Key elements of the report:
In recent years, China's aerospace satellite field has developed rapidly, lunar exploration, fire detection and other aircraft have been successfully launched and running steadily. Obit is mainly engaged in the R & D and production of aerospace electronics, micro-nano satellite constellation and satellite big data and artificial intelligence technology. It is the benchmark enterprise of China Aerospace SPARC V8 processor SOC, the pioneer of three-dimensional packaging SIP aerospace microsystems, satellite constellation operation and satellite big data application navigator, realizing independent and controllable domestic production. It has the world's leading hyperspectral satellite constellation-"Zhuhai-1" and "Green Water and Green Mountains" satellite big data Smart City system.
Main points of investment:
Multi-card layout aerospace satellite industry chain: based on the R & D and production of Soc, SIP, EMBC and other aerospace core components, the company has gradually formed an aerospace satellite business pattern with multi-card layout, supported by the acquisition, operation, processing and application of Zhuhai-1 remote sensing micro-nano satellite constellation and big data, and with artificial intelligence, geographical mapping and intelligent security as the strategic extension.
The company's long-term development is good, and the stable growth is expected to be larger: in 2019, due to the decline in the performance of subsidiary Platinum Information and Zhijian Electronics, litigation and impairment of goodwill, the company's performance was poor, revenue decreased by 5.99%, and return net profit decreased by 346.26%. However, as an enterprise with earlier layout and successful launch of remote sensing micro-nano satellite constellation, the company has strong technical strength. Now the state strongly encourages the development of satellite remote sensing industry, and the company has taken a leading position in the industry. With the maturity of technology, the company is expected to get more development opportunities.
The prospect of high quality of the track is good, and the company has a significant competitive advantage: the development prospect of each business line of the company is good, the trend of domestic replacement of chips continues, the development momentum of satellite big data continues, and the demand for related applications around the artificial intelligence industry chain is exuberant. It is expected that the company's industry still has a lot of room for development. At present, the company has accumulated technical advantages, talent advantages, business layout and other advantages, and is expected to take the lead in seizing the development opportunities of aerospace electronics and related downstream industries.
Profit forecast and investment suggestion: it is estimated that the company's net profit in 2020, 2021 and 2022 is 131 million yuan, 181 million yuan and 222 million yuan respectively, and the corresponding EPS is 0.19,0.26,0.32 yuan respectively, and the PE of the corresponding stock price is 61.67,44.55 and 36.33 times respectively. We believe that the company is still a relatively undervalued target, so it covers the "overweight" rating to the company for the first time.
Risk factors: the risk that the speed of technological innovation is not as fast as expected, the risk of technical brain drain, the risk of impairment of goodwill.