With the continuous catalysis of satellite communications, the stars and the sea are waiting to set sail. Recently, there has been continuous event catalysis in the field of satellite communications. The sale of Huawei Mate60Pro global launch of satellite communication functions and telecommunications packages indicates that China's satellite Internet industry has gradually begun to land early applications, and the satellite industry chain may accelerate its development and enter a new stage. Huawei launched the Mate 60Pro on August 29, 2023, carrying the satellite phone function for the first time in the world. After the Beidou short message, the mobile satellite Internet application landed again. It supports satellite calls through Tiantong satellite, which is currently supported only by telecommunications cards. On September 4, 2023, Geely Krypton 001 high-performance version 001 FR was unveiled and became the world's first mass production car model with satellite communication technology. 001 FR equipped with satellite communication technology will be able to open two-way satellite message and satellite voice call services before the end of the year. On September 7, 2023, China Mobile Limited, in cooperation with ZTE Corporation and Shide, jointly completed the first domestic operator NR-NTN Leo satellite laboratory simulation verification, using 3GPP R17 NR-NTN Leo satellite laboratory simulation and verification, confirmed the potential of NR-NTN in Leo satellite communication broadband, and is another landmark and important event for the maturity of satellite Internet industry. On September 8, 2023, Huawei again launched Mate60Pro+ products, which also carry satellite communications functions and support two-way Beidou satellite messages. The catalysis of satellite Internet industry is about to break out. Hagrid Communications, as a leading wireless communication manufacturer in China, is expected to fully benefit from the accelerated development process of the satellite Internet industry.
Full-band coverage of wireless communications, omni-directional layout of satellite communications. In the field of wireless communications, the company's leading products cover shortwave communications, ultrashort wave communications, satellite communications, digital trunking, multi-mode intelligent terminals and system integration, realizing the global layout of sky, air, earth and sea. It is the mainstream factory with a full range of Tiantong satellite terminals and chips in China. During the reporting period, the company's next generation of main shortwave and ultrashort wave products broke through new market areas; it was shortlisted for an application subsystem of the next generation satellite communication system, and Tiantong No.1 products entered the field of new high-end platforms for the first time. In the direction of satellite Internet, the company's terminal products have become the first batch of main equipment for institutional users to try out. at the same time, they have been shortlisted for two major system projects and obtained the development qualification, won the first core equipment development contract, and entered the ranks of waveform system manufacturers.
The ecological business of Mathematical Intelligence is growing steadily, and the position of the aerospace industry continues to be consolidated. Company subsidiary Hagrid Yichuan has become 15 regional candidates for China Mobile Limited network integrated maintenance service, with an estimated contract amount of 1.89 billion yuan, and its ability is highly recognized by customers. In addition, the self-developed 14-ton six-degree-of-freedom all-electric sports platform has passed the civil aviation D-level appraisal, breaking the foreign monopoly to fill the domestic gap, and the leading position has been more and more consolidated.
Profit forecast: Hagrid Communications is China's leading provider of wireless communications, aerospace and Beidou navigation, and is optimistic about the rapid growth of new businesses such as satellite Internet. It is estimated that the revenue from 2023 to 2025 will be 64.25 million yuan and the net profit will be 7.95 billion yuan and 9.50 billion yuan respectively. Corresponding to EPS0.35/0.41/0.51 yuan, it will be covered for the first time and will be given a "buy" rating.
Risk tips: intensified market competition, macroeconomic fluctuations.