\u3000\u3000 Piesat Information Technology Co.Ltd(688066) (688066)
The leading enterprise of remote sensing and Beidou navigation satellite application services maintained the “buy” rating
Considering that the company has abundant orders on hand, we raised the company’s forecast of net profit attributable to the parent company from 2021 to 2023 to 199, 297 and 441 million yuan (the original forecast was 192, 272 and 379 million yuan), and EPS to 108, 161 and 2.39 yuan / share. The current share price corresponds to 58.6, 39.2 and 26.4 times of PE from 2021 to 2023. As a leader in the field of satellite application services, the company can continue to grow with high prospects, Maintain the “buy” rating.
The net profit increased rapidly and the marketing system was gradually improved
The company released the performance forecast for 2021. It is estimated that the net profit attributable to the parent company will reach 190-210 million yuan in 2021, with a year-on-year increase of 47.47% to 62.99%. According to the preliminary statistics of the company, the amount of non recurring profit and loss in 2021 was 43.49 million yuan, mainly research projects. The company deducted non net profit of 147-167 million yuan, with a year-on-year increase of 27.59% – 45.01%. The rapid growth of performance is due to: (1) the company continues to build and improve the four-level marketing system of “headquarters – Region – Provincial Office – city node”, the local market continues to be large-scale, the income of downstream “pie + industry” product line increases rapidly, and the new orders signed in the whole year reach a new high; (2) The company has continuously participated in the information construction in special fields, and has become one of the few units with the ability to undertake overall projects. Its competitiveness has been continuously improved, driving the steady growth of income in special fields.
Signed 279 million single source large orders and made major breakthroughs in special fields
The company announced in December 2021 that it signed a single source procurement contract with a unit, with a contract amount of about 279 million yuan, and the performance cycle is from the date of signing the contract to December 31, 2023 (about 2 years). This single source large order is a major breakthrough of the company in special fields. If the contract is successfully performed, it is expected to have a positive impact on the company’s performance.
Urban remote sensing cloud services are accelerating the implementation and promoting model innovation
By combining independent cloud products such as mountain fire point monitoring, air pollution monitoring, planting planning, pest control guidance and other data support and management services with the requirements of urban comprehensive management, the company launched a comprehensive and all element urban remote sensing cloud platform to maintain the original retail and single element cloud product sales. At the same time, it provides wholesale and integrated packaged cloud service products for local governments. The company’s urban remote sensing cloud platform has successively signed overall cooperation framework intention agreements with Hebi, Jiaxing Nanhu, Huanggang and Foshan governments.
Risk warning: the risk of tight government expenditure; Market competition intensifies risks.
