Main points of investment
Next Monday (July 31), there will be an inquiry by Sinan Navigation, a listed company of Science and Technology Innovation Board.
Sinan Navigation (688592): the company's main business is to provide customers with high-precision satellite navigation and positioning cards / modules with real-time positioning accuracy of centimeters and millimeters, data acquisition equipment, agricultural machinery autopilot system and data applications and system solutions. From 2020 to 2022, the company achieved operating income of 288 million yuan / 288 million yuan / 336 million yuan, YOY of 34.56%, 0.08%, 16.47%, and three-year compound annual growth rate of 16.19%. The net profit of homing was 28 million yuan / 29 million yuan / 36 million yuan, the YOY was 132.17%, 3.36%, 24.11%, and the annual compound growth rate of three-year net profit was 43.88%. During the latest reporting period, 2023Q1 achieved an operating income of 30 million yuan, an increase of 35.40% over the same period last year, and a net profit of-13 million yuan. According to the preliminary forecast, the company's net profit attributable to the company's common shareholders is expected to be 11.9596 million yuan from January to June 2023, an increase of 19.43% over the same period last year.
Investment highlights: 1, the company's founder, R & D leader is one of the earliest scientists engaged in high-precision GNSS chip module product research and development Dr. Wang Yongquan, in addition, other members of the team have rich industry experience, leading the company's products to break the foreign board technology monopoly, technical strength to maintain industry leadership. Dr. Wang Yongquan, the leader of the company's core R & D team, is one of the earliest scientific research experts engaged in the research and development of high-precision GNSS chip / module products in China. He has rich experience in the field of high-precision satellite positioning technology and achieved many technological breakthroughs, including the successful development of the first domestic single-frequency measurement GPS receiver and dual-frequency measurement GPS receiver. On this basis, the company launched the company's high-precision multi-mode eight-frequency OEM motherboard K502 Break the long-term technical monopoly of the industry leader Trimble of the United States and NovAtel of Canada on China's high-precision OEM card. In addition, another founder of the company, Wang Chang, director Liu Ruopu, deputy general manager Duan Yalong, and one of the core technical staff, Song Yang, have all worked for China Test Navigation, and Zhai Chuanrun, director and deputy general manager, was once deputy chief engineer of Beidou Xingtong. The management and R & D team have rich industry experience, leading the company to keep ahead in the industry. Including several major Beidou special high-precision OEM board and module projects (including baseband chip development), and in the multi-round technical comparison test organized by the China Satellite Navigation system Management Office, the previous results have always remained in the top two. 2. At present, the company has become one of the two major domestic manufacturers of high-precision GNSS chips and cards; with the development of applications in emerging industries, the permeability of satellite navigation high-precision chips is expected to increase gradually. After years of development, the company has become one of the two major domestic high-precision GNSS chip card manufacturers, with a market share of about 23.67% in 2021. In terms of positioning accuracy, satellite navigation chips can be divided into two types: navigation type and high precision type. At present, most of the applications in the industry are navigation types with low precision. However, in recent years, with the development of high-precision applications such as auto-driving, outdoor robots and unmanned aerial vehicles, the demand for high-precision chips is gradually increasing, and the company has developed a communication module U702 suitable for outdoor robots. Quantum- Ⅳ SoC chip suitable for UAV market is scheduled to be launched at the end of 2023, and the construction of auto-driving system is advancing steadily. It is expected to benefit from the industry opportunities brought about by the development of emerging applications.
Compared with listed companies in the same industry: the company's main business products and services include all kinds of high-precision GNSS cards / modules, data acquisition equipment, agricultural machinery autopilot systems, data applications and system solutions; according to the similarity of the main business, select vibrating core technology, Beidou Xingtong, Huali Chuangtong, Huashi Navigation, China Haida as the comparable listed companies of Sinan Navigation. From the above-mentioned comparable companies, the average revenue size of comparable companies in 2022 is 1.788 billion yuan, comparable PE-TTM (excluding negative, maximum / arithmetic average) is 43.40X, and sales gross profit margin is 43.80%. Comparatively speaking, the company's revenue scale is lower than the average level of comparable companies, but its sales gross profit margin is higher than that of comparable companies.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data interception may have interpretation deviation and so on. The specific risks of listed companies are displayed in the text.