Qianfang Technology (002373): Alien takes off with two-wheel 杭州桑拿 drive in traffic security
The company’s main business is smart transportation and intelligent security. It is expected to benefit from the ETC market outbreak, the acceleration of rail transit construction, and the construction of the Xueliang project. Together with Alibaba, it will help accelerate the company’s business and give it an overweight rating for the first time.
Investment Highlights: Coverage for the first time, give overweight rating.
The company’s main business is smart transportation and intelligent security. Among them, the intelligent transportation business is expected to benefit from the ETC market outbreak and the acceleration of rail transit construction. The intelligent security business benefits from the construction of the Xueliang project. Together with Alibaba, it will help accelerate the company’南京夜网论坛s business.Net profit attributable to mother 9.
950,000 yuan, EPS 0.
94 yuan, using PE, PS two estimation methods, given a target price of 22.
37 yuan, increase.
Smart transportation: Benefit from the outbreak of the ETC market and the acceleration of rail transit construction.
1) The state proposes that by the end of December 2019, the ETC of expressway toll stations will be fully covered, and the ETC industry will usher in a golden period of development. The company is a leading domestic supplier of highway electromechanical engineering solutions, which is conducive to the explosion of the ETC industry.
2) In July 2018, the state resumed the approval of rail transit projects. Since then, a large number of projects have been approved. The company has obvious advantages in the field of on-board PIS and directly benefits from the acceleration of rail transit construction.
3) The company joins hands with Alibaba and is committed to rapidly expanding the market through M & A and close cooperation with local governments to achieve rapid business development.
Intelligent security: It is at the forefront of the industry and benefits from Xueliang Engineering.
1) Under the background of Xueliang project advancement and intelligent upgrading, the high prosperity of the security industry is expected to continue.
2) Yushi Technology has strengthened its strength in the field of security, second only to Hikvision and Dahua. Considering the synergy between smart security and smart transportation, we believe that Yushi is committed to continue to benefit from the rapid development of the industry.
Catalyst: The company’s cooperation project with Alibaba expands rapidly. Risk of prompting: Rail transit construction is less than expected, and the company’s cooperation with Alibaba is less effective than expected.