Incidents:
[2t0A2B3LE year_S1U2M MA1ry1] On the investor interactive platform, the company stated that based on Open Harmony's development of ultra-high-definition scene products around the home, the company currently has terminal equipment products such as development boards, distributions, Hongmeng smart set-top boxes, and Hongmeng smart cameras.
Comment:
Using the “Hongmeng” system as the cornerstone, it is driven by smart terminals. Using Open Harmony as the technology base, the company has now developed smart terminals and communication module products such as cameras, ultra-high-definition video operating systems, NB-IoT modules, smart set-top boxes, smart door locks, etc., to provide customers with a simple, smooth, safe and reliable full-scene interactive experience, and already have the ability to implement applications. As domestic demand for localization increases and the promotion of “Hongmeng” related applications gradually penetrates into various industries, the company's leading edge on the “Hongmeng” circuit will gradually be transformed into product competitiveness. The company increased investment in the vertical industry and signed strategic cooperation agreements with companies such as iFLYTEK, Runhe Software, Saitech Intelligence, Kaihong Zhigu, Dongfeng Electric Drive Systems, etc., to complement each other's strengths with partners, and continue to make efforts in the direction of intelligent voice systems, robot manufacturing, automobile system Hongmeng, domestic Xinchuang products, and improving the open source Hongmeng ecosystem.
Respond promptly and effectively to customer needs and have strong supply chain management capabilities. The company's main business is research, production and marketing of smart terminals, communication modules and industry application solutions. It mainly targets the operator market. Its products include smart terminals such as set-top boxes, home gateways, and routers. The company actively grasps customer needs and has a comprehensive marketing team across the country to cooperate in the development of customized products to meet different needs and promote the penetration of the company's products to end users. For raw materials, devices and software technology required for production, the company has comprehensive supplier resource integration capabilities, and stable supply chain management capabilities are one of the company's core competencies.
It has been deeply involved in the industry for many years and has a high level of brand recognition. The company focuses on the operator market and has established stable cooperative relationships with local operators. Operators have high qualification requirements for suppliers in procurement tenders. They focus on evaluating the supplier's historical operating data and business performance. The company has cooperated in depth for many years and has received wide recognition and high brand awareness. A first-mover advantage and high brand recognition will help the company open up room for growth.
First coverage, with an “increase in holdings” rating: The estimated revenue for 2023-2025 is 24.70 billion yuan, 29.50 billion yuan, and 4,020 million yuan, and net profit to mother is -0.12, 1.33, and 267 million yuan, respectively.
Risk warning: Competition in the industry intensifies, and profit forecasts and valuations fall short of expectations