Event: China Mobile Internet released the "5G Reading Terminal Resolution capability partner recruitment announcement of successful candidates", and Meng.com Science and Technology won most of the bid.

Our comments are as follows:

5G Reader Partners were recruited and landed, and the company got 100% and 70% share in Huawei and XIAOMI packages. China Mobile Internet released the "announcement of successful candidates recruited by 5G Reader Terminal Resolution capability Partners". In the election, 1) Huawei package: Meng.com Technology share 100% 2) XIAOMI package: Meng.com Technology share 70%, create Lanyunzhi (unlisted) share 30%. 3) OPPO package: none; 4) none VIVO package: 5) other packages: none. Prior to this, China Mobile Internet issued a "recruitment announcement for partners with the resolution capability of 5G reading terminals". As a falling form of 5G messages, 5G reading automatically obtains the link content of short messages audited and managed by operators through the terminal. to achieve multimedia content transmission and a new type of message product based on button and fixed menu click interaction. Number of service packages: recruit the terminal resolution capability services provided by Huawei, XIAOMI, OPPO, vivo terminal manufacturers and their systems and platforms separately, and other terminal manufacturers recruit a total of 5 service packages as one service package.

Layout AI application field, combined with its own advantages of enabling business development company as the leader of 5G rich media messaging business, based on NLP, combined with cloud graphics, voice recognition and other technologies, to create an one-stop, intelligent 5G messaging convenient service with chatbot as the carrier, with complete technical capabilities, independent intellectual property rights, and intelligent robot application scenarios based on enterprise customer needs and individual user interaction habits. In the aspect of chatbot robot, compared with the hot ChatGPT abroad, it is only the difference of technical implementation scheme, and the company also studies the modular integration method at the same time, which can realize the rapid import of customers' existing robot business and realize resource sharing. The company's AIM message provides customers with strong display and tracking capabilities of thousands of people and thousands of people. Customers can realize personalized scene marketing and service through their own data mining, which is a natural AI application entrance for customers in the field of service marketing. At the same time, Mengwang has created and launched a customer-side privatized data and AI platform, based on which customers can quickly connect their internal applications, achieve data mining, customer portraits, and accurately distribute a package of business upgrades. At present, the company has signed a business cooperation framework agreement with Huawei Yunpan ancient model, and the company combines Pangu model to create "AI+5G message", further explore the potential of the combination of message service scenarios, and create an intelligent message service solution for customers.

The development of the 5G news industry continues to advance, and the company's competitive advantage is expected to be significant in the future. On July 19, the Ministry of Industry and Information Technology publicly solicited opinions on the notice on strengthening end-to-end network cooperation to assist the development of 5G news scale (draft for soliciting opinions). Among them, it is pointed out that mobile phone manufacturers have completed the planned 5G mobile phone system design and function upgrade in accordance with 5G message related industry standards and network access detection standards. After the end of the transition period, 5G mobile phones newly applied for network access permits by mobile phone manufacturers are required to support 5G messages, accompanied by relevant network access detection reports. For 5G mobile phone models that have applied for access to the network before the end of the transition period, qualified mobile phone manufacturers are encouraged to implement 5G message function support through product system upgrades. The company's cloud communication service business has formed a core competitive advantage in terms of technical advantages, customer resources, operator channels and so on. As early as 2018, Meng.com began to lay out video messages, and Mengwang was one of the first companies in the industry to launch commercial video messaging operations. In terms of industry solutions, after nearly five years of deep ploughing, the company has formed a large-scale template accumulation, video messages have covered banks, securities, funds, cars, makeup, clothing, catering, film and television, tourism, aviation, games and other industry application scenarios In terms of customer resources, the company has always adhered to the customer-centered concept. Over the past 20 years, the company has completed the market layout of emerging important industries and customers, such as finance, the Internet, government affairs, public utilities and consumer goods. And establish and maintain close cooperative relations with major customers in the industry In terms of cooperation among terminal manufacturers, in recent years, the company has successively established cooperative relations with well-known terminal manufacturers at home and abroad, such as Huawei, XIAOMI, oppo, vivo, Samsung, Meizu, ZTE and so on, accumulating good advantages for upgrading terminal native basic message services. Based on the core technologies accumulated in the field of communications and terminal services, the company has cooperated with Huawei, XIAOMI, OPPO and VIVO to support 800 million terminal coverage and online operations, forming an exploration and layout with many upstream and downstream enterprises.

Profit forecast and investment advice: as a leading cloud communication service provider in China, the company is not only bigger and stronger in the field of enterprise short messages, but also follows the pace of 5G network construction, laying out 5G messages, cloud communications business covers many areas. With the large-scale promotion of 5G news, Mengwang can quickly transform and upgrade customer demand, relying on its strong technical research and development capabilities and service capabilities, which is conducive to medium-and long-term market expansion. Taking into account that the company's successful selection of mobile Internet 5G credit reading partners is expected to bring significant improvement to the company's business, adjust the company's estimated return net profit for 23-25 to RMB 2.05 million (the original value for 24-25 was RMB 342 million), and maintain the "overweight" rating.

Risk tips: the development of 5G news is less than expected, the risk of policy change of operators, the intensification of market competition, the risk of impairment of goodwill, etc.