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欧比特(300053):商誉计提导致亏损 珠海国资控股后续发展可期

Orbit (300053): Goodwill calculation led to losses, and the subsequent development of Zhuhai State-owned Assets Holdings can be expected

中信建投證券 ·  Feb 7, 2020 00:00

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On January 24, the company released its 2019 performance forecast, which is expected to achieve net profit of -219 million to -224 million.

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Traditional businesses maintained steady development, and goodwill accrual led to losses

On January 24, the company released its 2019 performance forecast, which is expected to achieve net profit of -219 million to -224 million. The main reason for the change in performance is that the development of Platinum Information and Zhijian Electronics fell short of expectations. They plan to estimate goodwill of 250 million to 299 million yuan. Furthermore, the performance of the participating company Guangzhou Langqi fell short of expectations, and the amount of impairment reserves for long-term equity investment was estimated at about 9 million yuan to 11 million yuan. Goodwill and long-term equity investments totaled 259 million to 310 million. After excluding goodwill and long-term equity investment calculations, the company's profit is expected to be around 70 million yuan, down from 95 million in 2018.

The Zhuhai State-owned Assets Administration Commission became the actual controller of the company, which is expected to promote the company's business development

On November 22, 2019, Gree issued separate share transfer agreements with Xinyu Investment, Golden Eagle Fund, and Jinyuan Shunan, which transferred 53,071,522 shares of listed companies held by Xinyu Investment, Golden Eagle Fund and Jin Yuan Shunan, accounting for 7.56% of the total share capital of the listed company. The stock transfer price was 15.47-15.63 yuan/share. Meanwhile, Yan Jun relinquished part of his voting rights. Gree Financial Investment became the controlling shareholder of the company, and the Zhuhai Municipal State-owned Assets Administration Commission would become the actual controller of the company. In the future, Gree Gold Investment will further consolidate its control over listed companies by exercising shareholders' rights and making adjustments to the company's board of directors, supervisory boards, and senior executives.

Once Gree Financial Investment becomes the controlling shareholder of the company, it will help further enhance the company's position and competitiveness in the industry, enhance the company's profitability and resilience to risks, achieve a favorable situation where the mixed ownership economy of state-owned capital and private capital is developed together, and is expected to promote the development of the company's satellite remote sensing and other businesses.

The satellite big data business achieved a breakthrough and achieved revenue of 30 million in the first half of the year

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

On June 6, 2019, the company successfully won the bid for the “One Map of Green Water and Green Mountains” project in Zhuhai. Relying on the implementation of the project, the company built and formed a demonstration and service model of satellite big data to serve smart cities. It developed and completed project demonstration systems in 10 different provinces and cities, including Qingyuan, Heyuan, Qingdao Guzhenkou, Wuhu, Chongqing, etc. for project promotion. The market response was good, and some regions made great progress.

On September 19, 2019, the company's 03 satellites were launched, and 4 hyperspectral satellites (OHS-3A, OHS-3B, OHS-3C, and OHS-3D) and 1 video satellite (OVS-3) will be networked and operated with Group 01 and Group 02 satellites. At that time, the revisit cycle of the “Zhuhai-1” constellation will be drastically shortened, providing quantitative remote sensing data support with high temporal resolution and high spatial resolution.

In the first half of the year, the company's satellite big data business achieved operating income of 30.45 million yuan, with a gross margin of 51.98%. With the continuous promotion of the company's satellite big data business, revenue growth is also expected to be accompanied by an increase in gross margin.

Aerospace electronics business has outstanding advantages, and military and industrial application markets are in strong demand

The company is a leader in the domestic SoC chip industry and a pioneer in SIP three-dimensional packaging. In 2003, the company launched S698, the basic chip of the SPARC architecture, breaking foreign monopolies. After years of development and accumulation, the company serialized the S698 product in 2010. The company started SIP product development, launched SIP-MEM products in 2011, and built the first SIP three-dimensional packaging module/system digitization production line in Asia that complies with aerospace standards. The main products include large data memories, computer system modules and composite electronic system modules. The company's aerospace electronics 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, autonomy and control in SoC, SIP and other series of products, seizes market opportunities, promotes product verification and certification work, and continues to pass military qualification audits. In the future, the share of the company's aerospace electronics products in the aerospace and defense industries and their influence at home and abroad are expected to continue to increase.

Profit forecasts and investment suggestions: Zhuhai State-owned Holdings promotes the company's business development, has broad application space for satellite big data, and maintains an “increase in holdings” rating

As the flagship enterprise of China's high-end aerospace processor SoC and the pioneer of three-dimensional packaged SIP aerospace modules/systems, Orbit has a leading position in the industry; the company targets future industrial development trends and national policy guidelines, lays out the remote sensing satellite big data business, and has broad market space in the future. The company's net profit from 2019 to 2021 is expected to be -2.24, 132, and 191 million yuan respectively, with year-on-year increases of -336.27%, 158.96%, and 44.48% respectively. The corresponding EPS from 19 to 21 was -0.32, 0.19, and 0.27 yuan respectively. Corresponding to the current stock price PE was -40, 69, and 47 times, respectively, maintaining the “increase in holdings” rating.

The translation is provided by third-party software.


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