Leading intelligent development with inertial technology, the company has entered Unmanned Systems Company, an early high-tech enterprise dedicated to the development and application of unmanned systems in China. Over the years, the company has been laying out unmanned systems around unmanned systems, and has completed infrastructure construction such as information sensing, communication and navigation, and platform development for drones, unmanned vehicles, and unmanned ships.

The military training drone business has become a growth point for the company's performance. With the advancement and deepening of the practical and normalization of military training, the quantity and performance requirements of unmanned targets for military training have increased year by year, and the market space for unmanned target aircraft will expand further. The company has completed serial unmanned target aircraft research and development, forming the most complete unmanned target aircraft product lineage in China, covering 70m/s-310m/s, involving land-based and marine products. With constant growth breaking through the bottleneck in production capacity, the company is expected to fully enjoy the high prosperity of the industry through deep technology accumulation in the future.

Satellite Communications, Optoelectronic Gondola, and Phased Radar Consolidation Company's basic market is based on the company's accumulation in the field of inertial navigation over the years. The company has developed mature products such as “Dingzhongtong”, optoelectronic gondola and phased radar, and has great brand influence. Considering the high level of prosperity in the satellite communications, optoelectronic reconnaissance equipment and radar industries, the company continues to invest in developing new products to explore the market, and the company's basic market business is expected to continue to develop steadily.

Investment advice

The company's net profit is expected to be 298/4.14/540 million yuan in 2023-2025, and the corresponding price-earnings ratio is 21.30, 15.32, and 11.74 times, maintaining the “buy” rating.

Risk warning

R&D fell short of expectations, downstream demand fell short of expectations, and fixed increase project construction fell short of expectations.