Introduction to this report: We recommend that Xingtu Xinke's reference valuation range is between 37%-43%, with a corresponding price of 28.03 yuan to 28.35 yuan. We recommend purchasing as soon as possible.

Summary:

(1) Judging from market sentiment, the sentiment of the Science and Technology Innovation Board has recently improved. Some individual stocks, mainly Huaxing Yuanchuang, Anheng Information, and Zhuoyi Information, have shown a good monetization effect in the secondary market, driving the three recently listed new stocks (Jiangsu Beiren, Danghong Technology, and Xinyuan Wei) to reach an average increase of 100.05%. There is plenty of motivation for offline participating institutions to obtain chips; (2) Judging from the quartile logic, the Longsoft Technology inquiry center for inquiries on the Science and Technology Innovation Board has dropped to 44 points, according to the declines. Logically, the price score of Xingtu Xinke, which will be asked for quotations tomorrow, will be considered downward by the 44th point. Taking into account the current market sentiment and pricing logic, it is estimated that tomorrow Xingtu Xinke will be in the 37%-43% range, corresponding to the price of 28.03-28.35 yuan.

Xingtu Xinke is a video command and control system provider for the network communication army. Relying on its self-developed video and audio and video integrated service platform and audio and video middleware, it has formed video command and control system products. Downstream is mainly aimed at the National Defense Force, and extends to applications such as prisons and oil fields. Among them, the “networked video command system” in video command and control products is the company's core product, and it is also the company's main source of revenue. The company's various products are mainly system sales, supplemented by sales of individual equipment or software. The core equipment mainly includes embedded hardware such as dedicated servers, codec equipment, and dedicated terminals equipped with platform software, which are all assembled and produced by the company itself; supporting equipment mainly includes cameras, projectors, displays, audio, etc., which are outsourced or purchased by the issuer or integrators and users themselves. With the continuous strengthening of military informatization efforts, the company's military products sales have grown rapidly in recent years, and the compound annual growth rate of main revenue in the past three years has reached 57.81%. The products developed and produced by the company, such as the networked video command system, have reached a relatively advanced level in terms of technology, and have been gradually installed in all major fields of the military. The military market share has continued to increase, forming a good brand advantage.

Risk warning: (1) Market quotations have now entered a game of information validity, and treat with caution the risk that prices are removed at high prices due to rapid changes in market information; (2) Although the Science and Technology Innovation Board market has improved, the sustainability of the recovery in the opening rate remains to be seen, and new earnings may fall short of expectations.