Xingwang Yuda (002829): Satellite communication is an important profit growth point and a potential core beneficiary of low-orbit satellite Internet applications

Xingwang Yuda (002829): Satellite communication is an important profit growth point and a potential core beneficiary of low-orbit satellite Internet applications

Relying on inertial technology to create an intelligent system industry chain The company takes inertial technology as the core to create intelligent system systems such as intelligent sensing, intelligent communication, and intelligent unmanned, and has formed a product pedigree structure of device-component-system.

Device and component products focus on intelligent sensing and transmission, and are committed to providing front-end perception and neural networks for intelligent systems.

  Device-level products focus on inertial instruments, including fiber optic gyroscopes, quartz accelerometers and other inertial devices.

Component-level products include navigation and positioning, attitude measurement, photoelectric detection, infrared detection, radar detection, etc., and include satellite communication products, which can provide broadband communication transmission support for perceived data.

Based on component-level products, integrate multiple fields of technology to create a variety of unmanned intelligent system-level products.

Satellite communication antennas and training support are important profit growth points of the company Since 2013, satellite communication business has always been an important contribution point of the company’s output value and profits.

The company’s satellite communication system is widely integrated in public security, armed police, navy and other fields, and has a higher market share, especially in the field of domestic satellite communication antenna technology.

In 2019, the company continued to break through the core technology of Ku / Ka feed-feed dual-frequency moving mid-pass antennas, and its product performance reached the domestic first-class level. In the first half of 2019, this product won batch dispatching for a certain military service model project.

In addition, in the field of military training, the dual-plane backup and multi-mode encrypted satellite communication system developed by the company has achieved good results in ensuring major military training activities, and the number of applications has increased significantly.

In the first half of 2019 alone, the new contract for satellite communications business extended more than 70 million yuan.

The breakthrough low-orbit satellite antenna and other key technologies provide the company with an incremental market. The latest company is continuing to pay attention to the huge market prospects brought by the low-orbit satellite launch networking, and is based on the mainstream low-orbit satellite network comprehensive layout technology and products.Core technologies such as microwave antennas based on low-orbit satellites, radio frequency terminals, two-way tracking, and dual seamless handover of satellites have been broken.

The company’s mobile communication technology is the core equipment of satellite application services. The follow-up company will continue to expand in this direction, using the company’s core key technical advantages and product advantages in the field of military satellite communications, and strive to achieve major market breakthroughs in this direction.

The military drone and unmanned vehicle market is expected, and the core benefit of civilian autonomous driving is the military target. The company currently has a variety of products such as long-hour fixed-wing and medium and high-speed unmanned 杭州桑拿网 aerial vehicles, and completed 3 unmanned in 2019.The research and development of the aircraft, and passed the identification of authoritative third-party agencies, while conducting marketing conditions; meanwhile, there are still 3 unmanned aerial vehicles under development, and the company has fully deployed and built a series of unmanned aerial vehicle product lines.

In addition, the company’s self-developed squad accompanied the unmanned vehicle and the reconnaissance and unmanned vehicle to win the first place in the F2 group in the Army’s “Over the Hazard 2018” Land Unmanned System Challenge. The unmanned vehicle project is using key technologiesR & D and research and development of some products, prototypes have been supplemented and trial-manufactured. It is expected to generate a certain amount of revenue and small batch 四川耍耍网 delivery in 2020.

For civilian use, the company’s self-developed inertial / satellite integrated navigation became the first eco-partner for navigation and positioning systems in Baidu’s Apollo platform in 2018, and realized small-scale applications on the first domestic L4 level autopilot mass-produced vehicle.

Investment suggestion: The company relies on inertial technology to build an intelligent system industry chain. Among them, satellite communications is an important profit growth point of the company, and it has broken through the foundation and is a potential core beneficiary of low-orbit satellite Internet applications.

We expect the company’s net profit for 2019-2021 to be 0 respectively.

11, 1.

27, 1.

69 trillion, corresponding estimates are 402, 33, and 25 times.

Covered for the first time, giving “Buy-B” rating.