Guomai Technology (002093): Significantly Optimized Business Structure “Production, Learning and Research” Helps Speed Overtaking
The 19-year performance was lower than expected, due to the company’s optimization of its business structure and the exchange of revenue for profitability growth.
The construction of 5G network is speeding up, and the Internet of Things is accelerating to land. The company is expected to use the national pulse-type “industry-industry-research” structure to achieve overtaking on the industrial track.
Reduce target price to 9.
9 yuan to maintain the “overweight” level.
The company’s 19-year performance was lower than expected, with expected revenue5.
2.4 billion (-46.
71%), net profit 1.
0.5 billion (-19.
02%), the company disposed of non-strategic core business and low-margin business, effectively improved the company’s profitability, and gross margin increased significantly.
Taking into account the company’s disposal of low-margin business, the company’s EPS in 19-21 is reduced to 0.
10 yuan (-71.
22 yuan (-50.
00%) and 0.
32 yuan (-43.
Taking into account the acceleration of 5G network construction, the company directly benefited, giving the company 45 times PE in 2020, but due to the lowered performance base, the target price was reduced to 9.
9 yuan (-29.
18%), maintain “overweight” rating.
The business structure has been significantly optimized, and light-load equipment is welcoming the wave of 5G + IoT construction.
In order to fully prepare for the wave of 5G + IoT construction, the company optimized its business structure, disposed of non-core, low-profit businesses, and narrowed its revenue46.
71%, the performance was less than expected, but the gross profit margin was 37.
48% rose to 55.
25%, significant improvement in profitability.
The company further focused on 5G network planning and construction and the Internet of Things business segment, opened up the 5G full life cycle, and traded short-term pain for long-term accelerated growth.
苏州夜网论坛 The construction of 5G networks is accelerating, and the national pulse-type “industry-industry-research” architecture helps the company speed up overtaking.
The Ministry of Industry and Information Technology further promotes the construction of 5G networks and deepens the development of 5G industry-level applications. Cross-industry business expansion capabilities and research and development capabilities will become the key to breaking the industry.
The company’s “Industry Technology + Fuzhou Science and Technology” structure of “industry, research and research” provides the company with a double guarantee of “front-end business personnel + ability to engage in scientific research”.
With a rich pool of talents to break through industry barriers and deep scientific research to create a closed loop of business collaboration 苏州桑拿网 with the Internet of Things as the core, it helps the company achieve speeding overtaking in the industrial track.
Catalyst: 5G network construction speeds up, IoT acceleration landing risk prompt: 5G construction is less than expected, IoT landing is less than expected