Events:
On October 10, the company announced that as of September 30, 2022, the cumulative number of shares repurchased by the company was about 25.47 million shares, with a total payment of about 301 million, and the implementation of the share repurchase plan was completed.
On October 11, the company announced that the company recently received a "bid winning notice" for a certain type of airborne optoelectronic system product, which is the winning bid for the company's traditional advantage optoelectronic system product in the new model project. this model product will have a positive impact on the company's performance growth in the coming year.
Comments:
1. The company held the 17th meeting of the Fifth session of the Board of Directors and the 11th meeting of the Fifth Supervisory Committee on September 5 to deliberate and adopt the "Bill on the share Repurchase Plan". The "Repurchase report" was disclosed on September 14, and the shares were repurchased for the first time on September 21. As of September 30, the company accumulated about 25.47 million shares, and the total amount paid was about 301 million. The repurchase price is between 11.45 and 12.40 yuan per share, which reaches the lower limit of the repurchase amount examined and approved by the board of directors, and the implementation of the share buyback plan is completed.
The company has completed all the processes of the share buyback plan within one month, and all the repurchased shares will be used for equity incentives or employee stock ownership plans, demonstrating the company's confidence in future development.
2. After the company's infrared front installation in GAC Ean completed the major breakthrough in civil application, the company once again announced that it won the bid for a certain type of airborne optoelectronic system products.
The winning bid of a certain type of airborne optoelectronic system product is the winning bid of the company's traditional advantage optoelectronic system product in the new model project, which reflects the company's unique innovative competitive advantage in the field of optoelectronic system. According to the batch production characteristics of the model products, this type of product will have a positive impact on the company's performance growth in the coming year.
3. The signing of orders for some of the company's projects has been delayed, and the model product revenue in the first half of the year has dropped compared with the same period last year, resulting in a decline in the company's semi-annual report performance; in the overall field of complete equipment systems, a complete equipment system that has obtained the overall scientific research and production qualification in the previous period will actively promote the signing of follow-up mass orders for the project in the second half of the year after signing the first domestic batch purchase order for the project. The second domestic complete equipment system overall project won by the company through competitive bidding will complete the scientific research phase according to customer requirements, and will contribute new revenue and profit growth to the company in the follow-up. We believe that the postponement of customer procurement plans is not the disappearance of demand, looking forward to the future, with the company's model product orders signed and resumed and the two types of domestic complete equipment systems have entered mass production, the company's performance is expected to achieve rapid growth.
4. We expect the company's net profit from 2022 to 2024 to be 11.27,15.25 and 1.879 billion yuan, an increase of 1.42%, 35.32% and 23.23%, respectively, and maintain a "highly recommended" rating.
Risk hint: the purchase of military weapons and equipment is lower than expected; the decline in product prices is more than expected; and the expansion of civilian applications is not as expected.