数字人民币加速推广，公司智能卡等相关业务有望深度受益。2020 年数字人民币试点测试以来，应用场景和商业模式不断完善，数字人民币钱包可分为软钱包和硬钱包，软钱包以人行数研所APP 和银行APP 为主，硬钱包为具有硬件安全单元介质的数字人民币载体。公司数字人民币硬钱包及发行系统项目部分产品已进入小批量量产阶段，包括可视智能卡产品、一卡通智能穿戴等产品，伴随行业加速渗透该业务有望快速增长。Incidents:
The company announced its 2023 annual performance forecast. It is expected to achieve net profit of 147-184 million yuan for the whole year, an increase of 60%-100% over the previous year; it is expected to achieve deducted non-net profit of 1.30-166 million yuan, an increase of 50%-90% over the previous year. Q4 Looking at a single quarter, net profit attributable to mother was RMB 0.26 to 62 million yuan, and net profit to mother was RMB 31 million for the same period in 2022.
The company increased investment in technology to improve technical efficiency, increase overseas business promotion, and greatly improve profitability. During the reporting period, the company achieved a sharp increase in performance mainly due to two aspects: in terms of overseas business, 2023H1 achieved revenue of 288 million yuan, +47.95% over the same period; successfully developed 7 new customers in the telecommunications, finance and Internet of Things fields, accelerated overseas implementation of products such as 5G-SIM cards and EMV cards, and improved diversified development capabilities. The company insists on increasing overseas business development efforts and optimizing overseas product structures to achieve business revenue growth. In terms of secure connectivity and secure platform business, the company continues to increase investment and promotion, and the company has successively achieved breakthroughs in the fields of the Internet of Things, energy, and the Internet of Vehicles. In the field of IoT communication connectivity: The company successfully broke through mainstream manufacturers, and eSIM products achieved batch supply of smart watches, POS machines, CPE and other devices; energy sector: shortlisted gas meter security chip projects to provide IoT security control platforms for power grids; Internet of Vehicles: Cooperation with many car companies on security chip projects has been reached, and the company's profitability continues to increase.
The promotion of digital yuan is accelerating, and the company's smart card and other related businesses are expected to benefit deeply. Since the digital yuan pilot test in 2020, application scenarios and business models have been continuously improved. Digital yuan wallets can be divided into soft wallets and hard wallets. Soft wallets are mainly apps from the People's Bank of China Digital Research Institute apps and bank apps, and hard wallets are digital renminbi carriers with hardware security unit media. Some products of the company's digital renminbi hard wallet and distribution system project have entered the small-batch mass production stage, including products such as visual smart card products and one-card smart wearables. The business is expected to grow rapidly as the industry accelerates its penetration.
Profit prediction and investment advice: The company is a leading digital identification, data security management and smart card manufacturer in China, and is optimistic about the company's rapid expansion in new fields such as IoT security and digital yuan.
The company is expected to achieve operating income of 1,508/17.89/ 2.145 billion yuan in 2023-2025; realized net profit of 1.48/ 1.76/ 218 million yuan respectively; and EPS of 0.25/0.30/0.38 yuan/share, respectively, maintaining a “buy” rating.
Risk warning: Market competition intensifies; product development falls short of expectations, etc.; performance forecasts and valuation judgments fall short of expectations.
