Guangzhou Haige Communications Group Incorporated Company(002465) (002465)
Event: on November 25, the company signed the framework agreement on Hagrid unmanned information industry base project with the people's Government of Zengcheng District, Guangzhou and the strategic cooperation framework agreement with Poly International Holdings Co., Ltd. to plan to build a land, air and space covering R & D, manufacturing, testing and simulation training Unmanned information industry bases in water areas and other fields, as well as professional training bases with aviation flight training ability.
Actively lay out the field of unmanned systems, which is expected to open a new incremental space. At present, China's national defense modernization process is gradually advancing. Information weapons and equipment and unmanned equipment are becoming an important part of the national defense equipment system with the advantages of precision, intelligence, integration and efficiency. "Bees (drones), wolves (unmanned vehicles), fish (unmanned ships)" It will become an important development direction of the future army. Based on the advantages of communication, navigation and positioning, perception algorithm and so on, the company will further expand a full range of unmanned application platforms including the integration of reconnaissance and anti-aircraft, so as to realize the expansion from terminal business to combat platform. The company's announcement disclosed that the company actively arranged the field of unmanned systems, participated in the development of a variety of models of ground unmanned platform equipment, ranked among the best in the comparison and measurement, and successfully obtained relevant orders, with a significant first mover advantage. It is expected that with the completion of the unmanned information industry base in the future, the company's competitive advantage in this field will be further enhanced. Under the background of continuous upward industry demand, the unmanned system business is expected to become a new performance growth point of the company in the future.
The strong and strong will jointly integrate advantageous resources and fully grasp the growth opportunities of the flight training industry. With the increasing use of aircraft equipment and the continuous expansion of the scale of civil low altitude navigation business, China's demand for aircraft pilots is increasing. Therefore, it is necessary to reduce the pilot training cycle as much as possible and improve the pilot's special situation handling ability, and the flight simulation technology plays a key role in the training process. The company's announcement disclosed that the company is one of the leaders of China's military simulation system, has mature technology and operation experience in the field of flight simulation training, and is the first supplier in China to provide "class D" simulators for special institutions; The partner Poly International, as a large defense enterprise with comprehensive import and export rights of weapons and equipment in China, has strong channel and marketing advantages. The signing of the strategic cooperation agreement will give full play to the advantageous resources of both sides in the field of flight simulation and training, further promote relevant strategic layout and market expansion, and help the company fully grasp the development opportunities of the industry in the future.
The core business layout is perfect, which fully benefits from the national defense informatization construction in the 14th five year plan. The company focuses on four core businesses: wireless communication, Beidou navigation, aerospace, software and information services. National defense informatization construction is the top priority of the 14th five-year plan. Relying on the advantages of full band coverage of wireless communication and grasping the development trend of intelligence and multi-mode integration, the company will maintain steady growth; Relying on the layout of the whole industrial chain, Beidou navigation not only has the leading advantage of high-precision chips, but also strives to build a Beidou product application system with space-time big data as the core. The downstream Beidou application expansion and the forward-looking layout of Satellite Internet will become an important performance growth point of the company.
Investment suggestion: the company actively arranges the field of unmanned system and flight simulation, further improves the business layout, and will fully benefit from the needs of national defense information construction in the 14th five year plan. We expect the net profit of the company from 2021 to 2023 to be RMB 735 million, RMB 983 million and RMB 1206 million respectively, which is covered for the first time and rated as "Buy-A".
Risk warning: the risk that the demand of unmanned system is less than expected; The risk that the progress of flight training cooperation is not as expected.
