Revenue and profit achieved steady growth in the third quarter
The company's revenue in the first three quarters of 2023 was 2.266 billion, an increase of 2.37%, while its net profit was 308 million, an increase of 2.06%. Among them, the company's Q3 revenue in 2023 was 885 million, up 5.19% from the same period last year, and the net profit was 100 million, up 3.90% from the same period last year. Taking into account the impact of the slowdown in the pace of order release downstream of the company, we estimate that the net profit of homing in 2023 to 2025 will be 8.54 million RMB 1.103 billion (previous value:
The average Wind of a comparable company in 23 years is 29.60x. Considering the synergy of the company's layout in various fields, we give the 23-year target PE30x, corresponding to the target price of 33.17RMB / share (previous value: 31.24RMB / share), and maintain the "buy" rating.
During the period, the rate is well controlled, and the cash flow is relatively warmer.
In the first three quarters of 2023, the company's comprehensive gross profit margin was 44.41%, down 1.15pct from the same period last year; net profit margin was 14.22%, which increased 0.52pct year-on-year, of which Q3 gross profit margin and net profit margin were respectively year-on-year-4.86pct/+0.14pct. On the expense side, the company's expense rate decreased year-on-year in the first three quarters of 2023, with sales / management / finance / R & D expense rates changing from + 0.48pct/+0.03pct/-0.02pct/-2.77pct to 2.59% to 6.47% 0.26% 21.52%. In terms of cash flow, the net cash flow of the company's operating activities in the first three quarters of 2023 was-540 million, which was higher than that of the same period last year-805 million, mainly due to an increase in sales rebates.
Actively develop the military and civil communications market and drive the future performance increment
The company continues to strengthen the development of the military and civil communications market. In the field of military communications, the company has signed subscription contracts including integrated radio frequency systems, communication and navigation identification systems, satellite communications and satellite navigation products, airborne terminals, vehicle terminals and individual terminals. In terms of civil communications, it has signed contracts for ordering comprehensive wireless communication equipment for locomotives with Guoneng Baoshen Railway Group Co., Ltd. and various local railway bureaus, and signed a number of rail transit wireless communication system equipment project contracts with Tianjin, Shanghai, Chengdu and other places, steadily expanding market coverage. In addition, the company is also actively expanding its business in the areas of satellite communications and satellite navigation:
A certain type of navigator of the bid-winning Beidou 3; the bid-winning fixed ground station and portable differential Beidou take-off and landing guidance equipment to achieve compatible UAV and manned aircraft landing requirements.
Maintain a "buy" rating
Taking into account the impact of the slowdown in the pace of order release downstream of the company, we estimate that the net return profit in 2023 to 2025 will be 854 RMB 1.103 billion (previous value: 861 114,436 million), and the 23-year comparable company's Wind average PE is 29.60x. Considering the synergy of the company's multi-sector layout, we give the 23-year target PE30x, corresponding to the target price of 33.17 yuan per share (previous value: 31.24 yuan per share). Maintain a "buy" rating.
Risk hint: the new equipment installation is not up to the expected risk; the development of national defense informatization is not as expected.