针对上半年业绩预减，中国卫星表示，由于行业特点，公司客户比较集中，受市场竞争激烈、用户需求计划调整延迟、部分产品升级换代等因素影响，新签订单和手持订单均有所减少；另外，公司半年度按时点交付或按履约进度节点验收的项目较少，营业收入同比明显下降。 China Spacesat has been continuously under pressure in the first half of the year, with rare net profit losses in Q1. Q2, which was originally the company's largest contribution to performance, also did not perform as expected. On the product structure, the operating income of 10-30 billion yuan products is 401/1288/60 million yuan respectively.
Due to the combination of industry cycle fluctuations and fierce competition, China Spacesat (600118.SH) faced operational pressure in the first half of this year, with a rare net income loss in Q1 and a Q2 performance that was not as satisfactory as expected, despite it being the company's largest contribution to performance.
China Spacesat announced that it is expected to achieve a net profit attributable to the mother company of 6.9 million yuan to 10.2 million yuan in the first half of this year, a decrease of 95.05%-92.69% year-on-year; a non-net profit of 1.85 million yuan to 2.75 million yuan, a decrease of 98.69%-98.06% year-on-year.
Regarding the performance pre-reduction in the first half of the year, China Spacesat stated that due to the characteristics of the industry, the company's customers are relatively concentrated. The new signing orders and hand-held orders have decreased due to factors such as intense market competition, delayed user demand plan adjustments, and some product upgrades. In addition, the projects delivered on time in the first half of the year or verified according to the progress of contract fulfillment milestones were relatively small, resulting in a significant year-on-year decline in revenue.
Financial data shows that the company had a net loss of 21.3362 million yuan in Q1 this year. Based on this calculation, the estimated Q2 net profit is 28.2362 million yuan to 31.5362 million yuan. From a year-on-year perspective, the Q2 net profit level this year is significantly reduced compared to the same period last year's 89.6062 million yuan. Q2 is generally the largest quarter for China Spacesat's performance contribution. It is worth noting that the net profit loss in Q1 this year is not common for China Spacesat. The last time it had a single quarter loss was in Q1 2005 (with a loss of 4.3408 million yuan).
The financial performance of China Spacesat at the 2023 performance briefing held in late May this year caused dissatisfaction among investors. "The 2023 performance dropped from 0.285 billion two years ago to 0.158 billion, and Q1 this year changed from a profit of nearly 50 million yuan in the same period last year to a loss of 21.33 million yuan. The contribution of the main business profit has decreased, the growth ability has been weakened, the company's scale expansion has slowed down, the operation ability has been weakened, and the inventory turnover is too slow. The trend of the secondary market has seriously dragged down the Shanghai Composite index and the 180 and 300 indexes, causing serious losses to investors."
Public information shows that China Spacesat's main business is aerospace manufacturing and satellite application. The main products include satellite system development, aerospace components manufacturing, satellite navigation and terminal product manufacturing, large-scale ground application system integration, drone system integration, satellite comprehensive operation services, information systems and comprehensive application platforms.
It is reported that China's commercial aerospace has already entered a relatively rapid development stage, and the demand for satellite industry applications continues to increase. According to data from the "China Aerospace Technology Blue Book (2023)", China implemented a total of 67 space launch missions in 2023, of which 26 were commercial launch missions, with a total of 120 commercial satellites developed and launched, accounting for 54% of the total number of satellites developed and launched throughout the year.
China Spacesat previously stated that more and more companies are entering the aerospace manufacturing and satellite application fields, and market participants are becoming increasingly diverse. On the other hand, the rapid rise of domestic and foreign aerospace industries, especially commercial space, and the increase in domestic and foreign satellite resources, have made the market structure faced by the company's aerospace manufacturing and satellite application business more complex, and market competition continues to intensify.
In the performance forecast tonight, the company stated that it will actively respond to changes such as industrial policy adjustments and intensified competition, focus on its main responsibilities, ensure the completion of scientific research and production tasks, increase market development and new field expansion, continuously strengthen product innovation and cost control, and promote high-quality development.
