Event: 19:49 on February 23, 2023, the China Star 26 satellite was successfully launched from the Xichang Satellite launch Center with a long March 3B enhanced carrier rocket, and the satellite entered its scheduled orbit as planned. The China Star 26 satellite will be handed over to China Satcom Group Co., Ltd. for operation and management after passing the in-orbit test.
Zhongxing 26, China's first high-throughput satellite with over 100 Gbps capacity, was successfully launched, which is beneficial to the long-term development of the company. The satellite adopts the enhanced Dongfanghong 4 satellite platform independently developed in China, and carries Ka band high-throughput communication payload, which mainly covers all of China and its surrounding regions and waters, East Asia, Southeast Asia, parts of South Asia, Pacific and Indian Ocean, etc., and can provide high-speed private network communications and satellite Internet access services to aviation, navigation, emergency, energy, forest and grass industries and universal service users. The successful launch of Zhongxing 26 will lay a solid foundation for the company to build a Ka-band high-throughput satellite system, which will expand the company's markets in the fields of Internet access, airborne and marine communications, distance education and medical treatment, and further develop the company's business.
Satellite operation services, industry system integration and integrated information services have developed steadily, drawing a blueprint for the company's future growth. As the second largest fixed communication satellite operator in Asia and the sixth largest fixed communication satellite operator in the world, the company has high quality communication and broadcasting satellite resources. As of June 30, 2022, the company operates and manages 14 commercial communications and broadcasting satellites with satellite transponder resources covering C-band, Ku-band and Ka-band. According to the company's website, the company is building a coordinated development pattern of three main industries: satellite operation services, industry system integration and integrated information services. The successful launch of the China Star 26 satellite will speed up the company's construction of three major development patterns and make the company take a solid step towards the goal of building a modern satellite communications industry chain.
The net profit of homecoming rose sharply in the third quarter, and the performance in the first three quarters improved steadily. In the third quarter, the company realized operating income of 665 million yuan, year-on-year + 8.40%; net profit of 242 million yuan, + 104.62%; deduction of non-net profit of 149 million yuan, + 31.15%; operating income of 1.918 billion yuan, + 3.66%; net profit of 526 million yuan, + 40.83%; and non-net profit of 421 million yuan, + 22.02%.
Investment suggestion: the company provides customers with satellite space segment operation and integrated information services and other related application services through the operation and management of all kinds of communication and broadcasting satellites, the main business processes include satellite network declaration, coordination and maintenance, satellite project construction; satellite TT & C management; business operation management; satellite transponder rental and sale; broadband operation management; integrated information service. It is predicted that the EPS of the company from 2022 to 2024 is 0.17,0.20,0.23 yuan respectively, and the corresponding PE is 79,68,60 respectively.
Risk tips: fluctuating epidemic situation, shortage of raw materials, rising commodity prices and lower-than-expected production delivery.