Haige Communications (002465): First quarter meets expected performance and is expected to grow rapidly
Event description On April 24, 2019, the company released the 2019 first quarter report.
At the core of the report, the company achieved revenue 7.
5.5 billion, down by 1 every year.
00%, net profit attributable to mother is 0.
31 ppm, an increase of 16 in ten years.
Incident Comment The company’s performance maintained two-digit growth, in line with expectations: the company’s revenue in the first quarter of 2019 was basically flat twice.
Affected by the fact that orders from special institutions are mostly confirmed factors in the second half of the year, the company’s expected first-quarter performance ratio generally exceeded, and the indicators were not strong.
The company’s gross profit margin in Q1 2019 was 30.
34%, compared with the same period last year 4.
88pct, we 杭州桑拿 believe that it is mainly due to the unrecognized revenue of the special agency order business with higher gross profit margin, and the increase in the proportion of software and information services with reduced gross profit margin.
Benefit from government subsidies.
32 ppm and 0 return on investment.
16 trillion, non-recurring profit and loss in the first quarter in series.
It is worth noting that the company’s 19Q1 inventory increased by 1 compared with the end of 2018.
7.2 billion US dollars, or mainly because some special institutions orders are still in product status.
We expect these orders to be confirmed in the second quarter, and the company’s operating income and performance growth in the first half of the year will accelerate significantly.
The four major businesses are working together, and the 深圳桑拿网 company’s performance is expected to grow rapidly.
Eventually, the repair trend of orders for special agencies was confirmed after the military reform was implemented. It is expected that the company’s future orders will accelerate the implementation of Beidou Navigation, wireless communications and aerospace business performance release.
According to the announcement, the company has received orders from special agencies for an increase of approximately $ 1.5 billion since June 2018.
In addition, Beidou Global Networking opens up imagination for the company to develop overseas business.
At the same time, with the acceleration of 5G construction, orders for software and information services business may increase significantly.
As of April 26, 2019, Haige Yichuang’s 2019 harvest contract value increased by about 1.5 billion, accounting for about 37% of 2018 revenue.
We believe that benefiting from 5G construction, further recovery of special agency orders and Beidou global networking, the company’s performance promotes continued growth.
Profit forecast and investment advice: The orders of special institutions are mostly affected by the factors confirmed in the second half of the year. The first quarter has always been the company’s operating low. We expect that the revenue of special institutions’ orders will be recognized in the second quarter, and the company’s revenue and performance will accelerate.
The company currently has too many special agency orders and software and information service business orders. Benefiting from 5G construction, further recovery of special agency orders, and global networking, the company’s performance is expected to continue to grow rapidly in the next few years.
We expect net profit for 2019-2021 to be 5, respectively.
50 and 11.
5.0 billion, the previous growth rate was 34.
55% and 30.
00%, corresponding to estimates of 37 times, 26 times and 20 times, maintaining the “Buy” rating.
Risk Warning: 1.
Military orders resumed less than expected; 2.
The expansion of the civilian market was less than expected.