Event: on October 19, the company issued a report on the issuance of A shares to specific targets. A total of 177 million A shares were issued to 11 specific targets at an issue price of 10.46 yuan per share. After deducting the issuance expenses, the net amount of funds actually raised was 1.842 billion yuan. In addition to the company's controlling shareholder Guangzhou Radio Group and its wholly-owned subsidiary Radio and Television Pingyun, there are also China Mobile Capital, the Big Dipper, Guohua Satellite, Poly Defense, Guangzhou Industrial Investment and other investors. The funds raised are mainly invested in "Beidou + 5G" integration R & D industrialization project, unmanned information industry base project, Tianshu R & D center construction and satellite Internet R & D project.
The capital increase of the controlling shareholders demonstrates the confidence in long-term development and introduces the strong combination of industrial resources of state-owned investors.
The company's controlling shareholder, Guangzhou Radio Group, and its wholly-owned subsidiary, Radio and Television Pingyun, were allocated 2841.71 shares and 17.7386 million shares respectively, demonstrating their long-term confidence in the company's main business, the satellite communications industry and fixed growth projects. In addition, the introduction of industrial state-owned assets background parties such as China shift Capital will help to give full play to the synergistic effect and achieve complementary advantages. According to the company announcement, Hagrid Communications recently made a major breakthrough in the 5G direction, and a number of products have obtained permits for telecommunications equipment to enter the network. one of the fundraising projects is the "Beidou + 5G" channel integration R & D industrialization project, which introduces China Mobile Limited to participate in the fixed increment. it is helpful to quickly combine the company's product capability and competitive advantage in the field of Beidou and wireless communications with the mobile 5G mobile terminal capability. It is expected to promote the expansion of the company's Beidou navigation business in the civilian market and further empower the company's satellite Internet business.
The whole industry chain layout Beidou navigation, "Beidou + 5G" application leader. Beidou No. 2 ushered in new development opportunities to the No. 3 replacement industry. By breaking through the core technology to build chip advantages, the company realized the layout of Beidou No. 3 terminal in all aspects of the special organization market, and actively promoted the transformation of the achievements of "Beidou + 5G". The introduction of China Mobile Investment in this increase further confirms the company's leading market position in the field of Beidou + 5G and good customer recognition. In addition, the company constructs the big data platform of Beidou time and space, and actively opens up the application of big data in the field of smart city.
Profit forecast: Hagrid Communications is China's leading provider of wireless communications, aerospace and Beidou navigation. It is optimistic that after this increase, the company will achieve rapid growth in "Beidou + 5G" and satellite Internet through continuous R & D investment and industrial cooperation. It is estimated that from 2023 to 2025, the company will achieve an operating income of 64.25 million yuan and a net profit of 7.95 million yuan and 9.50 billion yuan, respectively, corresponding to 0.41 trillion yuan of EPS 0.35 pound and maintaining a "buy" rating.
Risk tips: intensified market competition, macroeconomic fluctuations.