Event: the company released its 2021 interim report on the evening of August 20, achieving operating income of 209 million yuan and YoY+0.56%; gross profit of 47.05%, down 3.65 pct from the same period last year; realized net profit of 32 million yuan, YoY+5.64%; deducted 28 million yuan of non-return profit, and the overall operation of YoY+16.69%, maintained steady growth.
Comments: return to the mother of the steady growth of net profit, continuous R & D investment in long-term growth business. The company achieved revenue of 97 million yuan in Q2 in 2021, YoY-11.43%. The company's strategy continues to focus on intelligent unmanned systems and has made a number of breakthroughs in the fields of drones, unmanned vehicles and unmanned ships. On the expense side, the company's management expenses in the first half of 2021 were 34 million yuan, which was mainly due to the fact that the company no longer enjoyed the preferential social security policy during the epidemic period during the reporting period, and the increase in employees' salaries and expenses. Research and development cost 31 million yuan, YoY+2.07%.
With the rapid development of information-aware service, unmanned system service is enabled. During the reporting period, the company's information awareness business developed rapidly, with revenue of 70 million yuan. YoY+107.04%, mainly benefited from the increase in the scale of product delivery and acceptance. In the aspect of integrated navigation, the company combines Beidou and inertial technology to expand its application fields by focusing on unmanned pilots, orbit detection, unmanned aerial vehicles and other fields. In terms of photoelectric detection, during the reporting period, the company completed the development of new products of vehicle photoelectric reconnaissance equipment and carried out small batch production; the SCB450 shipborne photoelectric platform products put into development in 2020 have signed a batch contract and completed the first batch delivery in the first half of the year.
With the rapid growth of satellite communications business, there are plenty of orders for unmanned system business. The company has gradually deepened its technical research and development in the field of satellite communications, the field of product applications has continued to expand, and the number and frequency of applications have increased significantly. During the reporting period, the company signed a number of major contracts and achieved revenue of 56 million yuan, YoY+37.76%. Unmanned system business, the company began to layout high-performance target aircraft and other business direction, to participate in and successfully complete the target aircraft formation flight mission; unmanned vehicle direction, the company has won the bid for a certain type of task, is expected to be applied in batch. During the reporting period, the company's unmanned systems business achieved revenue of 78 million yuan and signed undelivered orders of about 220 million yuan.
Profit forecast: we believe that the company is the leading enterprise of intelligent unmanned platform in China, and we are optimistic that the company will achieve a breakthrough in the field of unmanned target aircraft and unmanned vehicles with excellent R & D capabilities. It is estimated that the company's operating income from 2021 to 2023 will be RMB 10.17,000,000, with a net profit of RMB2.68,358 million. The current share price corresponds to PE 30x/21x/16x and maintains a "buy" rating.
Risk hint: the progress of the military business is not as expected, and the revenue recognition is not as expected.