Event description
On October 27, the company released a report on the third quarter of 2022, revealing that the company realized 218 million yuan in revenue in the first three quarters, an increase of 25.09 percent over the same period last year, and a net profit of 77 million yuan, an increase of 26.17 percent over the same period last year.
Business performance continues to grow
In terms of performance, the company achieved revenue of 218 million yuan in the first three quarters, an increase of 25.09% over the same period last year, and revenue of 63 million yuan in the third quarter, an increase of 34.19% over the same period last year, due to the company's continuous efforts to expand the market and actively promote project delivery and acceptance. In the first three quarters, the net profit was 77 million yuan, an increase of 26.17% over the same period last year.
Continue to cultivate data processing technology and UAV product technology to consolidate the company's position in the industry
According to the Investor Relations activity record sheet of September 2, 2022 released by the company on September 6, 2022, the disclosure of the company's core technology is mainly reflected in two aspects, namely, data processing technology and UAV product technology. In terms of data processing technology, based on its own database, the company has continuously optimized the data processing technology through years of business experience and R & D investment, and formed a series of independent intellectual property rights achievements. the core algorithms involve artificial intelligence, machine learning and other technologies, which can process visible light, hyperspectral, multispectral, thermal infrared and other UAV and satellite remote sensing data. The effective interpretation of different characteristic targets such as macro target, micro target and camouflage target is realized, and the research and judgment system of simulation rehearsal is established. The core technical capabilities of the company's UAV products can be summarized into three directions, namely, UAV overall design technology, flight control technology and aerodynamic optimization technology. Among them, the drag reduction structure design of the company expands the power layout of the vertical take-off and landing UAV; the research and improvement of the power system improves the high-altitude flight performance of the UAV; through the accumulated flight data, the adaptability and fault-tolerant control ability of UAV are improved, and the operation efficiency is improved. In addition, the company has built a perfect "design-trial-verification-optimization" industry chain, which provides a large amount of data support for iterative optimization of products through outfield flight assessment and actual mission verification. it ensures the advantages of the company's UAV products in safety, stability and reliability.
We believe that the company's core technologies in the areas of overall design, aerodynamic optimization and flight control of industrial-grade UAV can promote the company to gradually consolidate its domestic leading level in the subdivision industry.
Investment suggestion
It is estimated that the company's net profit from 2022 to 2024 will be 0.92,1.17 and 147 million yuan respectively, with year-on-year growth rates of 27.6%, 26.7% and 25.7%, respectively. The corresponding PE were 44.42,35.05,27.89 times respectively. Maintain a "buy" rating.
Risk hint
The downstream demand is lower than expected and the market competition intensifies.