Event
On August 30, the company released its 2019 semi-annual report, with operating revenue of 399 million, an increase of 6.13% over the same period last year, and a net profit of 58 million, down 1.67% from the same period last year.
Comment
The traditional business maintained stable development, and revenue and profit were basically the same as the same period last year. On August 30, the company released its semi-annual report in 2019, with operating income of 399 million, an increase of 6.13% over the same period last year, and a net profit of 58 million, down 1.67% from the same period last year.
The company's aerospace electronics, security, surveying and mapping and other businesses basically maintain steady development. According to molecular companies, Guangdong Paya Information achieved operating income of 145 million in the first half of the year, down 12% from the same period last year, and net profit was 22.35 million yuan, down 21% from the same period last year. Picyu Intelligence achieved operating income of 130 million, an increase of 9% over the same period last year, and a net profit of 27.65 million yuan, basically the same as the same period last year. Zhijian Electronics achieved operating income of 35.61 million, an increase of 49% over the same period last year, and a net profit of 5.04 million yuan, an increase of 17%.
Satellite big data business achieved a breakthrough, with an income of 3000 million in the first half of the year. The company made a major breakthrough in satellite big data business and fully invested in the product technology research, development and application promotion of "Green Water and Green Mountains", and achieved fruitful results.
On June 6, 2019, the company successfully won the bid for Zhuhai "Green Water and Green Mountains" project, relying on the implementation of this project to create and form a demonstration and service model of satellite big data serving the smart city. Project demonstration systems in 10 different provinces and cities, including Qingyuan, Heyuan, Qingdao Guzhenkou, Wuhu and Chongqing, have been developed and used to carry out project promotion, with good market response and great progress in some areas.
The company's 03 satellites will be launched in mid-September this year, and later will be networked with 01 and 02 satellites. At that time, the revisit period of the "Zhuhai-1" constellation will be greatly shortened, which can provide quantitative remote sensing data support with high time resolution and high spatial resolution.
In the first half of the year, the company's satellite big data business achieved an operating income of 30.45 million yuan, with a gross profit margin as high as 51.98%. With the continuous promotion of the company's satellite big data business, revenue growth is expected to be accompanied by an increase in gross profit margin.
Gree gold investment strategy to buy shares, may continue to increase holdings in the future
On August 2, the company issued a simplified equity change report. From July 15 to August 1, Glijin increased its holdings in Obi shares by 35107969 shares through the centralized bidding trading system and block trading of the Shenzhen Stock Exchange, accounting for 5% of the total share capital of Obit. among them, 22.73 million shares were bought through collective bidding, with an average transaction price of 11.05 yuan per share, and 12.38 million shares were bought through bulk trading at an average transaction price of 10.01 yuan per share. The overall average transaction price is 10.58 yuan per share.
Zhuhai Gree Group Co., Ltd., the controlling shareholder of Gree Capital Investment, is optimistic about the future development prospect of Obi, and intends to buy a strategic stake in Obit, so Gree Gold Investment increases its holdings of Obi through the secondary market. After the completion of this equity change, Gree Gold Investment has a plan to continue to increase its stake in Obi in the next 12 months.
Aerospace electronics business has outstanding advantages, and the companies with strong market demand for military and industrial applications are the leaders in the domestic SoC chip industry and the forerunner of SIP stereo packaging. In 2003, the company launched the basic chip S698 of SPARC architecture, which broke the foreign monopoly. After years of development and accumulation, the company has serialized S698 products. In 2010, the company launched SIP product development, launched SIP-MEM products in 2011, and built Asia's first SIP three-dimensional packaging module / system digital production line in line with aerospace standards. The main products include large-capacity data memory, computer system module and composite electronic system module. The company's aerospace electronic products are widely used in aerospace, electronics, nuclear industry, weapons, ships, measurement and control, industrial control and other fields.
The company gives full play to the advantages of advanced technology and independent control in SoC, SIP and other products, seizes the market opportunity, promotes product verification and certification, and continues to pass the identification and audit of military qualification. In the future, the share and influence of the company's aerospace electronics products in the aerospace and national defense industries are expected to continue to increase.
Profit forecast and investment suggestion: satellite big data has a wide application space and maintains its "overweight" rating.
As the flagpole enterprise of China's high-end aerospace processor SoC and the pioneer of three-dimensional packaging SIP aerospace module / system, Obit has a leading position in the industry; the company aims at the future industrial development trend and national policy guidance, the layout of remote sensing satellite big data business, the future market space is broad. It is estimated that the company's net profit from 2019 to 2021 will be 2.19,2.94 and 386 million yuan respectively, an increase of 130.29%, 34.55% and 31.37% respectively over the same period last year. The corresponding EPS for 19-21 years will be 0.31 yuan, 0.42 yuan and 0.55 yuan respectively, and the corresponding share price PE will be 35, 26 and 20 times respectively before the corresponding period.