\u3000\u3 Guocheng Mining Co.Ltd(000688) 066 Piesat Information Technology Co.Ltd(688066) )
Event:
The company issued the annual report of 2021 and the first quarter report of 2022 after the closing on April 27, 2022.
Comments:
Both revenue and profit have achieved rapid growth, and continue to expand the application advantages of downstream industries
In 2021, the company continued to maintain the rapid growth of operating income and profit, the distribution of business structure became more reasonable, the industry applied multi-point layout, and the proportion of revenue outside Beijing increased significantly. The company achieved an operating revenue of 1.468 billion yuan, a year-on-year increase of 73.43%; The net profit attributable to the parent company was 200 million yuan, a year-on-year increase of 55.19%; The net profit deducted from non parent company was 151 million yuan, with a year-on-year increase of 31.81%. In terms of products, the revenue of three product lines: spatial infrastructure planning and construction, pie + industry and cloud service was 157 million yuan, 1268 million yuan and 44 million yuan respectively. In terms of orders, the total amount of new orders signed by the company in 2021 was 2.17 billion yuan, and the nine regional units exceeded 50 million yuan; In terms of special fields, the competitiveness of the company has been significantly improved. In December 2021, the company obtained 279 million yuan orders in special fields as an overall unit through a single source.
Improve the layout of the whole industrial chain and comprehensively start the construction of independent commercial SAR satellite constellation
In 2021, the company's sales, management and R & D expense rates were 9.42%, 11.35% and 14.38% respectively. In terms of R & D, the company has steadily promoted the construction of distributed Interferometric Radar Satellite constellation. At present, the research and development of " Piesat Information Technology Co.Ltd(688066) 1" satellite project is progressing smoothly as planned and is expected to leave the factory in the second half of 2022. In addition, the company has formed an independent UAV production and application system, with mature model products and certain mass production capacity. It is expected to break through the bottleneck of independent and controllable data sources and provide strong support for the large-scale promotion of cloud services. In terms of marketing, the company continued to improve its marketing network, adding 26 regional marketing points nationwide in 2021, reaching a total of 63. The company's revenue outside Beijing contributed 909 million yuan, accounting for 61.91% of the annual revenue, achieving a historic breakthrough; Nearly 16 million orders were obtained in overseas markets.
22q1 company's revenue grew rapidly and won the bid of RMB 323 million, which verified the strong downstream demand
In the first quarter of 2022, the company achieved an operating revenue of 195 million yuan, with a year-on-year increase of 179.26%, which is mainly due to the continuous volume of local markets and the rapid growth of downstream "pie + industry" product line revenue. The net profit attributable to the parent company was a loss of 50 million yuan, which was mainly due to the obvious seasonal characteristics of the company's main business and the continuous increase of personnel salary, procurement expenditure and marketing network construction investment in the first quarter. It is expected that the bid winner of the proposed small and medium-sized reservoir operation project (Anneng group) will actively participate in the announcement on the bid winning of the proposed small and medium-sized reservoir operation project, which is expected to have a public impact on the bid winning company of the proposed small and medium-sized reservoir operation project (Anneng group) and the second bidding company of the proposed small and medium-sized reservoir operation project. It is expected that the bid winning company will actively participate in the bidding of the proposed small and medium-sized reservoir operation project.
Profit forecast and investment suggestions
The company is committed to the localization of satellite application software, the industrialization of industrial application and the commercialization of application services, with broad growth space. It is predicted that the operating revenue of the company from 2022 to 2024 will be RMB 2087, 2871 and 3830 million, the net profit attributable to the parent company will be RMB 290, 409 and 563 million, the EPS will be RMB 157, 2.22 and 3.05/share, and the corresponding PE will be 38.24, 27.11 and 19.71 times. Since its listing, the company's PE has mainly operated between 40-100 times. Considering the company's competitive advantage, the company has maintained its target PE of 50 times in 2022, with a target price of 78.50 yuan. The current price has more room than the target price and is raised to the "buy" rating.
Risk tips
Repeated covid-19 pneumonia outbreaks may affect the budget and investment progress of downstream customers; Pie and industry application promotion are not as expected; The revenue generated by the SAR remote sensing satellite project is lower than expected; Market competition intensifies.
