\u3000\u3 Guocheng Mining Co.Ltd(000688) 682 Shanghai Hollywave Electronic System Co.Ltd(688682) )
The company disclosed 334 million yuan of sales contracts. The company disclosed the announcement of particularly significant contracts, with a total contract amount of 334million yuan. The specific subject is the supporting system of a carrier project. There is no relationship between the counterparty and the company.
Three dimensional CAE electromagnetic simulation software rdsim1 0 using the improved method of moments and its fast algorithm, the simulation analysis of electromagnetic field problems with arbitrary three-dimensional structure can be realized. The application fields include antenna / antenna array, microwave devices and radar scattering. Based on the self-developed core and the engineering experience accumulated in the field of electromagnetic field simulation for more than ten years, the company officially released the general CAE electromagnetic simulation software – three-dimensional electromagnetic simulation software rdsim1 Version 0. Based on cloud computing and web interaction technology, the software aims to better serve the needs of users, realize the unified management of engineering data, knowledge and experience, and promote the independent research and development of CAE software and the process of domestic substitution and upgrading. The company’s electromagnetic simulation software product series has been further improved, covering the fields of antenna / microwave device radiation problem solving, target scattering problem solving, rapid design optimization of unit antenna / phased array, platform layout simulation / EMC Simulation problem solving, complex electromagnetic environment simulation and so on, so as to provide users with a complete set of solutions to high-frequency electromagnetic field simulation problems.
The electromagnetic measurement system business continues to expand the breadth and depth of customer coverage. The company’s electromagnetic measurement system mainly includes phased array radar calibration measurement system, radar cross section (RCS) measurement system, 5g base station OTA measurement system, RF measurement system, etc. The phased array radar calibration and measurement system is used to calibrate, optimize and test the phased array beam performance, and provide calibration, debugging and performance test for phased array radar in the R & D, production and application stages, so as to ensure the realization and optimization of design performance; Radar cross section (RCS) measurement system is used to measure and verify the stealth performance of equipment. It is an important technical support means in the process of equipment development; 5g base station antenna measurement system is the application of phased array calibration measurement system in 5g communication field. The system ensures the performance of base station antenna through consistency calibration and optimization of radiation performance of base station antenna, beam performance test and radio frequency air interface (OTA) performance test; The RF measurement system is used to realize the automatic test of RF device functions and performance parameters, data recording and statistical analysis of test results. We believe that the company continues to cultivate in the field of electromagnetic measurement system, has rich project experience, seizes market opportunities and continues to make efforts in business.
Profit forecast and investment suggestions: we believe that the company’s large order this time fully confirms the company’s technical strength. The application of phased array technology in radar, communication, aerospace and other fields continues to deepen. The company’s measurement system business and phased array product business around phased array continue to be booming, contributing to the rapid development of the company. We predict that the company’s revenue from 2022 to 2023 will be 449 million yuan and 601 million yuan (unadjusted) respectively, Year on year growth of 36.3% and 33.9%; The net profit attributable to the parent company was 80 million yuan and 107 million yuan (unadjusted), with a year-on-year increase of 32.4% and 33.7%, giving the company 25 times the dynamic PS2 in 2022 (unadjusted), and the corresponding target price was 302.75 yuan (unadjusted), which remained superior to the market rating.
Risk tip: the promotion of the industry is not as expected, and the industry policy risk.
