2）公司业务主要布局智能终端、空管产品与微波射频三大领域。公司智能终端业务主要产品是机顶盒、无线路由器等；空管产品主要是空管系统及相关航电设备；微波射频产品在军用领域主要应用于雷达、电子对抗、航天通信，在民用领域主要应用于无线通信、汽车毫米波雷达等方面。2023 上半年公司数字家庭多媒体产品、空管产品、微波射频营收分别同比增长15%、11%、25%。Matters:
On March 1, the company issued the “Notice on the Progress of Sichuan Jiuzhou Electric Co., Ltd. on Issuing Shares to Purchase Assets and Raise Supporting Funds and Related Transactions”.
Guoxin Electronics Opinions: 1) The company announced the progress of issuing shares to purchase assets and raise supporting capital and related transactions. The company plans to acquire 100% of Shanghai Zhiliang Electronics' shares. Zhiliang Electronics is committed to technical research and equipment design, development, production and sales in the field of military electronic warfare. In 2022 and 1-3Q23, the operating income was 193 million yuan and 104 million yuan, respectively, and net profit was 6449 million yuan and 35.51 million yuan respectively. The acquisition will further strengthen the company's military business layout.
2) The company's business mainly lays out three major fields: smart terminals, air traffic control products, and microwave radio frequency. The main products of the company's smart terminal business are set-top boxes, wireless routers, etc.; air traffic control products are mainly air traffic control systems and related avionics; microwave radio frequency products are mainly used in radar, electronic countermeasures, and aerospace communications in the military field, and are mainly used in wireless communications and automotive millimeter-wave radars in the civilian field. In the first half of 2023, the company's digital home multimedia products, air traffic control products, and microwave RF revenue increased 15%, 11%, and 25%, respectively.
3) The company's main business achieved steady growth in the first half of 2023. At the same time, the acquisition of Shanghai Zhiliang Electronics further strengthened the company's military business layout. The estimated 2023-2025 revenue is 44.81/51.55/ 5.967 billion yuan, and net profit to mother is 2.61/3.28/ 394 million yuan. The current stock price corresponds to PE 43.9/35.0/29.1 times, respectively, maintaining a “buy” rating.
Risk warning
Demand for smart terminals falls short of expectations, market competition intensifies, and policy promotion results fall short of expectations.
