公司中选中国移动5G 阅信终端解析能力合作伙伴，中标份额符合预期。8 月17 日，中国移动公开招募5G 阅信终端解析能力合作伙伴，计划分5 个服务包（华为、小米、OPPO、VIVO、其他终端厂商）引入第三方合作伙伴，服务周期为自合同签订生效之日起2 年。9 月6 日，中国移动对此招募中选候选人进行公示，梦网科技分别中选华为包100%份额和小米包70%份额。剩下三个服务包均无中标候选人，根据此前招募方案，后续将再次开展这三个服务包招募。此次梦网科技中选中国移动5G 阅信终端解析能力合作伙伴，中标份额符合此前预期，公司核心受益运营商商用5G 阅信的逻辑得到进一步增强，公司未来收入和业绩的确定性进一步提升。Items:
On Sept. 6, China Mobile Limited issued an announcement on its Internet capability open platform, announcing the recruitment of successful candidates by 5G reading terminal resolution partners, including 100% share of Xuanhua package and 70% share of XIAOMI package in Meng.com Technology.
Comments:
The company selected China Mobile Limited 5G reading terminal analysis ability partner, the winning share is in line with expectations. On August 17, China Mobile Limited openly recruited 5G reading terminal resolution capability partners and planned to introduce third-party partners into five service packages (Huawei, XIAOMI, OPPO, VIVO and other terminal manufacturers). The service period is 2 years from the effective date of the contract. On September 6, China Mobile Limited made a public announcement on the recruitment of successful candidates. Mengwang Technology won 100% of Mengwu and 70% of XIAOMI. There are no successful candidates for the remaining three service packages, and recruitment for these three service packages will be carried out again in accordance with the previous recruitment programme. This time, Mengwang Science and Technology selected China Mobile Limited 5G reading terminal resolution partner, the winning share was in line with previous expectations, the logic of commercial 5G reading of the company's core beneficiary operators was further enhanced, and the certainty of the company's future revenue and performance was further enhanced.
5G reading is expected to become an important starting point for operators to increase short-term MMS, and 5G reading and parsing services are expected to start quickly, bringing high performance flexibility for the company. Under the background of the current pressure on short MMS business, operators urgently need to launch new products with higher value to drive short MMS revenue, considering that the marketing value of 5G reading is gradually recognized by B-end customers, such as Guangfa Bank, Gansu Bank and other big B customers have begun to purchase 5G message resolution services, 5G reading is expected to become an important starting point for operators to increase short MMS revenue, and the broad market space for 5G reading will be released. China Mobile Limited's completion of the recruitment of 5G reading terminal resolution partners marks the completion of the final closed loop of the business process of 5G reading products of the world's largest operator. we believe that the three major operators, especially China Mobile Limited, will enter an accelerated period in the commercial promotion of reading letters, and the certainty of 5G reading will be further enhanced, which is expected to be continuously promoted by operators. The 5G letter reading and parsing service with higher commercial value will start in quantity quickly. As the cooperation mode between the company and operators is to pay for the resolution capability of 5G reading terminals on an article-by-article basis, with the formal promotion of commercial 5G reading by operators, its transmission volume is expected to increase rapidly from scratch, and it is expected that the performance brought about by the company's analytical capabilities will also show high flexibility.
Meng.com Technology has a broad development space in the field of 5G reading terminal analysis, and continues to be optimistic about the growth of the company.
As the leader of traditional SMS, the company complies with the development trend of 5G news and quickly cuts into the 5G message industry chain. at present, it is the only enterprise in the market that provides letter reading and analysis services for all three major operators at the same time, and has reached cooperation with Huawei, XIAOMI, OPPO and VIVO to support more than 800 million terminal coverage and online operation, forming an exploration and layout with many upstream and downstream enterprises. At the same time, the company signed a Pangu model cooperation framework agreement with Huawei to actively create "AI+5G messages", further explore the potential of the combination of message service scenarios, and create intelligent message service solutions for customers, which is expected to continue to improve the company's profitability. Considering the company's core technical capabilities in the field of information and its solid cooperative relationship with operators, terminal manufacturers and other relevant parties in the industry, we believe that the company has obvious competitive advantages and is expected to continue to benefit from the follow-up development of message business.
Profit forecast, valuation and investment rating. Benefiting from the further improvement in the certainty of 5G letter reading, the company's 5G rich media news business is expected to develop rapidly with high certainty and high growth in revenue and profit. We expect the company's operating income to be 54.89,67.75 and 7.772 billion yuan respectively from 2023 to 2025, and the net profit belonging to the parent company is 2.15,4.82 and 635 million yuan respectively, corresponding to EPS 0.27,0.59 and 0.78 yuan respectively, maintaining a "strong push" rating.
Risk Tip: operator SMS prices continue to rise, poor management led to the continuous provision of goodwill, asset impairment provisions, 5G news and other new business promotion is not as expected.
