Investment should be S-point:
Focus on the development of the communication service market
The company is one of the earliest companies engaged in mobile communication network construction, network maintenance and network optimization in China, and it is also a comprehensive communication technology service provider integrating communication network construction, communication network maintenance and communication network optimization services. The company has always focused on the communication technology service industry, firmly seizing the good development opportunity of the rapid development of China's communications industry and the expanding demand for network technology services of communication operators, to provide communications operators with integrated services covering all aspects of communication technology services and involving all levels of the communication network. At present, the company's main business includes: communication network construction, communication network maintenance and communication network optimization, accounting for 54.83%, 42.06% and 2.55% respectively, as well as 0.54% sales business. On the basis of providing services, the company also provides a series of software and hardware products, which greatly improve its business level and broaden its business scope. At present, the company's biggest customer is China Mobile Limited, followed by China Unicom and Iron Tower Company. Benefiting from the peak of 4G construction by operators, the company's business continues to grow.
Raising projects to enhance the company's professional level and market competitiveness
The communication technology service industry is separated from the original operator business. At present, Tong has become a more mature business model, but the domestic communication service industry is still in the growth stage, and the overall concentration is not high.
The company is one of the few multi-regional integration service-oriented third-party communication technology service providers, with professional team and management platform, increasingly accumulated industry experience and technical strength, as well as direct service to the end customer business model and other advantages. Although the current market share in the national communications technology service market is only 0.36%, the market share remains stable. With the capital investment raised and the development of the communications service market, the company has a lot of room for growth in the future. The three investment projects are invested in the main business, the smooth implementation of the project will enhance the company's management efficiency, profitability and R & D capabilities, enhance the company's core competitive advantage.
Profit forecast and valuation
Considering the growth of the communication service market and the project investment raised by the company, according to the average price-to-earnings ratio of the communication service industry and the advantage of new shares, the company is cautiously given a price-to-earnings ratio of 60-65 times, and the company's target price is 49.8 Murray 54.1 yuan.
Risk hint: operator procurement policy risk.