\u3000\u3 Guocheng Mining Co.Ltd(000688) 066 Piesat Information Technology Co.Ltd(688066) )
The leading enterprise of remote sensing and Beidou navigation satellite application services maintained the “buy” rating
Considering that the company has abundant orders on hand, we maintain the company’s net profit attributable to the parent company from 2022 to 2024 as 318, 461 and 626 million yuan, and EPS as 172, 2.50 and 3.39 yuan / share. The current share price corresponds to 36.5, 25.1 and 18.5 times of PE from 2022 to 2024. As a leader in the field of satellite application services, the company continues to grow with high prospects and maintains the “buy” rating.
It is planned to issue convertible bonds to raise 1.06 billion yuan, focusing on the digital transformation project of interactive holographic smart earth industry
The company plans to issue convertible bonds to raise no more than 1.06 billion yuan. After deducting the issuance expenses, 756 million yuan will be used for the digital transformation project of interactive holographic smart earth industry and 304 million yuan will be used to supplement working capital. The digital transformation project of interactive holographic smart earth industry mainly focuses on two directions: one is to build space-based data acquisition capacity on a large scale, explore ground information acquisition technology, realize the leapfrog development of earth observation from sub meter level to centimeter level, and gradually form an integrated holographic perception system of space, space and earth with aviation and space complementing and ground assistance. The second is to realize the real mapping of the physical world by building a hybrid reality smart earth and integrating all kinds of information of space, heaven and earth, the Internet and the Internet of things.
The implementation of the convertible bond project will help the company expand the real scene 3D China and other broader markets
From the perspective of downstream application market, at present, the real 3D China construction plan is in the initial stage of launch, with great market potential. In the near future, it focuses on data acquisition and platform construction. Later, based on the real 3D data, it will extend many application scenarios and affect many business formats. The real 3D China work is divided into two stages. In the second stage, it is required that the terrain level real 3D is better than 2m grid by 2035, The three-dimensional requirements of urban real scene are better than 5cm resolution, and the coverage of cities above prefecture level and conditional county-level cities is realized. The market space of real scene three-dimensional construction in the 10 years from 2026 to 2035 is broader. The implementation of the convertible bond project is conducive to the company to obtain greater market share in emerging markets such as real 3D China construction.
Risk warning: the risk of tight government expenditure; Market competition intensifies risks.
