[matters]
KuaiBao released the performance of Rihai Intelligent. In 2018, the company achieved a total operating income of 4.766 billion yuan, an increase of 59.41% over the same period last year; an operating profit of 175 million yuan, an increase of 103.28% over the same period last year; and a net profit of 155 million yuan, an increase of 51.44% over the same period last year.
[comments]
The company's operating revenue has increased significantly, mainly because the company adheres to the artificial intelligence Internet of things (AIoT) strategy, introduces a large number of AIoT software and sales talents, and achieves business breakthroughs in smart cities, intelligent suites, intelligent logistics and other fields. The company's second generation new smart city solutions are sold in Shanghai, Yan'an, Beijing and other cities, led by the rapid development of AIoT. The business income of the company in the artificial intelligent Internet of things has exceeded the business income of traditional communication equipment manufacturing and communication network engineering services, which has really realized the AIoT strategic transformation of the company. In terms of communication equipment and service business, the company is the long-term partner of the three major operators and China Tower Corporation Company. to provide it with cable broadband / optical fiber broadband network construction solutions and products, mobile broadband / wireless site construction solutions and products and other services, and actively promote the innovative transformation of traditional business, to achieve the intelligence of traditional products, the company won a number of bid operators during the reporting period There has also been steady growth in revenue from the business.
Through acquisition and cooperation, the company has become the world's leading provider of Internet of things communication modules. The company's products cover a full range of 2G/3G/4G wireless communication modules. According to Counterpoint statistics, the company accounted for 15% of global cellular Internet of things module shipments in 2018, ranking first in the world. In addition, the company cooperated with Ella, a cloud platform company of the Internet of things, to establish Rihai Intelligent Ella Internet of things Co., Ltd., laying out the "cloud + end" Internet of things strategy Provide omni-directional, one-stop Internet of things solutions for public utilities, smart city, intelligent manufacturing, transportation logistics, vehicle networking, smart home and other fields.
At present, the global Internet of things market is showing a trend of rapid growth. With the rise of smart home, autopilot, wearable devices and other fields, more and more Internet of things devices will be connected to the network, and the era of the Internet of everything is coming. According to statistics, the industrial scale of the Internet of things in China reached 1.35 trillion yuan in 2018, and it is estimated that by 2020, the overall scale will exceed 1.8 trillion yuan, and with the maturity of 5G technology, the number of connections to the Internet of things in China will reach 5.38 billion in 2025. The improvement of the number of connections will directly drive the growth of the demand for wireless communication modules, and the company, as a leading wireless communication module manufacturer, will usher in the golden age.
Based on the above judgment, we predict that the company's 2020 operating income will be 47.66 soybean 67.53 yuan / 8.573 billion yuan, the net profit of return to the parent will be 1.55cusp 2.58 / 398 million yuan, the EPS will be 0.50 Universe 0.83 Universe 1.27 yuan, the corresponding PE will be 50-30-20 times, and the "overweight" rating will be given.
[risk Tip]
The demand for Internet of things modules is not growing as fast as expected.