Tianfeng **shares*** Tang Haiqing, Wang Yihong, Chen HSBC recently conducted research on Queclink Communications and released a research report "Joining hands with Yicheng Hi-Tech to develop intelligent networked vehicle business, front and rear installation go hand in hand", this report gives an overweight rating to Queclink Communications, and the current stock price is 1148 yuan.
Queclink Communications (300590).
Event: The company recently announced that it signed a "Strategic Cooperation Framework Agreement" with Yicheng Hi-Tech, and the two sides will make full use of the high-speed development dividend period of AI+ communication empowerment of integrated vehicle-road collaboration and intelligent driving, continue to explore and promote the combination of information and communication technology and automotive electronics technology, and with the help of the opportunity of the rapid commercialization of intelligent driving and smart travel application scenarios, through various forms of cooperation including but not limited to the establishment of joint ventures, jointly develop global pre-installed and rear-mounted Internet of Vehicles intelligent terminals, R&D and marketing of software and hardware supporting technologies and products for intelligent modules and related communication systems, and provide technical support for vehicle-road collaboration and high-level intelligent driving.
Complementary product and technical service capabilities to explore opportunities for intelligent networked vehicles.
Yicheng Hi-Tech is a full-life cycle R&D and verification service provider for products in the AIoT industry, and its main customers come from the world's top 500 companies, including some leading OEMs. Based on computer vision, artificial intelligence voice and 5G NB-IoT communication technology, Yicheng Hi-Tech has built an artificial intelligence digital imaging laboratory, an artificial intelligence speech quantification sound field laboratory and an intelligent communication laboratory, providing end-to-end technical solutions such as product development, testing, acceptance, and pre-certification based on scenarios for the AIoT industry, and creating a "cloud + terminal + field" intelligent AIoT ecology of all things. With more than 20 years of experience in the communications industry, its products and solutions cover full-stack in-vehicle TCU software, middleware components, protocol stacks, software custom development, automated in-the-loop test solutions, and global operator mobile networks** As well as specialized F2L laboratory products, etc., with more customers from OEMs and Tier1 manufacturers, Queclink can realize the integration and innovation of the company's existing business with the help of Yicheng Hi-Tech's core team and technical capabilities. The technical management team of Yicheng Hi-Tech has deep insights into the application of artificial intelligence products in industrial and life scenarios. The strategic cooperation between the two parties will focus on the research and development of key core technologies of automotive networking, especially the development of integrated software and hardware products for vehicle communication and the development of high-end vehicle-road collaborative application scenarios. Through strategic cooperation, the two parties have established a long-term and stable partnership, seeking coordinated business development, resource sharing, and complementary advantages, so as to jointly develop rapidly in the intelligent networked automotive industry. Specific areas of cooperation include, but are not limited to:
1) Jointly build high-end intelligent network market products: Based on the advantages of Queclink and Yicheng Hi-Tech in the field of vehicle terminals, mobile communication and vehicle software, and combined with the characteristics of vehicle electronics business, the two parties will jointly create products such as vehicle mobile communication terminals, intelligent communication modules, high-precision positioning modules, inertial navigation systems and vehicle information security components for the high-end intelligent network market. 2) Share and promote the global mobile communication network** platform: Yicheng Hi-Tech OriginX global mobile communication ** platform is an industry-leading one-stop fully automated communication product test platform (has been certified by CNAS), covering 2G, 3G, LTE, 5G and other protocols that meet the standards of global mainstream operators. Based on the overseas business advantages and global technical capabilities of Queclink and Yicheng Hi-Tech, the two parties will further expand the cooperation between the platform and global mobile operators, and continue to iterate the digital twin technology of Field to Lab.
3) Jointly build vehicle-road collaboration software and hardware products, systems and professional supporting service capabilities: The two parties will jointly establish a vehicle-road collaboration technology ecosystem, combine the advantages of terminal and roadside technology to jointly create a generalized vehicle-road collaboration software and hardware products, systems and professional supporting service capabilities covering people, vehicles, roads and clouds, and jointly expand the global market. 4) Joint product and service marketing: Combine the advantages of both parties in technology and their respective fields to jointly promote products and services, including but not limited to existing customers and partners of both parties, and focus on domestic and overseas markets at the same time.
Profitability** and investment advice: With the advent of the global digital era, the digital economy has also become an important engine to promote economic development, the company will actively explore artificial intelligence, Internet of Things, big data and other related fields, so that products can be applied in more scenarios, and provide global customers with overall solutions and supporting products. The company continues to reduce costs and increase efficiency, and its profitability is expected to continue to improve in the future, the company actively develops marketing channels and expands brand awareness, and in the medium and long term, with the continuous and rapid growth of the number of Internet of Things devices, the company is expected to continue to benefit. It is estimated that the company's net profit attributable to the parent company in 23-25 years will be 173/2.47/3.1.9 billion yuan, corresponding to a PE of 30 21 17X, maintaining an "overweight" rating.
Risk warning: international friction and market fluctuation risk, new business development is less than expected, exchange rate fluctuation risk, order delivery is less than expected, upstream raw material price increase is tight, etc.
*According to the calculation of the research report data released in the past three years, the research team of Huatai Yu Yi has conducted in-depth research on the stock, and the average accuracy of the past three years is 6259%, and its ** attributable net profit in 2023 is 24.1 billion, and the **PE converted according to the current price is 2181。
The latest profit** breakdown is as follows:
A total of 4 institutions have rated the stock in the last 90 days, ** 2 have rated the stock and 2 have overweight ratingsThe average institutional price target over the last 90 days is 1333。
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