This report is read as follows:
The inherent advantages of e-commerce and new retail areas continue to strengthen, forming a solid basic market of the company; medical and health, e-government and other emerging areas continue to make efforts, overseas market expansion continues to increase, with great potential for long-term development.
Main points of investment:
Cover for the first time, target price 22 yuan, increase rating. It is estimated that the return net profit of the company from 2021 to 2023 is 1.81,2.65 and 347 million yuan respectively, and the corresponding EPS is 0.55,0.80,1.05 yuan respectively. The company is in a period of rapid expansion, on the one hand, it continues to consolidate its inherent advantages in e-commerce and the new retail industry, and at the same time, it continues to explore new areas such as social health care, accelerating the pace of overseas market expansion, comparing the valuation of the same industry, giving the company 40 times PE in 2021, corresponding to a target price of 22 yuan, covering for the first time and giving an overweight rating.
The rapid development of e-commerce and logistics, the continuous transformation of new retail, the continuous development of channel construction, and the basic stability of the company. The rapid development of logistics and express delivery industry will provide a growing demand for logistics information and related intelligent equipment. New retail continues to transform, intelligent identification, mobile payment, digital currency technology application continues to deepen, the company's bar code reading equipment, intelligent POS terminal market space is broad.
Explore health care, e-government and other emerging areas to create a new growth pole of the company. The company has made important progress in the field of medical and health care and medical informatization. In the future, it will closely follow the trend of medical informatization, gradually implement the strategic layout of smart health care, and the market competitiveness is expected to be further enhanced. China's smart city construction leads the world, the demand and application of products related to "smart public transportation" and "smart government" will increase rapidly, and the company's intelligent terminal products will usher in huge market opportunities.
Speed up the adaptation process of related products and Hongmeng system, and it is expected to introduce a larger Internet of things ecosystem with the help of Hongmeng in the future. The domestic Hongmeng system is being planned to adapt, and some intelligent special printers have completed the adaptation of the Hongmeng system. As the company's related product terminals and systems continue to adapt, it is expected to use Hongmeng to access the larger Internet of things ecosystem and open the product application boundary in the future.
Risk tips: new business progress is not as expected, rapid iteration of technology, intensified market competition, and so on.