Main introduction: the company's main business is the development, production, sales and service of communication equipment and navigation equipment. The company's main products are military communications equipment and navigation equipment, including wireless communications, digital intelligence ecology, simulation and Beidou navigation, with 23H1 revenue accounting for 45.89%, 43.99%, 4.69% and 3.83%, respectively.
Performance: in the face of the severe and complex economic situation at home and abroad, the company focuses on wireless communications, Beidou navigation, aerospace and satellite Internet and other areas, and the forward-looking layout of AI technology militarization and satellite Internet areas to achieve first-mover advantages.
The company continues to expand its operating scale, with revenue of 2.877 billion yuan (+ 15.8%) and net profit of 311 million yuan (+ 6.8%) in the first half of the year. In addition, the company's gross profit margin for the first half of the year is 33.97% (- 3.62pcts), net profit rate is 11.07% (- 0.97pcts), and the expense rate during the period is 8.49% (+ 0.17pcts). The expense rate is basically stable, and the sales / management / R & D expense rate is 3.40% (+ 0.22pct) / 5.67% (- 0.05pct) / 14.65 (- 1.9pcts) respectively.
The wireless communication service has a comprehensive coverage and has a leading edge in the military field.
The company's wireless communication service covers the fields of shortwave communication, ultrashort wave communication, satellite communication, digital trunking, multi-mode intelligent terminal and system integration, and realizes the global layout of space, air, earth and sea. its products have the advantages of complete means, broadband narrowband convergence, public network integration and other advantages, and have strong advantages in the field of military communications.
Increase investment in new areas and continuously improve competitive advantage in fixed-increase projects
According to the fixed increase manual announced by the company at the end of July, this issue intends to raise no more than 1.855 billion yuan. It is intended to be used for "Beidou + 5G" channel fusion R & D industrialization project, unmanned information industry base project, Tianshu R & D center construction and satellite Internet R & D project. The company will strategically increase investment and physical space building in these new generation information technology fields, further strengthen the two-wheel drive development of "industry + capital", and continue to build professional layout advantages.
A sufficient number of bid-winning projects are expected to promote business growth. Beidou No. 3 products have been shortlisted in a certain application subsystem of the next generation satellite communication system, and Tiantong No. 1 products have entered the field of new high-end platforms for the first time. Weitong satellite guidance products have achieved a breakthrough in the new market segment of institutional users; a major breakthrough has been made in the 5G direction, and a number of products have obtained network access licenses for telecommunications equipment. The cluster product won the bid for the project of China Academy of Electrical Sciences, breaking through the field of digital communication in electric power network for the first time. The company's Beidou No. 3 terminal entered the identification and batch ordering stage, and successively obtained orders, successively won the bid for the energy industry Beidou No. 3 application project, the first to achieve batch application in the energy industry, and made a breakthrough in the major customer market of the industry. Adequate projects will play a positive role in the company's position in the communications services industry and performance growth in 2023-2026.
Profit forecast: the company is a domestic satellite navigation and satellite Internet industry leader, medium-and long-term performance is expected. It is estimated that the return net profit of the company from 2023 to 2025 is 7.53,9.20 and 1.166 billion yuan respectively, the corresponding EPS is 0.33,0.40,0.51 yuan respectively, and the corresponding PE is 36.36,29.78,23.50 times respectively.
Risk hint: market competition aggravates risk, talent competition risk, macro environment fluctuation risk.