2021-10-26Pacific Securities Co., Ltd. Liu Qianqian, Ma Haoran, Ma Jie conducted a study on Tellhow Technology and released a research report "Promoting Industrial Structure Adjustment, Scientific and Technological Innovation Achieves Remarkable Results", this report gives a buy rating to Tellhow Technology, and the current stock price is 7.15 yuan.
Tellhow Technology(600590)
Event: The company released the third quarter report of 2021, and from January to September 2021, the company achieved operating income of 3.266 billion yuan, an increase of 20.95% over the same period of the previous year; the net profit attributable to the shareholders of the listed company was 445 million yuan, an increase of 293.59% over the same period of the previous year.
Promote industrial restructuring and have rich experience in resource integration. During the reporting period, the company continued to promote the adjustment of industrial structure, completed the equity transfer of 85.315% of Tellhow Software, and concentrated resources on the development of the military equipment industry. Since its inception, the company has successively acquired jiangxi sanbo motor general factory, Hengyang city four machine general factory, Tianjin 764 communication and navigation technology co., LTD. and other old state-owned military enterprises, the acquisition of private military enterprises Shanghai Hongsheng System Engineering Co., Ltd., the participation in Jiangxi Guoke Military Industry Group Co., Ltd., Shenzhen AVIC Bit Communication Technology Co., Ltd., Shanghai Rongke Special Equipment Co., Ltd. and other military enterprises, has a wealth of military enterprises mixed reform, reorganization, management integration, resource integration experience and capabilities.
Increase investment in research and development, and scientific and technological innovation has achieved remarkable results. During the reporting period, the company took the military equipment industry as the core, continued to increase investment in technology research and development, accepted 123 new patents, authorized 116, developed 110 new products, new processes and new technology projects, and completed 15 acceptances. Among them, the new intelligent mobile platform project has completed the engineering design and entered the stage of system assembly and joint test joint commissioning; the mobile navigation equipment has been successfully guided into production, which can meet the needs of a variety of emergency navigation support, and the indicators have reached the international advanced level; the power source of the light general platform has passed the final acceptance and won the bid model development task; the severe infectious disease personnel cabin biological isolation and transfer system can perform emergency rescue tasks in the event of long-distance natural disasters or public health emergencies through physical comparison and winning the bid; As the lead unit, the company undertakes the key research and development plan project of the Ministry of Science and Technology of the People's Republic of China, the project of "'Wind, Solar, Oil Storage' Multi-energy Hybrid Hybrid Power Generation Efficient Emergency Power System under Special Environment" and the project of "Piggyback Hybrid Power Emergency Support Equipment" have entered the stage of joint investigation and testing, and a number of key research and development projects have made good progress.
Earnings Forecast and Investment Rating: The company's net profit for 2021-2023 is expected to be 357 million yuan, 252 million yuan and 333 million yuan, and the EPS is 0.42 yuan, 0.29 yuan, 0.39 yuan, maintaining a "buy" rating.
Risk warning: The growth of military orders is less than expected; the expansion of epitaxial mergers and acquisitions is less than expected.
According to the Securities Star Valuation Analysis Tool, Tellhow Technology (600590) has a good company rating of 2 stars, a good price rating of 2 stars, and a valuation comprehensive rating of 2 stars.