\u3000\u3000 Piesat Information Technology Co.Ltd(688066) (688066)
Investment Event: the company released the forecast of 2021 annual report: it is estimated that the net profit attributable to the parent company in 2021 will be 190-210 million yuan, with a year-on-year increase of 47.47% – 62.99%; The net profit deducted from non parent company was 146.51 million yuan – 166.51 million yuan, with a year-on-year increase of 27.59% – 45.01%.
The company achieved high performance growth and good business growth. In 2021, the company’s performance achieved rapid growth, and the net profit attributable to the parent company was 190-210 million yuan, with a median value of about 200 million yuan, a year-on-year increase of 47.47% – 62.99% and a median value of about 55.23%. The net profit deducted from non parent company was 147 million yuan to 167 million yuan, with a median value of about 157 million yuan, a year-on-year increase of 27.59% – 45.01% and a median value of about 36.30%. In the fourth quarter alone, the net profit attributable to the parent company was about 144 million yuan, about 95 million yuan in the same period last year, with a year-on-year increase of about 51.58%. During the reporting period, the company achieved rapid business development and good performance growth.
The marketing system has been gradually improved, and the application of pie + industry has accelerated. During the reporting period, the company continued to strengthen the construction of sales system, build and improve the four-level marketing system of “headquarters region provincial office city node”, and continuously sink the tentacle of the company’s products and services to meet the needs of more downstream customers. With the gradual improvement of the marketing service system, the company’s local market continues to increase in volume, and the application of pie + industry has achieved rapid growth in revenue and new orders. The scale of new orders signed by the company reached a new high in 2021. In addition, the company’s competitiveness in special fields has been continuously improved, and now it has the ability to undertake overall projects. During the reporting period, the company’s revenue in special fields increased steadily.
Build an integrated layout of satellite data application industry chain, strengthen the company’s competitive advantage and improve the overall profitability. The original business of the company mainly provides customers with basic processing software platform and remote sensing industry applications, covering the midstream and downstream fields of satellite data applications. In 2021, the company completed the fixed increase fund-raising and planned to invest 364 million yuan for the distributed interferometric SAR high-resolution remote sensing satellite system project. If the satellite launch project is successfully implemented, the company will obtain unique remote sensing satellite data, provide customers with remote sensing satellite data services, and complete the layout of the company in the field of upstream commercial satellite data. The company’s integrated layout of upstream and downstream of the industrial chain is expected to enhance the company’s competitive advantage, strengthen the synergy between different businesses and improve the overall profitability.
Investment suggestion: it is estimated that the company’s EPS in 2021, 2022 and 2023 will be 0.99/1.41/2.01 yuan respectively, and the corresponding PE will be 63.73/44.63/31.38 times respectively, giving a “buy” rating.
Risk tip: business development is less than expected, and the implementation of policies is slow
