Television, provincial, municipal and county-level radio and television, China Mobile Limited and other operators. 2) Pan-security industry: the company is one of the few companies with dual-engine technology of "video coding" and "visual AI" in China, and has formed mature products and solutions, which are applied in smart social governance, smart policing, as well as financial, energy, rail transit and other pan-security industry customers. 3) Intelligent Internet connected car: the company focuses on the direction of on-board intelligent entertainment cockpit and makes full use of the advantages of video technology, video ecology and video industry to create future-oriented All-in-One immersive audio-visual entertainment middleware.
Profit forecast and investment suggestion
The company provides intelligent video solutions and video cloud services for media culture, pan-security, intelligent networked cars and other fields, with broad room for growth. With reference to the "2022 Annual performance Forecast", the operating income forecast of the company from 2022 to 2024 is adjusted to 4.33,6.07 and 794 million yuan, the net profit is adjusted to-0.92,0.94 and 137 million yuan, the EPS is-1.14,1.16,1.71 yuan per share, and the corresponding PE is-37.94,37.19,25.37 times. Since listing, the company's PE has mainly run between 40 and 120 times, giving a target PE of 50 times in 2023, with a target price of 58.00 yuan. Maintain a "buy" rating.
Risk hint
The risk of insufficient technological innovation and delay in commercialization; the risk of intensified market competition; the risk of raw material price fluctuations; the risk brought by the growth of accounts receivable; the risk of repeated infection of novel coronavirus.
