The first order landed, and the vast market opened the second generation of improved graphics processing chips independently developed by the company to obtain the first purchase order of Hunan Shengyun Optoelectronics, with a purchase amount of 59.8 million yuan. On the one hand, it shows the outstanding strength of the company's GPU products, which has been recognized by downstream customers and won orders; on the other hand, Shengyun Optoelectronics is an important supplier of independent controllable computers, and the landing of the company's first GPU order also means successfully entering the independent controllable market and opening up a broader space for development. The future growth of GPU products is worth looking forward to.
With the initial results of the transformation, the prospect of the integrated circuit sector can be expected that the company will shift its development strategy from a single military product to a simultaneous development of military and civilian products, adjust its organizational structure and create key products according to the market environment. At present, GPU products have successfully obtained independent controllable market orders, and the transformation has achieved initial results. Under the background of the continuous growth of military market demand, with the subsequent landing of more important new products such as RF materials / devices in civilian and autonomous controllable markets, the company's integrated circuit sector will gain a number of important growth engines and usher in rapid growth.
Profit forecast and investment rating: maintain the overweight rating. The company won the first purchase order of GPU, which also represents a major breakthrough in the independent controllable market, and the strategic transformation is beginning to bear fruit. In the future, with the incremental business contribution of the chemical sector, the new products of the integrated circuit sector will begin to develop in key areas such as self-controllable and 5G, and the company is expected to achieve high growth under the new strategy. It is estimated that the net profit from 2019 to 2021 will be 316 million yuan, 440 million yuan and 527 million yuan respectively, and the corresponding EPS will be 0.46,0.64 yuan and 0.76 yuan respectively, and the corresponding share price PE will be 33 times, 24 times and 20 times respectively.
Risk tips: the development of investment subsidiaries is not as expected; debt restructuring is not as expected; the development of independent controllable market is not as expected; the company's profits are not as expected.
