MeiG(002881) 光大证券·2024-07-30 00:01Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [4] Core Views - The wireless communication module and IoT industry are experiencing high growth, with China's cellular IoT terminal users reaching 2.332 billion, accounting for 57.5% of total mobile terminal connections, a 26.4% YoY increase [1] - The company follows a dual-drive strategy focusing on wireless communication modules and IoT solutions, with a strong presence in smart modules, high-computing modules, and vertical industry solutions [2] - The company's products are widely used in smart connected vehicles, 4G/5G FWA, and IoT applications such as new retail, financial payments, and smart logistics [2] Financial Performance - The company's revenue is expected to grow from 2.306 billion CNY in 2022 to 3.865 billion CNY in 2026, with a CAGR of 13.8% [8] - Net profit is projected to increase from 128 million CNY in 2022 to 190 million CNY in 2026, with a CAGR of 10.4% [8] - The company's ROE (diluted) is expected to improve from 15.6% in 2022 to 10.57% in 2026 [14] Market Data - The company's total market capitalization is 5.032 billion CNY, with a total share capital of 262 million shares [5] - The stock price has fluctuated between 15.87 CNY and 32.65 CNY over the past year, with a 3-month turnover rate of 76.65% [5] Industry Outlook - The 5G+AI trend is accelerating digital transformation, with the global 5G IoT market expected to grow at a CAGR of 50.2% from 2023 to 2030, reaching 89.42 billion USD by 2023 [12] - The company is well-positioned to benefit from the growth in 5G and AI technologies, which are driving demand for data storage, processing, and analysis [12] Valuation - The company's PE ratio is expected to decrease from 36 in 2022 to 26 in 2026, indicating improving valuation metrics [14] - The PB ratio is projected to decline from 5.6 in 2022 to 2.8 in 2026, reflecting a more attractive valuation [14]