Focusing on the field of information and communication for 20 years, the three major sectors have developed in coordination. Founded in 2000, Bangyan Technology Co., Ltd. is committed to providing communication system-level products centered on commanders, and forming three major sectors: ship communications, converged communications and information security. 2022Q1-3 military industry accounts for about 95% of the revenue.
At present, the company's business has entered the sustainable development stage of the pre-research generation, the type research generation and the list generation. 20-22Q1-3, the company realized revenue of RMB 2.79 million, respectively, compared with the same period last year. The company realized revenue of RMB 2.79 million, which was + 3% of the same period last year, and achieved net profit of 0.71%, 0.79 and 0.22 million, respectively, compared with the same period of last year. The company's revenue grew rapidly in the first three quarters of 2022, reflecting a good trend of business development, while the decline in net profit was mainly due to the increase in fees brought about by the restructuring of the industrial park and the increase in R & D fees. By the end of the third quarter of 2022, the company has not yet delivered 235 million yuan in-hand orders and production preparation notices, and the orders are full. We believe that the company's business development is expected to accelerate.
Ship communication is the company's traditional main business, and the type research project is extended to the large ship market. The company has worked deeply in the field of warship communications for many years since the acquisition of Teri in 2009, and products such as internal and external switching equipment and optical ring network systems have a relatively high market share in some market segments, at the same time, a number of products in terminals, servers and data communications have reached 100% localization rate. At present, this section of the company includes 14 finalized products focused on the small and medium tonnage ship market, 5 types of research products targeting shore-based, medium-and large-scale and super-large ships, and 6 pre-research products. The single set of large tonnage ship communication system has higher value and larger market scale, and the field expansion of corporate research projects will continue to empower the business of this sector.
In the field of power aviation, integrated communication business has become the backbone of the company. The converged communication service is oriented to other private network markets outside the ship, and is the development plate of the company after the warship. at present, it has undertaken a number of large system and subsystem technology and construction tasks, including 13 finalized products, 5 type research and 1 pre-research.
The competitive environment of converged communication industry is more complex, different application scenarios are quite different, the company relies on strong product integration capability, and has two advantages of advanced audio and video processing technology in the industry. It occupies a certain leading position in the private enterprises in the military industrial integration communications industry. In 2021, the company's products expand well in the aviation field, with a significant increase in revenue; in the future, the company will continue to tap the needs of customers in the industry dedicated network, and strive to enter the private network of industries, including the government and electric power.
Information security products have entered a mature application stage and will contribute new growth points to the company. After more than 10 years of R & D investment and accumulation, the company's information security products have covered a complete ecological chain from network terminal layer to cloud service layer, in which 10G network protocol hardware security processing speed can reach line speed. The localization rate of the core embedded computing board has reached 100%, and has 9 finalized products and 13 research tasks, which is in an advanced position in the industry. In the first three quarters of 2022, the information security business has become the main driver of revenue growth. With the increasing number of various types of security equipment and security data in the military, the traditional analysis capability is obviously insufficient. Considering the strong confrontation characteristics in the field of military information security, related technical products need to be upgraded continuously and in a timely manner. We believe that the company's information security business has more potential room for growth.
Profit forecast and investment rating. We estimate that the EPS of the company from 2022 to 2024 will be 0.54 / 0.87 / 1.20 yuan per share. We use the PE valuation method to give the company 35-40 times PE in 2023, and we think that the corresponding reasonable value range is 30.58-34.94 yuan, covering it for the first time and giving it a rating of "better than the market".
Risk hint. Risk of new product research and development; volatility of military orders.