Monternet Group (002123): China’s cloud communications leader to create rich media information products to open a new 2B era

03/28/2020   |   by admin

Monternet Group (002123): China’s cloud communications leader to create rich media information products to open a new 2B era

1.

The divestiture of power assets and the opening of the single main business operation stage of the mobile Internet integrated service provider. The company has gradually replaced the power electronics business since its acquisition of Monternet in 2015.

At present, the company has basically completed the gradual transition from dual-main business development to single-main business operation of mobile communication services.

The company’s strategic 天津夜网 direction is to build a leading large cloud communication platform in China and even the world, IM1.

Phase 0 is based on mobile messaging instant messaging services.

2.

The market share continues to increase, becoming the third-party enterprise SMS leader. Mobile information instant messaging services are the company’s main business at this stage. Enterprise SMS is the main product form. Since this market is targeted at corporate customers, it has industry attributes and business typesThe characteristics of the differences require a lot of customer customization and channel docking. At the same time, after the increase in customer business scale, the service quality, responsiveness, system stability and security requirements of service providers will be greater, which will also promote competition.

Therefore, the industry concentration of third-party short message 深圳spa会所 services continues to focus on leading players.

Absolutely, the company’s corporate SMS sending volume has grown rapidly from 70 in 2012.

5.8 billion, an increase to 60.7 billion in 2017, a compound annual growth rate of 54%, and market share also increased from 1 in 2012.

78% increased to 11 in 2017.

41%, the company became the domestic third-party enterprise SMS leader.

3.

The long-term accumulation of the traditional enterprise SMS market has formed four advantages to help new products increase the company’s long-term accumulation in the traditional enterprise SMS business market. It has formed advantages such as technology, customer scale, operator channel resources, and good brand influence.Wang Fuxin’s strategy was advanced.

4.

Fully send rich media information to welcome the 5G era. The company officially released Monternet Fuxintong 1 on October 19, 2018.

0 products, the company will build a new information service ecological model around “fuxin +” in the future.

Fuxin is an upgraded version of ordinary text messaging. It is a converged communication service that integrates multiple communication methods such as mobile phone contacts, audio, video, images, instant message push, file transfer, content sharing, scene presentation, and location service.5G video, the era of the Internet of Everything, is expected to become the main entrance of B2C information communication in the 5G era.

At the same time, Fuxin has a higher value-added technology, which is expected to increase the gross profit margin of the product and ultimately improve the company’s overall profitability, which is worth looking forward to.

Investment suggestion: The company’s strategic development goal is to become China’s and even the world’s leading large-scale cloud communication platform. It has now become a domestic third-party enterprise’s SMS leader and its market share has increased year by year.

Facing the 5G era, the company has released rich media information products. In the future, it will build a new information service ecological model around “Fuxin +” and realize new growth space.

We are optimistic about the development space of the rich media cloud communication business for a long time. Considering the asset impairment provision for the traditional power electronics business in 2018, we have reduced the company’s net profit in 2018 to 0.

7.8 billion; considering the gradual increase of Fuxin products in 2019, we raise the net profit for 2019 to 2020 to 4.

01 and 6.

02 billion.

Considering the company’s layout, Fuxin has taken the lead in releasing products, which is ultimately the first in China. It is scarce. At the same time, referring to our profit forecast, we believe that the company’s reasonable estimate for 2019 is not less than 30 times, and the target price is 15 yuan.Hold rating.

Risk reminder: Fuxin’s development fails to meet expectations, corporate SMS market gross margin decreases risk, and operator policy risks