Events:
The company issued a fixed increase announcement that this time, 177385277 A shares were issued to specific targets, the total amount of funds raised was 1855449997.42 yuan, and the issue price was 10.46 yuan per share. After deducting the expenses related to the issuance, the net amount actually raised was about 1.84 billion yuan, including an increase of 177385277.00 yuan in equity and 1664244176.98 yuan in capital reserve.
1. Increase the landing, introduce strategic investors, and deepen cooperation in all directions. The targets of this issue include controlling shareholder Guangzhou Radio Group and Pingyun Investment, a wholly-owned subsidiary of Radio Group. In addition, there are 11 institutional investors, such as China Mobile Capital, Shanghai Big Dipper Equity Investment, Guohua Satellite Application Industry Fund, Foshan Poly Defense Equity Investment, Guangzhou Industrial Investment Private Equity and so on.
This time, the controlling shareholders and their subsidiaries actively participated in the fixed growth of the company, with a share of 16.0% and 10.0% respectively, demonstrating the long-term development value of the company and boosting investor confidence. As a leading manufacturer of Beidou, the company is the first to realize the layout of the whole industry chain of "chips, modules, antennas, terminals, systems and operations". It is the application leader of "Beidou + 5G". At the same time, it actively distributes the field of satellite Internet, and the terminal products become the first batch of institutional users to try out the main equipment, bid for entry into the two major system projects, obtain the development qualification, and obtain the first core equipment development contract. The company officially entered the ranks of waveform system manufacturers.
This increase also introduces a number of strategic investors, which is expected to deepen cooperation in all directions. In the application and promotion of "Beidou + 5G" industry, deepen cooperation with operators to consolidate the company's application scale in transportation, electric power, petroleum and petrochemical, forestry, emergency and other fields; in the field of digital intelligence ecology, as an excellent supplier of China Mobile Limited (Class A), the company is expected to continue to improve the overall service capacity in the follow-up business. Shanghai Beidou equity investment partners include Zhongbing Beidou Application Research Institute, China North Industry, Guohua Satellite Application Industry Fund issued and set up by Aerospace Science and Technology Group, focusing on the promotion of satellite application industrialization. We believe that the introduction of a number of industrial capital is expected to help Beidou and satellite Internet business upgrading, enhance the company's related resource endowment. At the same time, its long-term investment attribute helps to optimize the company's equity structure.
2. Increase investment in core areas such as "Beidou + 5G", "unmanned information industry" and "satellite Internet". At present, the company's four core industries cover the four fields of "wireless communications, Beidou navigation, aerospace, and digital ecology", and look ahead to the militarization of AI technology and satellite Internet. This fund-raising project will strategically increase investment in areas such as "Beidou + 5G", "unmanned information industry" and "satellite Internet", and further strengthen the two-wheel drive of "industry + capital".
Fund-raising projects include "Beidou + 5G" integration R & D industrialization project, unmanned information industry base project, Tianshu R & D center construction and satellite Internet R & D project. According to the company's report, Hagrid Tianteng information industry base began to build the first unmanned information industry base in China covering land, airspace, water and other fields with the integration of "research and development, intelligent construction, testing, simulation training". Nanjing Tianshu R & D Building has also been officially launched, gradually developing Nanjing into the company's strategic development base in the Yangtze River Delta region, building physical space advantages. The company continues to increase strategic investment in the fields of unmanned systems, Beidou navigation and satellite Internet, improve industrial layout, and promote future performance development.
3 Investment suggestions:
During the 14th five-year Plan period, satellite navigation and satellite Internet are key national support industries. as one of the leading manufacturers of Beidou, the company is optimistic about the forward-looking layout of downstream applications and satellite Internet, and maintains its profit forecast. It is estimated that the revenue from 2023 to 2025 will be 60.37 pound 6706 shock 7.512 billion yuan, and the earnings per share will be 0.31 pound 0.34 trillion 0.37 yuan respectively. Corresponding to the closing price of 11.70 yuan per share on October 18, 2023, the PE is 31.7 times higher than that of 37.4 Universe. Taking into account the increased share capital, the earnings per share is expected to be 0.29 pound 0.32 per share 0.34 yuan. Maintain a "buy" rating.
4. Risk tips:
Downstream orders are less than expected risk; increased competition leads to gross profit margin fluctuation risk; Beidou application development is not as expected risk; systemic risk.
Profit