Guangzhou Hi-Target Navigation Tech Co.Ltd(300177) (300177)
Focus on the field of high-precision positioning, and the high-precision space-time information business grows rapidly. The company focuses on the Beidou satellite navigation industry with high-precision positioning technology. The company is based on two product systems: Beidou high-precision positioning equipment and high-precision spatio-temporal information solutions, Focus on the development of two core business areas: Surveying and mapping and spatial geographic information (mainly including spatial information, aerial survey, ocean exploration, disaster monitoring and other businesses), Beidou high-precision intelligent application (mainly including automatic driving vehicle high-precision business, special organization high-precision application business and Beidou high-precision mobile application business). In 2021q3, the revenue was 1.143 billion yuan (YoY + 20.48%), the net profit attributable to the parent company is 47 million yuan (yoy-45.34%). Mainly due to the steady growth of Beidou's high-precision positioning equipment business, the rapid growth of high-precision space-time information solution business, driving the rapid growth of revenue. The company's gross profit margin remained basically stable, with Q3 gross profit margin of 45.28%, a year-on-year decrease of 0.96 percentage points. The R & D cost was 155 million yuan, accounting for 13.58% of the total revenue.
The automatic driving vehicle high-precision business has been promoted smoothly, and the downstream application of high-precision positioning has been actively expanded. We have completed the mass production and fixed-point testing of a number of intelligent vehicle on-board high-precision products, and launched in-depth technical cooperation with a number of key vehicle enterprises and tire1 suppliers in China to accelerate the testing work and increase the number of fixed-point mass production models. The Guangzhou Hi-Target Navigation Tech Co.Ltd(300177) (Beijing) navigation and positioning technology research center has been established, the construction of a new vehicle regulation production base has been completed and has been put into trial production.
In the field of automatic driving, the company's business mainly includes: ① on-board high-precision sensors, integrated positioning module / antenna / algorithm, integrated navigation integration scheme, etc; ② High precision map front-end data acquisition system, equipment, back-end data processing platform and processing services suitable for intelligent driving; ③ Provide the application of the integration of satellite based and ground-based reinforcement technology in the vehicle end.
The company actively expands the downstream application of high-precision positioning technology. Continue to expand the application of "Beidou + Internet of things", carry out in-depth cooperation with enterprise customers such as China Mobile in the fields of high-precision positioning of Internet of things and high-precision positioning of satellite ground integration, and carry out business cooperation in a number of projects such as bicycle sharing and smart port.
Master core technologies and realize independent control of key businesses. Most of the company's domestic RTK, marine sonar, lidar, satellite base and other main product lines have achieved independent control of key technologies, and have maintained an advantageous position in the industry for many years; Important breakthroughs have been made in technological innovation and product R & D such as vehicle mounted high-precision positioning sensors, airborne laser scanning equipment, high-precision inertial navigation devices and satellite ground integrated positioning system, and the comprehensive advantages of industry competitiveness are obvious. It has been deeply engaged in Beidou satellite navigation industry and has a high-precision positioning product line covering "sea, land, air and space, indoor and outdoor".
Investment suggestion: the company focuses on the high-precision positioning field of Beidou industrial chain and actively promotes the application of high-precision positioning in the fields of automatic driving and Internet of things. The company has a good position in high-precision positioning of automatic driving and leading technology. With the continuous development of automatic driving, we are optimistic about the long-term growth potential of the company in the future. It is predicted that the company's revenue from 2021 to 2023 will be 21.5% respectively 0 billion, 2.57 billion and 3.11 billion, and the net profit attributable to the parent company was 126 million, 156 million and 198 million respectively, corresponding to PE 54 / 43 / 34 / respectively. It was covered for the first time and given a "buy" rating.
Risk warning: the development of automatic driving is not as expected; The demand for surveying and mapping and spatial information services is less than expected; The fixed-point progress with downstream vehicles is less than expected, etc
