Artificial intelligence is the core leader in the main line of digital economy this year, and the artificial intelligence chip in the artificial intelligence sector is the core of the core.
The company I look at today is not only the only A-share company with aerospace electronics as its core business. At the same time, the company has also developed artificial intelligence chips that can be applied to the space station.
Next, through the company's core competitiveness advantages and the latest financial report and key data of operation, the company's fundamentals will be analyzed in detail.
The company is mainly engaged in high-reliability embedded SoC chip products, as well as satellite big data, is a company with aerospace electronics as the core.
According to the industry, the company's main products are roughly divided into three categories,
The first category is satellite constellation and satellite big data, with revenue accounting for 50.44% and gross margin of 16.38%.
The second category is aerospace electronics, with revenue accounting for 36.37% and gross margin of 60.83%.
The third category is artificial intelligence, with revenue accounting for 13.19% and gross margin of 15.59%.
The major shareholder of the company is Zhuhai Gree Financial Investment Management Priority Company, and the actual controller is Zhuhai State-owned Assets Supervision and Administration Commission, which is a state-owned holding company.
Advantages: In terms of aerospace electronics, the company has been deeply engaged for more than 20 years, and has become a flagpole enterprise of high-end aerospace SPARC V8 processor SoC in mainland China, and a pioneer of three-dimensional packaging SIP aerospace module/system, and the two major products have reached the leading technical level.
At present, satellite design, manufacturing, transmission, reception, measurement and control technologies are concentrated in the major units within the system, and it is difficult for ordinary enterprises to intervene.
The company has more than 20 years of aerospace system service experience, the company's leading SOC, SIP, EMBC technology and products, high-quality customer service capabilities have won aviation
The recognition and trust of aerospace customers has laid the foundation for the company to enter the satellite big data industry.
Highlights: The company's aerospace electronics business occupies a competitive position in the high-end core components in the civil aerospace field in mainland China;
In particular, the intelligent test unit of the company's YuLong810A artificial intelligence chip has carried out on-orbit tests of components and systems on the space station. As the first artificial intelligence hardware test platform for the space station system, the Yulong 810 chip will receive a lot of attention from the market.
Next, we will sort out the company's fundamentals in detail from the four levels of growth, profitability, financial status and cash flow.
First of all, from the perspective of the company's growth,
The company's business scale, in the past five years, has shown a trend of shock decline.
And from the perspective of the company's net profit,
Like revenue, it is also in a volatile downward trend.
The large loss of net profit in 2022 is mainly due to the impact of asset impairment.
In addition, in the past five years, the company's goodwill has continued to decline, from more than 800 million in 2018 to more than 200 million in 2022.
From the first quarter of this year, the company's situation is improving significantly.
The company's net profit in the first quarter was more than 27 million, a year-on-year increase of more than 200%, which is also the best result in the last 7 quarters.
Overall, the company's growth performance over the past five years has been less than ideal.
Next, let's look at the profitability of the company.
From the perspective of the company's product profit margin, that is, the net profit margin of sales,
The company's net profit margin on sales decreased significantly due to the impairment of assets last year.
From another point of view, the efficiency of the company's asset operation,
The company's total asset turnover ratio has also been in a volatile decline in the past five years as revenue has declined.
Overall, the company's profitability has declined over the past five years.
However, from the first quarter of this year, the company's net profit margin on sales has increased significantly, with a net profit of more than 22 yuan per 100 yuan of sales revenue. Profitability improved significantly.
So, while the company's growth and profitability decline, what is the company's financial position, and is it still healthy?
First of all, from the perspective of the company's gearing ratio,
In the past five years, the company's debt ratio has decreased slightly, and as of 2022, the company's gearing ratio is just over 20%.
And as of the first quarter of 2023,
The company's total liabilities are 600 million, of which the real interest-bearing liabilities with capital cost are only 158 million. Less financial burden.
And from the perspective of the company's liquidity,
By the end of 2022, the company's current liabilities were covered by 2.51 yuan for every 1 yuan of current liabilities.
Overall, the company's financial position is healthy and liquid.
Finally, let's take a look at the company's cash flow,
From the perspective of the company's operating cash flow, there are good sides and bad sides.
On the positive side, in the past eight years, although the company's performance has fluctuated greatly, growth is not ideal, and profitability has declined, the overall cash flow is still significantly inflowing, and only in 2022, the operating cash flow has flowed out slightly.
This reflects that the company has competitive products and good payment collection ability.
On the downside, the company's operating cash flow declines as the company's revenue and profits decline.
Overall, the company's operating cash flow is better than its revenue and profit over the past five years. Relatively good performance.
This company is Obit, which is listed on the A-share market.
The company's core business highlights are outstanding, and its financial position is sound and liquidity. The downside is that in the past five years, growth has been poor and profitability has declined, and this situation has shown signs of improvement in the first quarter of 2023.