Guobo Electronics began to subscribe, and another military signed?

On July 11th, Guobo Electronics, a sponsored by China Merchants Securities, began to purchase. The issuance price was 70.88 yuan/share. The purchase limit was 0.60 million shares, and the price -earnings ratio was 80.78 times.

Strength online

Guobo Electronics is mainly engaged in the research and development, production and sales of active consequences T/R components and radio frequency integrated circuit -related products. The products mainly include active phase control arrays T/R components, arsenic bandidotic radio -based radio frequency integrated circuits, etc., covering military use In the field of civilian use, it is currently a leading enterprise that can provide active phase -controlling array T/R components and series of radio frequency integrated circuits in batches. The active control array T/R components are mainly used in the field of accurate guidance and radar detection. The radiolytic radio -based radio frequency integrated circuit is mainly used in the field of mobile communication base stations, and gradually expands to the field of mobile communication terminals and wireless LAN.

The company has established a technical system and a series of product layout with compound semiconductor as its core, and the product covers radio frequency chips, modules, and components. In the field of high -density integration, the company has developed products such as T/R components, radio frequency modules and other products based on the three major platforms of design, technology and testing; in the field of RF chip, the company has developed radio frequency placing large chips, radio frequency control chips and other products based on core technology. Essence

(Guobo Electronic T/R component product map)

The future prospects are broad

From the perspective of segmented fields, it mainly benefits from the construction of the Air Force's defense equipment, satellite communication and simulation integrated circuits.

First of all, the demand for airborne radars is huge, and according to the data of "World Air Forces2020", the total number of military aircraft in my country was 3,210 in 2020, accounting for 6%of the total number of global military aircraft. In terms of fighter jets, the current domestic second -generation aircraft has not been installed. With the completion of all the second -generation aircraft replacement and the increase in the number of third- and fourth -generation aircraft, it will bring up to 30 billion airborne radar market spaces. In terms of early warning aircraft, Zhejiang Business Securities combined with the number of US early warning aircraft believes that the market space of my country's early warning aircraft radar market will be about 14 billion yuan in the future. Considering the needs of fighters and early warning aircraft, it is expected that the market space of my country's military airborne radar in the future is at least 44 billion yuan. The number of ships has increased rapidly, and the carrier -based radar benefits directly. The number of Chinese naval ships far exceeds the United States and Russia, but most of them are small offshore ships with small tonnage. The overall aircraft carrier fleet is far less than the United States. According to GFP data, in terms of quantity, the number of U.S. navy ships is 415 and 714 Chinese navy; from the perspective of tonnage, the total tonnage of the US Navy is about 3.2 million tons, and the tonnage of the Chinese Navy is only 1.1 million tons Essence China has now established a 001 aircraft carrier combat group, 002 aircraft carrier has been launched, and China will also build 4 aircraft carrier battle groups in the future. According to the configuration of the 002 aircraft carrier combat group, Zhejiang Business Securities is expected to be as high as 49 billion yuan in the carrier -based radar market.

Secondly, the satellite communication market has broad space. The "White Paper on the Development of the Chinese Satellite Communication Industry" released by the Sidi Think Tank shows that in 2025, the output value of my country's satellite communication equipment industry will be expected to exceed 50 billion yuan, and the relevant equipment manufacturing market space will be huge. The rapid development of the small satellite industry has led to the satellite manufacturing market. According to the communication industry, the size of the global satellite manufacturing and launch market will exceed $ 20 billion in 2025. The industry scale will grow rapidly and the economic benefits will be considerable. In the field of military satellite communication, according to Market and Markets reports, the global military communication market is expected to increase from US $ 31.5 billion in 2018 to US $ 37.7 billion in 2023, with an average annual growth rate of 3.6%. Among them, the field of satellite communication is The growth may be one of the main contributions. Strategyanalytics predicts that by 2026, the market size of the satellite communication system (including satellite valid load and satellite terminal) will account for 37.2 % of the army's communication market size, and the market value will reach $ 13.7 billion.

Finally, from the perspective of integrated circuit design, chip manufacturing, and packaging testing, in 2020, my country's integrated circuit design industry sales revenue was 377.84 billion yuan, an increase of 23.3%year -on -year, and the proportion increased from 32.2%in 2013 to 42.7 %; Chip manufacturing sales revenue of 2560.0 million yuan, an increase of 19.1%year -on -year, and the proportion increased from 24.0%in 2013 to 28.9%. 43.8%was reduced to 28.4%. The proportion of the chip design industry has risen year by year, making the industrial chain of my country's integrated circuit industry gradually move from low -end to high -end, showing that the quality of my country's integrated circuit industry is steadily improved. The global simulation integrated circuit increased from US $ 40.1 billion in 2013 to US $ 53.3 billion in 2019. China's simulation integrated circuit increased from 136.85 billion in 2012 to 215.8 billion yuan in 2019, with an average annual compound growth rate of 6.72%. According to data from IDC, China's simulation integrated circuit market accounts for about 36%of the world, and it has become the world's largest market. The future space is worth imaginable.

Financial indicators are stable

Let's take a look at the financial business data of Guobo Electronics. In 2019, 2020, and 2021, Guobo Electronics's operating income was approximately 2.225 billion yuan, 2.212 billion yuan, and 2.509 billion yuan. The net profit was 367 million yuan, 308 million yuan, and 368 million yuan, respectively. Both revenue and net profit grow steadily, and there is no problem with the fundamentals. Is it worth new?

From the perspective of R & D strength and operating conditions, I personally feel that it is worth new. Whether in the military field or civilian field, Guobo Electronics's technical strength is at the international leading level and good financial conditions. In the field of military industry, there are currently few competitors, and we can compare it.

Thunder and Weili: The issue price is 60.64 yuan, the price -earnings ratio is 82.28, and the current price is 108.30. The net profit is as follows as follows

Siruipu: The issue price is 115.71 yuan, the price -earnings ratio is 90.63, the market value is 40 billion yuan, the current price is 500.99, the net profit is as follows

According to the current operating situation of Guobo Electronics, it is not worse than that of Thunderian Weili and Siripipu. I wonder if Guobo Electric will become a large meat sign?

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