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综艺股份(600770):高温超导项目获中央补助资金5 000万

廣發證券 ·  Apr 2, 2014 00:00  · Researches

According to the company announcement, Variety Superconducting's “R&D and industrialization of high-temperature superconducting film materials and superconducting filters” project can receive 50 million yuan in central subsidy funding for new material research and industrialization projects in 2013, of which 16 million yuan was issued in 2013. Superconducting filters have broad application prospects. Especially in the field of mobile communications, superconducting filters have huge application potential in the field of mobile communications. Using a high-temperature superconducting filter as a radio frequency front-end device for base station receivers can completely suppress all kinds of interference from base station receivers and improve receiver sensitivity, and since superconducting filters are installed on the base station main receiver and branch receiver, it does not affect the function of diversity reception to resist multipath decay. Increased system reception sensitivity can expand base station coverage and reduce the number of base stations. At the same time, it can also reduce the transmission power of mobile phone signals and improve call quality. High temperature superconducting filter technology is also widely used in various fields such as defense and medicine. Variety Superconducting Filter Systems has achieved large-scale commercial applications. Variety Superconducting Technology Co., Ltd., a subsidiary of Variety Superconducting Technology Co., Ltd., is the only high-tech enterprise in China that has achieved engineering implementation and large-scale commercial application of superconducting film materials and superconducting filters after the United States. The company's superconducting filter products were tested by Tangshan Unicom for the first time in 2004, and were continuously tested for many years and approved by the operator. In August 2011, the company obtained the first commercial order contract for superconducting filter system products in China, completed production and delivery to users in 2012, and invested in long-term practical application in communication equipment in 16 provinces and cities across the country. In 2013, the company's actual orders still increased significantly compared to the previous year. 2 production lines have been expanded, and production capacity is expected to be released in 2014 in the future. The 13-15 results are -0.57 yuan/share, 0.26 yuan/share, and 0.43 yuan/share, respectively. The company's EPS for 2013-2015 is -0.57, 0.26, and 0.43 yuan, respectively, corresponding to 39 times and 23 times PE from 2014 to 2015, respectively. Maintain a “buy” rating. Risks suggest that operators' investment is lower than expected; generation costs are higher than expected; and marketing promotion is lower than expected.

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