Guangzhou Haige Communications Group Incorporated Company(002465) (002465)
Event: the company signed the framework agreement on Hagrid's 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 invest in the construction of an unmanned information industry base in Zengcheng District, Guangzhou, and build a land, air and space covering R & D, intelligent manufacturing, testing and simulation Unmanned information industry bases in water areas and other fields, as well as professional training bases with aviation flight training ability.
Build an unmanned information industry base and expand new growth points: unmanned equipment has the advantages of good concealment, high cost-effectiveness ratio, reducing personnel danger, high efficiency and quick reaction, and has broad application prospects in the military field. With the deepening of the modernization process of China's national defense construction, accurate, intelligent, integrated and efficient information weapons and unmanned equipment are becoming an important part of the national defense equipment system. "Bees (drones), wolves (unmanned vehicles), fish (unmanned ships)" It will become the 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 took the lead in the layout of unmanned systems, participated in the development of various types of ground unmanned platform equipment, ranked among the best in the comparison and measurement of special institutions, and obtained model selection, and obtained customer contracts in the research and development, supporting and anti unmanned of unmanned system information equipment, with significant first mover advantages; In the next step, we will continue to increase investment in R & D of unmanned equipment and further expand around relevant businesses.
Join hands with Poly Developments And Holdings Group Co.Ltd(600048) flight simulation business, strong combination of technology and market: at present, the use of national aircraft equipment is increasing, and there is a great demand for aircraft pilots. Therefore, it has become an urgent demand for special institutions to reduce the training cycle of pilots and improve the special situation handling ability of pilots; At the same time, the scale of China's low altitude navigation business continues to expand, which drives the increasing demand for pilots. Rapid training of navigation pilots with basic skills has an extremely broad market prospect. The company is the first supplier in China to provide "class D" simulator for special institutions. The developed large load six degree of freedom all electric motion platform breaks the foreign monopoly on the motion subsystem of high-grade flight simulator; Poly International is a large defense enterprise with comprehensive import and export rights of weapons and equipment in China. The two sides will make use of their respective advantages in technology and market resources to jointly promote business expansion in the field of military and navigable flight simulation and training.
The communication field is the focus of national defense informatization construction, and the company's traditional business orders are sufficient: military communication is just a serious weakness in national defense informatization, which is mainly reflected in the relative backwardness of military communication technology and the low penetration of communication equipment. The company's comprehensive ability of "communication integration" is remarkable and its competitive advantage is prominent. The orders announced by the company in the first half of the year reached 1.341 billion yuan, equivalent to 61.85% of the contracts disclosed in 2020. With the development of military communication towards wide-band and narrow-band integration and multi-mode integration, the company actively seizes a new round of market opportunities with the help of its deep technical accumulation in the application field of special institutional users and its advantages of a package of system solutions.
Investment suggestions: during the 14th Five Year Plan period, Satcom communication and satellite navigation have been listed as key national support industries. A number of major national projects such as Beidou 3 and satellite Internet will increase investment, and satellite communication, navigation and remote sensing will enter a new stage of development; As a specific application equipment constituting the national military information system, wireless communication equipment is widely used in the army. Driven by the "digital" construction of the army, the market space can be expected. We believe that in the future, the company is expected to fully benefit from the long-term sustainable development opportunities of Beidou 3 and military digital construction. We predict that the net profit of the company in 21-23 years will be RMB 680 million, RMB 850 million and RMB 1.06 billion respectively, and the corresponding PE will be 34 / 27 / 22 times respectively, maintaining the "overweight" rating.
Risk tip: the progress of contract execution is slower than expected, the development of Beidou application is slower than expected, the risk of technology R & D and market competition are higher than expected, and there are uncertainties in the content and implementation of cooperation
