\u3000\u3 China Vanke Co.Ltd(000002) 465 Guangzhou Haige Communications Group Incorporated Company(002465) )
Event overview
The company released its first quarterly report. In 2022q1, the company achieved an operating revenue of 938 million yuan, a year-on-year increase of 7.50%; The net profit attributable to the parent company was 52 million yuan, a year-on-year increase of 8.10%; Net profit deducted from non parent company was 29 million yuan, with a year-on-year increase of 183.89%. Analysis and judgment:
Since the military reform, the company’s Q1 revenue and gross profit margin have maintained year-on-year stable growth for many consecutive years, and the overall business growth has been enhanced
Historical data show that the company’s Q1 revenue and profit scale account for a small proportion of the whole year, with strong seasonality: the company’s 2022q1 revenue is 938 million yuan, with a year-on-year increase of 7.50%, and the gross profit margin is 35.26%, with a year-on-year increase of 0.40pct. The main driving force of the company’s revenue growth in recent years is the wireless communication business. The increase of gross profit margin is due to the rapid growth of wireless communication business revenue and the significant decline of Beidou navigation business cost, It is expected to maintain a good growth trend in 2022.
The overall cost side is stable, the R & D field continues to invest, and the overall operation is relatively stable
Continue to increase R & D investment, and the overall cost rate shrank slightly during the period. The overall expense rate of 2022q1 of the company was 31.02%, a slight decrease of 2.46pct compared with the same period last year, and the expense rates of sales / management / Finance / R & D were 3.92/7.38/20.54 / – 0.82% respectively, which were -1.14 / – 1.07 / – 0.16 / – 0.09pct compared with the same period last year.
On the asset side, due to business growth and increased material preparation, the company’s inventory increases and the payment for goods increases. The maturity of payment for goods affects the fluctuation of short-term operating cash flow and does not affect the company’s long-term operation. As of the reporting period, the inventory was 1.999 billion yuan, still maintaining a record high level, mainly due to business growth and increasing the impact of raw material preparation. The net cash flow from operating activities was -444 million yuan, a year-on-year decrease of 329.86%, mainly due to the increase in the due scale of accounts payable in the current period and the large amount of middle and late payments in the same period of last year, which did not affect the long-term operation.
Continue to be optimistic about the improvement of the penetration rate of the “Beisan” industry. As the leader of the whole industrial chain of the “Beisan”, the company is expected to continue to benefit.
The company has been working in the field of beidou-3 for many years, taking the lead in realizing the whole industrial chain layout of “chip, module, antenna, terminal, system and operation”, and seizing the highland of beidou-3 core technology. A variety of beidou-3 general terminals and equipment of the company have been effectively distributed in the market of special institutions, and the bidding has been successfully shortlisted; At the same time, focus on the Beidou application industry, focus on the transportation field, and jointly carry out in-depth cooperation on the application of Beidou System in road transportation, water shipping and other fields based on the strategic cooperation reached with the transportation and communication information center of the Ministry of communications of China. In addition, it also actively promoted the implementation of projects in the fields of emergency, energy, agriculture and forestry.
The unmanned military industry market expanded smoothly and became a new growth point of the company’s business
The company’s long-term high proportion of R & D investment is in the field of intelligent unmanned, and the intelligent unmanned system project has achieved leapfrog development. In terms of unmanned communication, it has united with several advantageous units to obtain excellent results in all the entries of the land unmanned system challenge; 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 mission system, and further consolidated the company’s competitive advantage in the field of unmanned system and communication; In terms of unmanned system, the first unmanned system scientific research project contract has been signed; And ranked among the best in many comparative tests.
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. Considering the performance uncertainty in the aerospace field under the influence of the epidemic, the company maintains the profit forecast. It is expected that the revenue from 2022 to 2024 will be 6.145/71.22/8.354 billion yuan respectively, and the earnings per share will be 0.36/0.45/0.53 yuan respectively, Corresponding to the closing price of 10.16 yuan / share on April 19, 2022, PE is 28.20/22.83/19.17 times respectively. Maintain the “buy” rating.
Risk tips
Downstream orders are less than expected; The collection is less than expected; Goodwill impairment risk; Inventory falling price reserve risk; Systemic risk.
