Guangzhou Haige Communications Group Incorporated Company(002465) (002465)
1. Event overview
The company announced that on November 25, the company signed the framework agreement on Hagrid unmanned information industry base project with the government of Zengcheng District, Guangzhou and the strategic cooperation framework agreement with Poly International.
2. Comments:
1) Under the “three modernizations” direction of equipment development in the 14th five year plan, intellectualization is the long-term goal of national defense and military modernization: with the progress of power technology, control technology, communication technology and artificial intelligence technology, unmanned equipment has developed by leaps and bounds. It is expected that unmanned tanks, unmanned aircraft The “unmanned combat cluster” composed of unmanned ships will become an important force in information war.
2) The company actively grasps the industry development trend and accumulated first mover advantages, focuses on the layout of key strategic areas in the future, increases investment in future innovative businesses such as unmanned systems, simulation training and low orbit satellites, and creates a new business growth point of the company.
3. The company has comprehensively arranged the Military Industrialization of AI technology, and the intelligent unmanned market has entered the actual landing stage
The company’s long-term high proportion of R & D investment has laid out the intelligent unmanned field, and the intelligent unmanned system project has achieved leapfrog development: in terms of unmanned system, the first batch of unmanned supporting scientific research project contracts have been signed, and the company has won the second place in the intelligent UAV cluster system challenge hosted by users of an institution; In terms of unmanned communication, the joint / cooperative advantageous units have won a number of projects, all of which were shortlisted with the first place, further consolidating the company’s leading advantage in the field of communication with unmanned platform; In terms of intelligent core components, an automatic identification and tracking technology was shortlisted in the user pre research project of an organization, which is the first breakthrough in the intelligent application of task system.
4. Actively lay out the future development strategy and continue to focus on the development of military industry
The company increased its capital to Huaxintai, expanded into the high-precision time-frequency field, and will continue to make efforts in the high-precision time-frequency, navigation and positioning fields; At the same time, the official launch of the spin off and listing of its subsidiary Chida aircraft is conducive to broadening the investment and financing platform, further marketization and promoting enterprise development. At the same time, it will still be included in the scope of consolidated statements and continue to benefit.
Investment advice
During the 14th Five Year Plan period, satellite navigation and satellite Internet are key industries supported by the state. As one of the leading manufacturers of Beidou, the performance growth momentum of the company is expected to continue, and the profit forecast remains unchanged. It is expected that the revenue from 2021 to 2023 will be 6.194/73.27/88.24 billion yuan respectively, and the earnings per share will be 0.32/0.39/0.47 yuan respectively, corresponding to the closing price of 9.88 yuan / share on November 26, 2021, PE was 31.08/25.84/21.56 times respectively. Maintain the “buy” rating.
Risk statement
Downstream orders are less than expected; The collection is less than expected; Goodwill impairment risk; Inventory falling price reserve risk; Systemic risk.
