Events:
The company released its semi-annual report on August 16, 2021: the operating income in the first half of the year was 169 million yuan, an increase of 42.73% over the same period last year; the net profit was 48 million yuan, an increase of 45.44% over the same period last year; the net profit after deducting 43 million yuan was 43 million yuan, an increase of 30.6% over the same period last year; basic earnings per share were 0.42 yuan per share, an increase of 10.53% over the same period last year.
Comments:
The scale of satellite navigation business has increased significantly, which is the main source of profit for the company. The company's satellite navigation products are mainly navigation terminal equipment and core components based on Beidou satellite navigation system, such as satellite navigation receivers, components, special test equipment, etc., which are mainly used in the field of national defense and military.
The company's operating income of satellite navigation business reached 125.9838 million yuan in the first half of the year, an increase of 118.72% over the same period last year Satellite navigation business is mainly carried out by wholly-owned subsidiary Mengsheng Technology. In the first half of the year, Mengsheng Technology achieved a net profit of 49 million yuan, which is the company's largest source of profit. With the increasing importance of satellite navigation in the field of national defense, the construction of Beidou satellite navigation system is of great significance in many aspects, such as ensuring national security, promoting economic and social development, improving China's international status and so on.
The satellite communication business is greatly affected by the epidemic, and the company is one of the most complete manufacturers of product serialization in the industry. The company's satellite communication products are mainly satellite communication antennas and components, and have successfully developed mobile communication products covering airborne, shipborne and vehicle-borne platforms and mainstream communication bands such as L-band, S-band, Ku band and Ka band, which are mainly used in maritime and aviation markets. In the first half of the year, the company's operating income from satellite communications reached 43.3273 million yuan, down 29.00% from the same period last year. The decline in revenue scale was mainly due to a sharp decline in overseas income under the influence of the epidemic.
The technological advantage is obvious, and the R & D expenditure is gradually increasing. In the first half of the year, the company's R & D investment totaled 26 million yuan, an increase of 47.5 The company attaches importance to independent technological innovation and has formed a good accumulation of technology. in the field of satellite navigation, the company is one of the few domestic manufacturers that have independently mastered the core technologies of navigation antennas, microwave frequency conversion, signal and information processing, etc. with national production design ability In the field of satellite communications, the company has fully mastered the core technologies of antenna feed design, radio frequency and microwave, transmission structure and mechanical simulation analysis, inertial navigation and servo tracking.
Investment suggestion: we forecast that the company's operating income from 2021 to 2023 will be 548pm, 737pm, respectively, and the net profit from its parent will be 1.53, 2.05, 278 million, respectively, corresponding to EPS 1.34, 1.78 and 2.42, respectively. Corresponding to PE58.14/43.56/32.07X, it will be given a "buy" rating for the first time.
Risk hints: technology research and development is not as expected, customer concentration is high, and overseas epidemics are repeated.
