What happened: Meanson released its three-quarter 2023 report that the company's revenue in the first three quarters of 2023 was 296 million yuan, up 25.78 percent from the same period last year; the net profit of returning to its mother was 35 million yuan, up 42.81 percent from the same period last year; the company's revenue in the third quarter of 2023 was 94 million yuan, an increase of 10.80 percent over the same period last year, and its net profit was 7 million yuan, an increase of 6.49 percent over the same period last year.
Chongqing Zhi and Wushi Technologies, a participating subsidiary, plans to launch a satellite communication terminal and has invested resources to try to cut into the satellite Internet business. According to the investor question and answer section of the Wind platform, the satellite communication terminals to be launched by Chongqing Zhiwu Technology, a subsidiary of Mayansen, can be used in environments that can not be effectively covered by surface communications such as ocean, desert and mountain areas, and can adapt to moving targets such as ships, special vehicles and single bearings. they can also be used in fixed installation scenes such as mines, field scientific research bases, families, etc. And according to the company has obtained the "value-added telecommunications business license" to provide customers with relevant satellite communication services. In addition, Chongqing Zhiyun Technology Co., Ltd. has the core technical capabilities such as sparse phased array algorithm, and has invested some manpower and material resources to carry out related research and development and trial production in satellite baseband, satellite antenna, on-board power supply and so on.
Deep ploughing smart mining business, a number of blockbuster new products were released in the third quarter of 2023: according to the official account of Mayanson Wechat:
1) on July 21, 2023, Meansen Mine disaster Prevention and Control system was released. The system can obtain all kinds of mine monitoring in real time based on the Internet of things technology, and build disaster models based on big data, two-dimensional and three-dimensional GIS technology, so as to realize dynamic simulation, prediction and early warning analysis of underground gas, water disaster, dust, roof pressure, fire and rock burst.
2) on August 30, 2023, Mayanson SiePA equipment fault intelligent diagnosis system was released. Through real-time online monitoring and early warning analysis, the system can predict whether the equipment will be abnormal 25 days in advance. 3) on September 29, 2023, Meanson Intelligent Mine Integrated Management and Control platform was released, which deeply integrates cutting-edge technologies such as cloud computing, big data, Internet of things, artificial intelligence, mobile communication and automatic control with mine production technology to create a comprehensive SaaS application platform.
Meanson's fee control has achieved initial results, and the level of net interest rate has increased. In the first three quarters of 2023, the company's sales expense rate was 16.24% (yoy-1.77pct), R & D expense rate was 8.71% (yoy-1.24pct), and management expense rate was 6.54% (yoy-0.58pct). Driven by the optimization of expense rate level, the company's gross profit margin was 42.22% (yoy-0.75pct) and net profit rate was 12.00% (yoy+1.71pct) in the first three quarters of 2023.
Investment suggestion: as the core tool of sustainable coal production, smart mines shoulder the important mission of steady supply of coal production capacity in China. The high demand of downstream customers + the establishment of industry standardization + the long-term high attention to the policy is continuing to determine the high prosperity of the industry, and the company, as the industry leader, is expected to continue to benefit. In addition, the company plans to cut into the satellite Internet track or bring a new performance increment. It is estimated that the company's revenue from 2023 to 2025 will reach 5.68,8.84 and 1.427 billion yuan respectively, with a net profit of 0.61,0.97 and 155 million yuan, corresponding to the PE multiples of 67X, 42x and 26x, maintaining the "recommended" rating.
Risk hint: the promotion of smart mines is not as expected, and the promotion of satellite Internet business is not as expected.