Author|Zhao Ling,Editor|Gu Jinfeng
Source: Jufeng Investment Advisory, Good Stock Application
The company is a subsidiary of China Aerospace Science and Technology Corporation engaged in aerospace electronic measurement and control, aerospace electronic countermeasures, aerospace guidance, aerospace electronic components professional high-tech listed companies, products are widely used in various types of satellites, rocket carriers, in the domestic satellite navigation system integration has a certain monopoly advantage, the core competitiveness is obvious.
In the aerospace field, the company's spectral laser communication terminal, data distribution processing machine and other satellite payloads are fully equipped with user equipment satellites, which are expected to benefit from the rapid development of the domestic commercial aerospace field. In 2023, a number of models of unmanned systems of the subsidiary Aerospace Feihong Company will successfully win the bid, and fill the gap in the model equipment in the field of composite wings, further consolidating its leading position in the field of domestic campaign and tactical-level unmanned equipment. In addition, new breakthroughs have been made in the overseas market in the field of unmanned systems, and the medium-range multi-purpose unmanned aerial vehicle system and small-diameter guided munitions of Aerospace Feihong have won international business orders, and the international market has maintained a good development trend.
The low-altitude economic theme slipped through the net
The low-altitude economy has been written into the government work report for the first time this year, and is expected to become a new growth engine for the economy, and has become one of the themes of in-depth participation of funds in the past month. The company's unmanned aerial vehicle system made a breakthrough at home and abroad last year, and the company's stock price lagged significantly in the structural market of low-altitude economic themes, and there was an opportunity to make up for the rise.
In addition, according to the analysis of China Securities Construction Investment, the current military sector is in the triple bottom range of valuation, performance growth and capital allocation. Therefore, it is recommended to actively grasp the opportunity of the structural rebound and wait for the next round of cycle.
For example, the company's revenue in 2023 will be 18.727 billion yuan, a year-on-year increase of 7.16%, due to the company's orderly and stable operation, the increase in aerospace products, and the net profit attributable to the parent company will be 525 million yuan, a year-on-year increase of -14.35%, due to the increase in management expenses, sales expenses, and R&D expenses.
The valuation of the sector is at a low level in the past decade, and the valuation of individual stocks is high
From the perspective of the valuation of the national defense and military sector, whether it is from the perspective of the past ten years or five years, the sector is currently in a position of low valuation. For example, the average price-earnings ratio of the defense and military industry sector in the past 10 years is 86.33 times, and it is currently at 46.68 times, close to 43.92 times the average to the next standard deviation, and the overall valuation is at a low position.
However, from the perspective of the company's valuation in the past five years, the company's valuation is one standard deviation higher than the mean, and the valuation is in the high area.
(Author: Zhao Ling, Practicing Certificate: A0680615040001)
Disclaimer: The above content is for reference only and does not constitute specific operation advice, and you shall operate at your own risk and profit and loss