Haige Communications (002465): Four business segments with performance in line with expectations to support future development

Event: The company released the third quarter of 2019 report on October 30, and the company achieved operating 杭州龙凤夜网 income of 28 in the first three quarters.

4.5 billion, an increase of 7 per year.

96%; Net profit attributable to shareholders of listed companies.

1.1 billion, an annual increase of 19.

29%; net profit attributable to shareholders of listed companies1.

7 billion, an annual increase of 49.

52%; The company achieved EPS 0 in the first three quarters of 2019.

13 yuan, performance in line with expectations.

Comments: 1. The existing business maintains a competitive advantage, actively develops new businesses, and promotes high profit growth. According to the company announcement, the company’s operating income and net profit for the first three quarters of 2019 were 28.

4.5 billion and 3.

1.1 billion, up 7 each year.

96% and 19.

29%, performance in line with expectations.

Among them, the third quarter single-quarter operating income and net profit were 8 respectively.

7 billion and 0.

8.8 billion, up 7 each year.

56% and 20.


In addition, the net cash flow from operating activities in the first three quarters was -4.

1.9 billion yuan, a decrease of 231 per year.

25%, of which -78.83 million in the third quarter, an increase of 94.


The company expects that the net profit attributable to shareholders of listed companies in 2019 will increase by 15% -35%.

The company’s consolidated gross profit margin for the first three quarters of 2019 was 36.

05%, rising by 1 every year.

51 averages.

In terms of expenses, sales expenses in the first three quarters increased by 6 per year.

17%, cost of selling expenses 5.

04%, a decrease of 0 per year.

22 expenditures; administrative expenses are reduced by 11 each year.

02%, management expenses 6.

55%, down by 1 every year.

61 averages.

Financial expenses decreased by 152 due to the reduction in parent company financing and index expenditures.

34%, financial expense ratio -0.

14%, a decline of 0 per year.

43 averages.

R & D expenses are 4.7.9 billion, an increase of 7 per year.

42%, R & D expenses 16.

85%, a decrease of 0 every year.


2. Seize the core of the three generations of Beidou core technology, and continue to consolidate the industry’s advantages. At the 10th China Satellite Navigation Annual Conference this year, the company simultaneously released the “Dolphin I” baseband chip and the Beidou III RX37 series RF chip.Intellectual property high-precision satellite navigation chip, construct a full-chip solution for Beidou III applications.

Relying on its core capabilities, the company provides “platform + services” system solutions.

The first domestic large-scale integrated three-dimensional prevention and control platform-“Super-dimensional Intelligent Brain” was released to realize active and passive positioning and tracking of the entire crowd, real-time perception of all scenes, and automatic artificial intelligence (no artificial control) applications.

Win the bid for the Pearl River Delta Satellite Navigation Application Demonstration System Project in the Beisha City Application Demonstration Project in Nansha New District to promote Beidou’s demonstration applications in the areas of shared bicycle supervision, smart retirement, safe campus, port location services, etc.

In the future, it is expected to form a replicable model, promote it to the Guangdong-Hong Kong-Macao Greater Bay Area, the country and even the countries along the “Belt and Road”, provide informatization means for refined urban management, and create a “Beidou + smart city”.

3. The strategic positioning is clear. The leader of military communications adheres to the “industry + capital” two-wheel drive company. The future development of the company will still focus on the four major business areas of “wireless communication, Beidou navigation, aerospace, software and information services”, and continue to maintain a high proportionResearch funding and independent innovation will ensure growth.

Wireless communication: Existing business is stable and multiple breakthroughs are achieved.

While actively consolidating the short-wave, ultra-short-wave, and second-generation satellite stock businesses, the company achieved breakthroughs in short-wave communication systems and multi-mode smart terminals in the first half of the year, broadening the company’s future profitability.

BeiDou Navigation: keep ahead in technology and continuously develop applications.

The company masters the core technology of Beidou navigation, independently develops chips to ensure its competitive advantage in the market, and firmly grasps the market with an extremely high gross profit margin.

Aerospace: The civilian market has developed smoothly.

The traditional simulation and simulation product line has developed steadily. Capricorn Innovation has signed a simulator contract with Xifei in the first half of the year. Institutional customers have signed simulator contracts to master the domestic autonomous solution for civil aviation equipment, and have made breakthroughs in foreign civil aviation markets. The subsidiary Chida Aircraft in ChengduEstablished a subsidiary with a total investment of 50 million yuan, improved the layout of the aviation manufacturing industry chain, and successfully passed the supplier qualification review of Airbus to enter the international market.

Software and Information Services: A New Breakthrough.

Utilizing its extensive industry experience in the field of comprehensive network maintenance and repair, and its transformed technical strength and talent advantages, its subsidiary Haige Yichuang has announced that it has won more than US $ 1.5 billion in bids in the first half of the year.Further excavate the high-quality business market in North China, and for the first time entered the generation and maintenance markets in the populous provinces such as Henan and Shandong, and achieved breakthrough market breakthroughs.

Up to now, Haige Yichuang has provided 15 provinces with comprehensive maintenance services for China Mobile, which has guaranteed the company’s operating income in the next two to three years.

4. Leading military communications, the four major business segments continue to grow, maintaining the “Highly Recommended-A” rating company’s clear business in the four areas of wireless communications, Beidou navigation, aerospace, software and information services, leading the industry in terms of business technology strength in various fields,Revenue growth expectations are clear.

We expect net profit for 2019-2021 to be 5, respectively.

5.7 billion, 8.

1.4 billion and 11.

02 trillion, corresponding to PE of 2019-2021 is 39.

5X, 27.

0X and 20.


Maintain “Highly Recommended-A” rating.

Risk warning: military orders are less than expected, Beidou system construction is less than expected