Event: disclosure of the company's three quarterly reports
On October 30, 2020, the company disclosed its third-quarter report that the company's third-quarter revenue was 206 million yuan, an increase of 31.23% over the same period last year, deducting 10 million yuan in non-return net profit, an increase of 99.11% over the same period last year. The company's total revenue in the first three quarters was 548 million yuan, down 1.55% from the same period last year. The total non-return net profit was 29 million yuan, down 36.9% from the same period last year. In the company's semi-annual report, its revenue decreased by 14.47% compared with the same period last year, and its non-return net profit decreased by 53.63% compared with the same period last year. Thus it can be seen that the adverse impact of the epidemic on the company's production and market expansion has significantly decreased in the third quarter, but the impact of the epidemic on the company's overall performance in the first three quarters is still there. As a multi-card layout of the satellite big data enterprise, Obit is expected to harvest the gradual development of the track under the stable market environment in the future.
Main points of investment:
The impact of the epidemic narrowed but remained: the company's performance increased significantly in the third quarter, especially the non-return net profit increased by 99.11%. However, the epidemic at home and abroad in the first half of the year hindered the company's production and operation, market expansion, and supply chain coordination, and the performance declined significantly. Although the company rebounded significantly in the third quarter, the previous adverse effects have not been completely removed.
Multi-card layout satellite big data: after more than 20 years of development, the company has gradually grown into an aerospace satellite big data enterprise based on R & D and production of Soc, SIP, EMBC and other aerospace core components, supported by "Zhuhai-1" remote sensing micro-nano satellite constellation, and strategically extended by artificial intelligence, geographical mapping and intelligent security. At present, the company's aerospace electronics business mainly provides highly reliable core components for aerospace and industrial control fields. The company successfully launched five satellites in April 2018 and Zhuhai-1 in 2019.
The five satellites in group 03 of remote sensing micro-nano satellite constellation continue to enrich the acquisition, operation and maintenance, processing and application of big data.
Strategic extension to expand the company's market tentacles: the company uses its own strong chip design capability, combined with subsidiary platinum information intelligent image analysis and processing technology, committed to artificial intelligence algorithm research, in order to solve the traditional remote sensing data processing strong artificial dependence, low processing efficiency and other industry status, broad prospects for development. The subsidiary company has rich experience in the development of intelligent geographic surveying and mapping products, and has created more than 100 software products with independent intellectual property rights, such as spatial planning information management platform, green water and green mountains map platform, urban design three-dimensional planning platform and so on. The company has initially mastered the algorithm system based on satellite remote sensing-UAV aerial photography-video surveillance, which provides a strong support for the construction of digital China.
Profit forecast and investment suggestions: in 2020, 2021 and 2022, the company is expected to achieve a net profit of 96 million yuan, 128 million yuan and 144 million yuan respectively, corresponding to 0.14,0.18,0.21 yuan respectively, and the PE of the corresponding stock price is 75.79,58.94,50.52 times respectively.
Risk factors: the risk that the speed of technological innovation is lower than expected, the risk of technical brain drain, the risk of impairment of goodwill, the risk of re-outbreak of COVID-19 epidemic.