Zhongjia Bochuang (000889): Raise funds to lay out 5G base station site operations to further open up growth space

Zhongjia Bochuang (000889): Raise funds to lay out 5G base station site operations to further open up growth space

Event: On February 25, the company announced that Changshi Communication, a wholly-owned subsidiary, and Huaping Information Technology Co., Ltd. (“Huaping Information”) signed the “Miniature Base Station Communication Infrastructure Project Cooperation Agreement” on February 21.Framework agreement.

On January 4, the company announced a plan for the issuance of convertible bonds. The company plans to issue bonds with a size not exceeding 1.2 billion U.S. dollars, which are mainly used for base station site operation projects and integrated communication platform projects.

Opinions: 1. According to the scale selection requirements for 5G network construction, the layout of the base station site resource pool. According to our forecasts, the total domestic demand for 5G macro base stations will reach 6.27 million (equivalent to 4G 1.
).

7 times), and the number of 5G micro base stations is expected to exceed 10 million 武汉夜生活网 units (relatively speaking, 4G is basically 0).

The demand for a large number of base station sites in the 5G era and the lack of data support for internal base station sites provide a great opportunity for companies to deploy base station site resource pools.

2. Leveraging the advantages of Cheung Kong + forward-looking layout, the 5G base station site resource pool project has a promising future. Cheung Kong has a third-party communication network technology service provider with cross-regional and comprehensive operation and maintenance capabilities. After more than ten years of operation and marketExpansion. Currently, there are branches in 25 provinces, including Guangdong, Yunnan, Inner Mongolia, and Zhejiang. The staffing of the business coverage area is configured according to the grid to provide transmission and base station network maintenance services for existing service operators.

Through the existing network maintenance personnel, and add configuration site resource library managers and network planning technical directors, personnel, and Changxiang Communication in each area, you can quickly deploy the construction of the site resource pool and complete the “site positioning + coverage effect + construction”Cost + Using Cost + Engineering Efficiency ”multi-dimensional planning and selection of the best site.

3. The troika runs side by side, and the company continues to advance the company’s past. The company has basically completed the troika side by side layout: completed the acquisition of Chuangman Manda, and entered the first domestic corporate SMS service provider, actively deployed scene applications, and continued to improve profitability.; Merged and acquired Changshi Communications, becoming the first echelon of network maintenance service providers in China, and established a site resource pool for 5G reserve construction 5G, card 5G; Mergers and acquisitions of Jiahua Information, to achieve the rapid development of mobile payment, and gradually use its own communication resourcesParticipation in artificial intelligence applications has significantly improved the efficiency of fintech business.

Profit forecast and investment advice: The company’s restructuring business has been completed, and a successful transformation from the traditional retail industry and the real estate industry to the communications service industry has been achieved.

At present, the company is positioning itself as a leading cloud communication scenario operator in China, and will take the opportunity to acquire Ka Wah Information in 2018 to integrate the creation of the Man Road and K Hua Wah SMS business to improve cloud communication capabilities.Business, using big data and artificial intelligence technology, to provide financial enterprises with the ability to output, to create a leading internal cloud communication scene operator, and at the same time for the 5G forward-looking layout of 5G base station site resource pool, has broad prospects.

The troika runs side by side, and we are optimistic about the company’s medium- and long-term development.

Considering the gradual increase of the 5G base station resource pool, we will increase the net profit from 3 to 2019-2020.

6,4.

5 trillion is raised to 3.

99, 5.

7,000 yuan, corresponding to 22, 17 times of PE, maintaining the level of overweight.

Risk reminder: Listed companies confirm the risk of resisting goodwill and impairment of goodwill, risk of unsuccessful asset integration, and short message industry facing industry competition to further reduce gross profit margin

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