Event: according to the company announcement, the company expects to achieve a net profit of 1.2-152 million yuan in 2020, turning a loss into a profit over the same period last year, deducting 3537-67.37 million yuan in non-net profit. The company's multi-card layout of the aerospace satellite industry chain, aerospace electronics, satellite big data, artificial intelligence three major plates to fully enjoy the development dividend of low-orbit satellite track. With the enhancement of the independent and controllable trend of core technology, the company's technological advantage has become more and more significant, the company's asset structure has continued to improve during the reporting period, operating costs have decreased compared with the same period last year, and the credit impairment of receivables has been reduced. in the future, it is expected to achieve steady growth under a stable market environment.
Main points of investment:
The dilution of the impact of the epidemic is conducive to the restoration of vitality on both sides of the supply and demand sides of the industrial chain: in the first half of 2020, due to the influence of COVID-19 's epidemic situation, the resumption of work on the demand side of the lower reaches was delayed, and business progress slowed down; in the second half of 2020, the company paid close attention to the opportunity period of dilution of the domestic epidemic situation, increased business expansion, achieved counter-trend growth in business income, reversed the trend of decline in business income in the first half of the year compared with the same period last year, and still achieved profit turnround for the whole year. If the evolution of the epidemic in China remains low and controllable in 2021, the company's performance is expected to achieve further growth on the basis of reversing losses.
Multi-card layout, the company's technical barrier advantage is becoming more and more prominent: the company ploughs the Leo satellite industry chain, which is based on the manufacture of aerospace components such as Soc, SIP, EMBC and "Zhuhai No.1".
Remote sensing micro-nano satellite constellation as the support, artificial intelligence, geographical mapping, intelligent security as the strategic extension of the multi-card business layout. The company's products are widely used, covering downstream industries including aerospace, industrial control, judicial, municipal and security and so on. Aerospace is an autonomous and controllable key area, with the acceleration of the localization of key chips, the company's aerospace electronics business scale is expected to further expand and continue to strengthen the advantages of technical barriers. Rely on their own accumulated patents, talents, resources to establish a multi-field comprehensive development technology system. The company is in a leading position in the supply side, application side and image analysis side of aerospace data. Through business chain layout and resource integration, the company is expected to seize the historic development opportunity of air-space interconnection in the future.
Profit forecast and investment rating: from 2020 to 2022, the company is expected to achieve a net profit of 1.32 yuan, 1.56 yuan and 167 million yuan, respectively, and the EPS is 0.19, 0.22, 0.24 yuan, respectively, and the PE of the corresponding share price is 48.39, 40.81, 38.31 times, respectively, maintaining the "overweight" rating.
Risk factors: less than expected risk of technological innovation, risk of litigation, risk of recurrence of COVID-19 epidemic situation