Zhongjia Bochuang (000889): Wu Ying’s key strategic layout for future 5G site operations and artificial intelligence applications under fintech
This report reads: Build a 5G site resource pool, and preemptively lay out the future network maintenance field; based on the communication resource 合肥夜网 business, combine fintech to gradually promote artificial intelligence applications.
Investment Highlights: Profit Forecast and Investment Suggestions: The corresponding net profit of China Jiabochuang for 2018-2020 is 2 respectively.
8.9 billion (+26.
RMB 990,000 (+38.
9 billion (+22.
EPS per share is 0.
43 yuan, 0.
60 yuan, 0.
73 yuan, corresponding to PE is 26 times, 19 times, 15 times.
Considering that the market share of China Jiabochuang’s information intelligent transmission business is constantly increasing, and the communication network maintenance business is continuously affected by the construction of 5G, we give China Jiachuang a 30-fold increase in PE in 2019 with a target price of 18 yuan.
The company focuses on three major industries: preempting 5G sites, establishing site resource pools, and launching communication network maintenance areas first; based on the rapid development of mobile payments, using its own communication resources to gradually participate in artificial intelligence applications, the efficiency of financial technology business is expected to significantly improve;As the domestic first-class enterprise SMS service provider, it is actively deploying scene applications and its profitability is expected to significantly increase.
Stable customers and continuous market share development: The customers in the communication network maintenance field are mainly the three major mobile operators and China Tower, and the customer channels are stable; corporate SMS customers are mainly governments and large enterprises, and the market share has steadily increased; at the same time, the company’s financial service outsourcingAnd Internet software development and application areas actively expand new business and continuously increase 北京夜网 operating income.
Catalysts: The number of corporate SMS services is increasing and the company ‘s market share continues to increase; based on 5G construction, operators are expanding network maintenance expenditures; financial services outsourcing business is developing smoothly.
Risk warning: the gross profit margin of the SMS business drops; the growth rate of the operator’s expenditure based on 5G construction is less than expected; the market expansion of the financial service outsourcing business is less than expected.