Private network basic disk business + new business two-wheel drive, optimistic about steady growth: the company ploughs narrow-band private network basic disk business, its H series walkie-talkie and other new generation products are highly recognized by the market; at the same time, the company strengthens channel cooperation and digital marketing, and strives to build a global management system. The company will actively lay out growth business, speed up the development of new services such as public-college integration, broadband communications, command and dispatching, and create a second growth curve.
The effect of "fighting for growth and grasping benefits" is remarkable, and the business index has been gradually improved in 2022: thanks to the company's fine management, continuous optimization of cost control, and smooth overseas business development, the company achieved a net profit of 353 million in the first three quarters of 2022, an increase of 409.68%, of which 342 million yuan was deducted in the third quarter alone, a substantial increase over the same period last year. The asset-liability ratio has steadily dropped to 47%, the effect of fee control is remarkable, and the quality of operation has been greatly improved.
Continue to lead the private network market, public college integration to further open the growth space: Hainengda is the world's leading private network leading enterprise, rich in product types, fully grasp the three mainstream private network wireless communication technology standards of PDT, DMR, TETRA, of which PDT market share is more than half, continues to lead the development of China's PDT independent standard industry, DMR/TETRA technology is also in the industry leading level, therefore, based on product and technological advantages We are optimistic that Hainengda will continue to take the lead in the field of private network. Based on the leading advantage of narrowband service, Haineng further looks forward to the field of public-professional integration, with the growing demand of industry users for multimedia transmission, intelligent applications and big data analysis. to further promote the multi-layer collaboration of narrowband and broadband in services, platforms, networks and terminals, the integration of public colleges will also further open up room for growth.
Investment suggestion: we predict that the company's return net profit from 2022 to 2024 will be 3.36 million 4.42 / 535 million yuan, and the current share price corresponding to PE is respectively times that of 30-23-19. In view of the development of the private communications industry, the company's future performance is expected to achieve rapid growth and maintain the "buy" rating.
Risk hints: overseas litigation risk, market development less than expected risk, dedicated communications industry competition aggravating risk, exchange rate fluctuation risk.
