\u3000\u3 China Vanke Co.Ltd(000002) 465 Guangzhou Haige Communications Group Incorporated Company(002465) )
Event: the company recently received an order contract signed with special institutional customers, mainly covering wireless communication, Beidou navigation and supporting products, with a total amount of about 430 million yuan, accounting for 8.4% of the company's audited operating revenue in the latest fiscal year.
The company received another order to support the growth of performance: the company announced that the order was 430 million yuan and the supply time was 22 years. Previously, the company's orders for the whole year of 21 years were 1.983 billion yuan, some of which were delivered in 22 years. The company is one of the largest complete machine and system suppliers in the field of military wireless communication, navigation and information technology. The comparison and bidding results of many projects are among the best, and the subsequent orders are highly sustainable.
The leader of military wireless communication will continue to benefit from information construction: in the future, military wireless communication will develop towards multi-mode integration, integration and soft without. As a leading enterprise with the widest user coverage, the widest frequency band coverage and the most complete product series, the company will actively seize a new round of market opportunities with the help of its deep technology accumulation and the advantages of a package of system solutions.
Beidou has obvious advantages in the layout of the whole industrial chain and high growth of the military and civilian market: the company takes the lead in realizing the layout of the whole industrial chain of "chip, module, antenna, terminal, system and operation" in Beidou navigation. In the military field, the company's market breakthrough has achieved remarkable results, and the bidding of many major projects related to the main ordering direction in the future is among the best. In the civil field, the company accelerated the transformation of the key achievements of "Beidou + 5g" and opened up space in the fields of transportation, forestry, emergency, fishery and so on.
The layout of AI technology militarization has great potential for unmanned Information Industry: unmanned equipment has broad prospects in sea / land / air warfare. The company takes the lead in the layout of unmanned systems. Various types of ground unmanned platform equipment participated in the development are among the best in the comparison of special institutions and have been selected. It has obtained customer contracts in the research and development and supporting of unmanned system information equipment and anti unmanned, with significant first mover advantages; In the next step, we will continue to increase investment in research and development of unmanned equipment and further expand around relevant industries.
Investment suggestion: 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 680 million yuan, 850 million yuan and 1.06 billion yuan respectively, corresponding to 31 / 24 / 20 times of PE 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.
