Aerospace chips and control components are the core components of satellites. The core of the satellite is the control technology, and each subsystem of the satellite needs the corresponding micro-system and control unit components. At the same time, the satellite generally adopts the dual system of the main system and the backup system to increase the reliability and life of the satellite in orbit, so the control system of a single satellite is widely used. Kangtuo Infrared and back 502 is the core organization responsible for the development of satellite "brain" and "heart".
The Leo satellite project provides an incremental market of 1.5 billion yuan. Xuanyu Space was founded in 2011, initially mainly engaged in intelligent test and simulation systems, and began to increase the business of micro-systems and control department components in 2017, including SoC2008 (system-on-chip for aerospace applications), quad-core SoC2012 (multi-core system-on-a-chip for orbiting applications) and SiP2115 on-board computer module (intelligent microsystem products for orbiting applications), etc., used in bulk for various satellite systems. The company's fund-raising project will build a new chip product packaging production and processing line to form the annual production capacity of 20,000 pieces of intelligent equipment micro-system modules. We predict that GNC products from 502 institutes account for about 15% of the satellite value, of which Kantuo infrared products account for about 8%. Assuming that 800 Leo small satellites need to be launched by 2023, the five Academies will undertake 40% of the research and development tasks. based on the calculation of 40 million yuan per satellite, the incremental market space of Kangtuo infrared Leo satellite project will exceed 1 billion yuan.
At the same time, the subordinate units of the Chinese Academy of Sciences are also one of the top five customers of Xuanyu Space, and the company provides them with microsystems and control department components. In total, the market space can reach 1.5 billion yuan. After the constellation network, more than 100 satellites will be reissued every year, and this part of the increase is also considerable.
In addition, the field of ground test and simulation is also the strength of Xuanyu Space, and its intelligent test and simulation system is oriented to the testing and application of satellite slave / integrator, subsystem and stand-alone components.
In the field of satellite testing and simulation, Xuanyu Space has great advantages in technology and price.
Profit forecast: according to the performance forecast and the fundamental changes in the industry, we expect the company to achieve revenue of 958 million yuan, 1.527 billion yuan and 2.237 billion yuan respectively from 2019 to 2021, and net profit of 158 million yuan, 240 million yuan and 345 million yuan, respectively, corresponding to EPS of 0.22,0.33 yuan and 0.48 yuan respectively, and PE of 64XMagi 42X and 29X respectively.
Risk Tip: the orders of Xuanyu and Xuanyu are not as expected, and the construction of low-orbit communication satellite network is not as expected.