In 2013, the company achieved operating income of 3.602 billion yuan, an increase of 5.69% year-on-year, and achieved a net profit of 366 million yuan attributable to shareholders of the parent company, an increase of 14.28% year-on-year. The company expects to achieve net profit attributable to shareholders of the parent company in 2014 of 3.75-3.98 billion yuan, an increase of 2.53%-8.82% year-on-year.
According to the forecast of Gran Research, in 2012, the total sales volume of China's set-top box market was 59.21 million units, of which cable sales of set-top boxes was 38.49 million units, accounting for 65% of the total; satellite set-top boxes sold 9.46 million units, accounting for 16%; IPTV set-top boxes sold 9.44 million units. , a year-on-year increase of 42%, accounting for about 16%. Gran Research expects that China's annual sales of set-top boxes will exceed 90 million units in 2016, and high-definition digital set-top boxes and smart set-top boxes will become the main driving force for growth. The global set-top box market will maintain steady growth. It is expected that the average sales volume will be over 210 million units in the next five years, and cable, satellite, and IPTV products will become the main driving force for growth. Taking the set-top box as an entry point, the living room application service platform is laid out. The intelligent set-top box realizes the integrated functions of audio, video, network, home entertainment, media storage, and home digital monitoring. It is expected to become an intelligent processing device for home multimedia in the future. The company expanded the sales of smart set-top boxes and used this as an entry point to actively transform the operation of the living room application service platform.
Currently, the sales of the company’s smart set-top boxes include its own-brand smart set-top boxes (more than 1 million units are expected to be sold in 14 years), smart set-top boxes for operators, and smart set-top boxes customized for Internet companies. Among them, the self-branded smart set-top box is operated by the company, and in the future, the company will participate in the operation of broadcast and TV set-top box users. Radio and television operators are in urgent need of transformation due to the impact from online video. Radio and television operators have significant advantages in the number of home users and sales channels. With the rise of the living room network economy, fully tapping the value of home users will be a major market opportunity for them. As the largest set-top box supplier of radio and television operators, the company has a strong platform operation capability (the company has operational experience with operators' game platforms, video aggregation platforms, etc.). If it participates in the operation of the content service platform of radio and television operators, it will have complementary advantages. To achieve a win-win situation.
In addition, the company actively deploys home application service platforms, and smart homes will also be a very important part of it. In the future, companies can infiltrate smart homes with smart routers, cameras, sockets, door locks and other products to expand the value of their application service platforms.
Earnings forecasts and investment advice. The company is the largest set-top box manufacturer in China, with a set-top box as the entrance layout living room application service platform, and is expected to continue to penetrate the smart home, in the future will fully benefit from the rise of the living room network economy. We expect the company to achieve operating revenues of 3.818 billion yuan, 4.20 billion yuan, and 4.536 billion yuan in 2014-16, achieving net profit attributable to shareholders of the parent company of 386 million yuan, 443 million yuan, and 500 million yuan, corresponding to EPS of 0.77 yuan, 0.89 yuan, and 1.00 yuan respectively. The growth rate was 5.47%, 14.80% and 12.80% respectively. Comparable companies Galaxy Electronics, Sichuan Jiuzhou PE in 2015 were 42 times and 45 times, giving the company a 45-fold valuation in 2015 with a target price of 40.05 yuan, giving it an “overweight†rating for the first time.
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