Main points of the report
With the introduction of the state-owned assets operation center in Haidian District, the worry about high equity pledge rate has been greatly alleviated.
Since 2018, the company's share price has fallen by more than 50% from its peak, which may be due to the market's concern about the high equity pledge rate of the company's controlling shareholders. On January 3, the company's controlling shareholders and Haidian District State-owned Capital Operation and Management Center reached an equity transfer intention agreement, which is expected to greatly ease equity pledge concerns and optimize the equity structure.
Beidou industry leader: based on high precision, strong industrial integration and global layout ability
The company's core technology in high-precision positioning, through epitaxial mergers and acquisitions and internal integration, complete the layout of the whole industry chain, outstanding integration ability. The company continues to expand the high-precision application market, the share increases rapidly; the company's global layout is in-depth, the sales channel is perfect, and is expected to fully benefit from the high growth of overseas markets. Strong industrial integration and global layout ability contribute to the sustained high growth of the company and create the application leader of Beidou industry.
Multi-industry penetration helps the high-precision market to maintain a high boom, and the company's market share may continue to improve.
In recent years, the high-precision industry has maintained high growth, and the gross margin / net interest rate has reached an all-time high. Among them, the surveying and mapping market, which accounts for the largest proportion, is expected to continue to grow steadily, with accelerated penetration of multi-industry applications, precision agriculture, deformation monitoring, mechanical control and future self-driving or relay outbreaks. Beidou 3 will serve the world for the first time at the end of 2018, which is expected to accelerate the expansion of overseas markets, and the high-precision industry will continue to be prosperous. The company's high-precision chip strength is outstanding, the cost advantage is prominent, the sales channels at home and abroad are perfect, and the market share may continue to improve in the future.
The layout of public security is in-depth, and there is a broad space for the growth of mobile Internet services.
Based on the leading Beidou industrial terminal and scarce spatio-temporal information service platform, the company accelerates the promotion of mobile Internet business. The company has successively broken through various types of policing business and is expected to enjoy high growth in public safety investment; the company's forward-looking layout of industrial applications such as airport informatization promotes terminal business growth at the same time, in the future, it is expected to build an Internet of things ecology by virtue of rich industry solutions and expand greater business value space.
Strong entry into the ad hoc network market, sufficient orders to ensure high growth
Domestic self-organizing network equipment is still in the initial stage, high permeability space overlay stock replacement demand, the industry is expected to continue to be prosperous. The company has successfully obtained orders from major customers, and business is expected to continue to break out in the future.
Profit forecast and investment suggestion
The company's high-precision market has benefited from sustained high growth in multi-industry penetration, and the market share may continue to increase; mobile Internet and spatio-temporal information services benefit from steady growth in applications, and self-organized network orders continue to break out. War investment is introduced to alleviate the risk of equity pledge, and the biggest concern in the market is expected to be lifted. Compared with other companies in the plate, the company's valuation advantage is prominent, and the growth certainty is strong. It is estimated that the 18-20-year net profit is 3.61,4.83 and 620 million yuan respectively, and the PE is 22,17 and 13 times respectively.
Risk tips: 1. The demand of high-precision surveying and mapping market is declining due to macroeconomic pressure.
two。 The order release of the ad hoc network is not as expected.
3. There is short-term pressure on cash flow.