\u3000\u3 China Vanke Co.Ltd(000002) 465 Guangzhou Haige Communications Group Incorporated Company(002465) )
Event: the company released its annual report for 2021 and achieved an operating revenue of 5474145100 yuan, a year-on-year increase of 6.87%; The net profit attributable to the parent company was 653611500 yuan, a year-on-year increase of 11.61%; The non net profit attributable to the parent company was 564012700 yuan, a year-on-year increase of 22.83%.
Wireless communication business contributes to revenue growth, and Beidou and aerospace business have great potential in the future. The company's performance continued to grow. (1) The revenue of wireless communication business is 2.666 billion yuan (YoY + 16.71%). The company ranks first in the bidding of many major projects related to the main ordering direction in the short and medium term, laying the foundation for the long-term growth of wireless communication business; (2) The revenue of Beidou navigation is 425 million yuan (YoY 5.14%), a slight increase over the same period last year, mainly because the market of special institutions is in the replacement period from Beidou 2 to Beidou 3. In the future, the large-scale replacement of Beidou 3 will run through the whole "14th five year plan" period, and the relevant demand may show a new boom period; (3) Software and information businesses were basically the same year on year. During the reporting period, Hagrid Yichuang won the "China Mobile 20212023 network comprehensive maintenance service procurement project" and "China Mobile 20222023 communication engineering construction service centralized procurement (transmission pipeline and equipment installation) project", with a total contract amount of nearly 3 billion yuan; (4) The aerospace revenue is 267 million yuan (yoy-14.03%). Hagrid will spin off its subsidiary Chida aircraft to be listed on the gem, which will help Chida aircraft make full use of the capital market to become stronger and bigger, and improve the profitability and comprehensive competitiveness of the enterprise.
The gross profit margin and period expense rate increased slightly, and the net profit margin increased. During the reporting period, the gross profit margin of the company was 37.34%, with a year-on-year increase of 1.04pct. The expense rate during the period was 23.17%, with a year-on-year increase of 1.24pct. Among them, the sales expense rate increased by 0.37pct, mainly due to the normalization of epidemic prevention and the increase of business expansion, resulting in the increase of corresponding expenses; The management expense rate increased by 0.44pct, mainly due to the social security exemption in the same period of last year and the rise of labor costs in this period; The R & D expense rate increased by 1.08 PCT respectively, which was mainly affected by the centralized bidding of development projects, while the scientific research projects were basically based on the comparison and measurement of prototypes, and the investment in the development of prototypes was large; The financial expense rate decreased by 0.65 PCT. In addition, the company's asset impairment loss and credit impairment loss decreased by 586105 million yuan and 16.027 million yuan respectively compared with the same period last year, and the final net profit attributable to the parent increased by 0.51 PCT year-on-year. Military orders continue to land, and the company's industry competitiveness is outstanding. The landing of contracts in the future is expected to promote the continuous improvement of revenue and profitability. On March 18, the company announced that the order for special institutions 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. Wireless communication field: the company's short wave business breaks through the field of airborne mainstream platform again; The new spectrum general-purpose communication equipment passed the state identification and broke through the field of general-purpose handheld ultrashort wave for the first time; Bidding for the next generation software radio communication equipment platform, becoming the unit with the most shortlisted projects of the platform; Winning the first ad hoc network waveform project and entering the field of wireless broadband communication; The research and development of new generation digital trunking products have been smoothly promoted; The multi type communication and guidance integrated equipment, which integrates various technical means such as satellite communication, Beidou and inertial navigation, has stable and reliable performance, and is gradually installed on a variety of vehicle platforms; A multi-mode intelligent terminal has been finalized and delivered in batches. Beidou field: a variety of Beidou 3 general terminals and equipment have been effectively distributed in the market of special institutions, and the bidding has been successfully shortlisted, so as to consolidate and expand the company's industry position in Beidou market
Build an unmanned information industry base and expand new growth points. "Bee colony (UAV), wolf Swarm (unmanned vehicle) and fish swarm (unmanned ship)" 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 reconnaissance and anti-aircraft integration, 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 the type selection, and obtained the customer contract in the research and development and supporting of unmanned system information equipment and anti unmanned, with significant first mover advantage; In the next step, we will continue to increase investment in the research and development of unmanned equipment and further expand around relevant businesses.
Investment suggestion: 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 22-24 years will be 810 million yuan, 1033 million yuan and 1.252 billion yuan respectively, corresponding to 30 / 23 / 19 times of PE respectively, maintaining the "overweight" rating.
Risk warning: 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 the content and implementation of cooperation are uncertain
