\u3000\u3000 Chengdu Spaceon Electronics Co.Ltd(002935) (002935)
Backed by CLP 10, the company has strong strength, and its time-frequency series products are leading in China. Chengdu Spaceon Electronics Co.Ltd(002935) is a leading enterprise in China’s time and frequency industry. CLP No. 10 Institute, the largest shareholder of the company, is the first comprehensive electronic technology research institute established after the founding of new China. It now focuses on intelligence information system and avionics information system, covering many professional fields such as communication and data link, China Aerospace Times Electronics Co.Ltd(600879) , IFF, guidance and radar. At present, the company’s main products can be divided into three categories: frequency series products, time synchronization series products and Beidou satellite application products, which are mainly used in the fields of aerospace, satellite navigation, military and civil communication and national defense equipment, such as the construction of national time-frequency system for military civilian integration, manned spaceflight, lunar exploration project, Beidou satellite navigation system Mars exploration and other major national projects provide important guarantee.
Focusing on the core components of time-frequency, there is a broad space for domestic replacement in the future. Chengdu Spaceon Electronics Co.Ltd(002935) focus on the independent and controllable development of time-frequency core components such as new atomic clocks and medium and high-end crystal devices, and strive to become a world-class time-frequency innovative enterprise. As a major batch manufacturer of rubidium atomic clocks in China, the company has successively launched a series of rubidium atomic clocks to meet the needs of aerospace, satellite navigation and military and civilian communications. It has taken the lead in launching a small laser pumped cesium atomic clock in China. The spaceborne atomic clock physical system developed and produced has been applied to the beidou-3 navigation satellite system. In addition, the company focuses on the development of medium and high-end crystal devices, and has a full range of crystal oscillators and crystal filters. The ultra-low phase noise and anti shock vibration technology, high-frequency broadband linear phase technology and other aspects have reached the international advanced level. At present, China’s medium and high-end time-frequency products still rely heavily on imports, and there is a wide space for domestic substitution in the future.
Profit forecast and investment rating: it is estimated that the net profit of the company from 2021 to 2023 will be 139 million yuan, 196 million yuan and 290 million yuan, and EPS will be 0.67 yuan, 0.94 yuan and 1.39 yuan, maintaining the “buy” rating.
Risk tip: the growth of military orders is less than expected; The progress of raised investment projects is less than expected.
