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超讯通信(603322)新股分析:综合型通信技术企业、行业前景乐观

Supercom Communications (603322) IPO Analysis: Comprehensive Communications Technology Companies and Industry Prospects Are Optimistic

廣發證券 ·  Jul 20, 2016 00:00  · Researches

  The company is a comprehensive communication technology high-tech enterprise

As one of the earliest enterprises engaged in mobile communication network construction, network maintenance and network optimization in China, Supercom has complete business qualifications, technical support capabilities for multi-professional and multi-manufacturer equipment, and a complete quality and safety monitoring system, which can provide a wide range of comprehensive communication technology services. The company has now formed a national business layout, has a complete technical service network, and has operating experience in complex geographical environments, climatic conditions and emergency situations. From 2013 to 2015, the company's revenue was 450 million yuan, 560 million yuan and 690 million yuan respectively, with a compound annual growth rate of 24%.

The communication technology service industry is developing rapidly, and the prospects for the industry are optimistic

The development of the information society has brought about huge demand for mobile information. There is a big gap between the scale level and service capacity of China's current communication networks and actual requirements. Benefiting from the rapid growth in 4G network investment by telecom operators and the integration of IoT construction into China's emerging industry development strategies, China's communication network construction investment has grown rapidly in recent years, and it is inevitable that the investment scale will remain high in the future. The market size of China's communication technology service industry has maintained a continuous growth trend, growing from 83.49 billion yuan in 2011 to 151.66 billion yuan in 2014, and is expected to reach 266.85 billion yuan in 2017.

In this market context, the company gave full play to its advantages, continuously improved and innovated the service system, and actively cooperated with high-quality customers such as China Mobile, China Telecom, China Unicom, and China Tower to provide operators with professional and high-quality integrated services.

The company mainly provides multi-regional and integrated services, and its competitive advantage is obvious

At present, the concentration of the communication technology service industry in China is not high. There are more than 3,000 professional communication technology service providers. Most of them are small and medium-sized enterprises with a single region and a single service type. Supercom integrates communication network construction, communication network maintenance, and communication network optimization services. It operates in more than 10 provinces and cities across the country to achieve integrated services throughout the country. Furthermore, the advanced level of service technology, a business model that directly serves end customers, rich emergency communication security experience, service innovation advantages, and effective management support methods guarantee the company's position in the industry.

Risk warning

The dependence on a single customer is high, and the future may be at risk of operator procurement policy adjustments; there is uncertainty about whether the industry's growth rate will continue.

The translation is provided by third-party software.


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