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欧比特(300053):新发卫星提升数据获取能力 冠名合作绑定下游应用市场

Obit (300053): newly developed satellites enhance data acquisition capability and name cooperation to bind downstream application markets

中信建投證券 ·  Sep 20, 2019 00:00  · Researches

Event

On September 19, the company successfully completed the launch mission of four hyperspectral satellites and one video satellite on board the long March 11 carrier rocket at China's Jiuquan Satellite launch Center and entered the scheduled orbit.

Comment

Five satellites have been successfully put into orbit, and the ability to obtain satellite remote sensing data has been further improved.

On September 19, the company's four hyperspectral satellites (OHS-3A, OHS-3B, OHS-3C and OHS-3D) and one video satellite (OVS-3) successfully completed the launch mission and entered the scheduled orbit aboard the long March 11 carrier rocket at China's Jiuquan Satellite launch Center.

Up to now, the company has a total of 12 satellites in orbit, including 8 hyperspectral satellites and 4 video satellites.

The "Zhuhai-1" constellation hyperspectral satellite built by the company is currently the hyperspectral satellite with the highest spatial resolution and the largest width in China, and is an important member of the global hyperspectral satellite family, which fills the gap in the hyperspectral field of China's commercial spaceflight. its characteristic hyperspectral data has the ability to carry out accurate quantitative analysis of vegetation, water, crops and other features, and provides quantitative analysis services for smart cities and other industries. In the future, the entire "Zhuhai-1" remote sensing satellite constellation will be composed of 34 satellites, including video satellites, hyperspectral satellites, radar satellites, high-resolution optical satellites and infrared satellites.

Naming cooperation is bound to the downstream application market, and the future satellite big data business is expected to grow at a high speed.

In the first half of the year, the company made a major breakthrough in the satellite big data business, fully invested in the "Green Water and Green Mountains one Map" product technology research and development and application promotion, and achieved fruitful results.

On June 6, 2019, the company successfully won the bid for Zhuhai "Green Water and Green Mountains" project, relying on the implementation of this project to create and form a demonstration and service model of satellite big data serving the smart city. Project demonstration systems in 10 different provinces and cities, including Qingyuan, Heyuan, Qingdao Guzhenkou, Wuhu and Chongqing, have been developed and used to carry out project promotion, with good market response and great progress in some areas. In the first half of the year, the company's satellite big data business achieved an operating income of 30.45 million yuan, with a gross profit margin as high as 51.98%. With the continuous promotion of the company's satellite big data business, revenue growth is expected to be accompanied by an increase in gross profit margin.

The company has won the names of the government and enterprises by means of government-enterprise cooperation, industrial association and public welfare donation. with the China Children and Youth Foundation, the people's Government of the West Coast New area of Qingdao, Shandong Province, China Guizhou Maotai Distillery (Group) Co., Ltd., the people's Government of Gaomi City of Shandong Province, Jiangsu Jinshiyuan Wine Co., Ltd., five satellites were named. The video satellite OVS-3 is named "Spring Bud Project Star". The hyperspectral satellite OHS-3A is named "West Coast one"; the hyperspectral satellite OHS-3B is named "Feitian Maotai"; the hyperspectral satellite OHS-3C is named "Gaomi 1"; and the hyperspectral satellite OHS-3D is named "Guoyuan V9". The company has bound the downstream application market through cooperation and naming, and the satellite big data business is expected to maintain rapid growth in the future.

Gree gold investment strategy to buy shares, may continue to increase holdings in the future

From July 15 to August 1, Glijin increased its stake in Orbitt shares by 35 million shares through the centralized bidding trading system and block trading of Shenzhen Stock Exchange, accounting for 5% of the total share capital of Obi. Among them, 22.73 million shares were bought through collective bidding, with an average transaction price of 11.05 yuan per share. 12.38 million shares were bought through bulk trading, with an average transaction price of 10.01 yuan per share, with an overall average transaction price of 10.58 yuan per share. Zhuhai Gree Group Co., Ltd., the controlling shareholder of Gree Capital Investment, is optimistic about the future development prospect of Obi, and intends to buy a strategic stake in Obit, so Gree Gold Investment increases its holdings of Obi through the secondary market. After the completion of this equity change, Gree Gold Investment has a plan to continue to increase its stake in Obi in the next 12 months. The investment of state-owned assets is expected to promote the company's business expansion in the government field.

The advantages of aerospace electronics business are outstanding, and the market demand for military and industrial applications is strong.

The company is the leader of domestic SoC chip industry and the forerunner of SIP three-dimensional packaging. In 2003, the company launched the basic chip S698 of SPARC architecture, which broke the foreign monopoly. After years of development and accumulation, the company has serialized S698 products. In 2010, the company launched SIP product development, launched SIP-MEM products in 2011, and built Asia's first SIP three-dimensional packaging module / system digital production line in line with aerospace standards. The main products include large-capacity data memory, computer system module and composite electronic system module. The company's aerospace electronic products are widely used in aerospace, electronics, nuclear industry, weapons, ships, measurement and control, industrial control and other fields.

The company gives full play to the advantages of advanced technology and independent control in SoC, SIP and other products, seizes the market opportunity, promotes product verification and certification, and continues to pass the identification and audit of military qualification. In the future, the share and influence of the company's aerospace electronics products in the aerospace and national defense industries are expected to continue to increase.

Profit forecast and investment suggestion: satellite big data has a wide application space and maintains its "overweight" rating.

As the flagpole enterprise of China's high-end aerospace processor SoC and the pioneer of three-dimensional packaging SIP aerospace module / system, Obit has a leading position in the industry; the company aims at the future industrial development trend and national policy guidance, the layout of remote sensing satellite big data business, the future market space is broad. It is estimated that the company's net profit from 2019 to 2021 will be 2.19,2.94 and 386 million yuan respectively, an increase of 130.29%, 34.55% and 31.37% respectively over the same period last year. The corresponding EPS for 19-21 years will be 0.31 yuan, 0.42 yuan and 0.55 yuan respectively, and the corresponding share price PE will be 40, 30 and 23 times respectively, maintaining the "overweight" rating.

The translation is provided by third-party software.


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