3Q's performance is under short-term pressure, which is mainly affected by the increase in costs and the pace of order delivery.
The company's 9M23 revenue / return net profit / deduction of non-return net profit is RMB 359 million, which is + 8.79% and 7.59% respectively compared with the same period last year.
3Q gross profit margin increased year-on-year, fixed increase landing comprehensive enabling company business company 3Q23 gross profit margin / net profit rate of 33.20 2.19/-3.92pct 4.37%, year-on-year + 0.02/+1.22/+3.23/-0.03pct, sales / management / R & D / financial expense rate respectively year-on-year-0.02/+1.22/+3.23/-0.03pct. The company announced on October 19 that the issue price will be increased by 10.46 yuan per share, 177 million shares will be issued, and the total amount of funds raised will be 1.855 billion yuan, with 9 new investors in addition to the controlling shareholders and their subsidiaries. Including China shift Capital, a wholly owned subsidiary of China Mobile Limited (allocated 42 million yuan), the Big Dipper Equity Investment Fund of the Arms Group (150 million yuan), and the Guohua Satellite Application Industry Fund under Aerospace Science and Technology (130 million yuan). Raise funds for "Beidou + 5G", satellite Internet research and development and unmanned system projects. The landing of this increase will help the company to further improve its strategic layout and enhance its competitive advantage.
Comprehensive layout of satellite Internet, the future will benefit from the rapid growth of the ground equipment industry, the company said on the interactive platform on October 28 that the company actively participated in the current national rapid progress of satellite Internet major engineering projects. omni-directional layout in the field of satellite communications: company communications, navigation terminal project bidding finalists A terminal RF chip extends to the field of next-generation satellite communications and navigation, and is the only manufacturer in the industry recognized by ministries and industries; the terminal products enter the first batch of institutional users to try out, bid for entry into the two major system projects, and obtain development qualifications, and won the first core equipment development contract, entering the ranks of waveform system development manufacturers; in the mass market, the company's chip program cooperates with a number of mobile phone and automobile manufacturers. The company is a veteran leader in the field of special communications, with an additional investment of 1.65 billion yuan in the layout of satellite Internet and the research and development of radio frequency chips, baseband chips, conduction chips and wide and narrow band terminals, which is expected to benefit from the development of satellite Internet user segments.
Maintain the "overweight" rating
We downgrade the profit forecast, and expect the net profit from 2023 to 2025 to be 941 million yuan ($1.06 billion). The 23-year comparable company's Wind consensus expected average PE33x, taking into account the synergy of the company's multi-sector layout, giving the 23-year target PE44x, corresponding to the target price of 14.14 yuan per share (previous value: 13.40 yuan per share), maintaining the "overweight" rating.
Risk hint: the downstream market demand is not as expected; the development of national defense information is not as expected.