Big Dipper (0都市夜网 02151): the leader of Beidou navigation industry chain
Beidou chip board, 5G components and car networking trio.
BeiDouXingTong started from the development of BeiDou navigation chips, and now has four major business sectors: basic products, defense business, automotive electronics, industrial applications and operation services. The downstream includes navigation and positioning, scheduling, precision measurement, mechanical control, target monitoring, and Internet of Things.And so on, formed the Beidou industry chain leader of Beidou chip board, 5G components and car networking.
The Beidou industry chain is the only chip leader to receive a stake in a large fund.
BeiDouXingTong is the only listed company in the BeiDou industry chain that has been invested by the National Integrated Circuit Fund, with a stake of up to 12%.
Subsidiaries and Xingxing mainly develop Beidou chip boards. They have won the navigation-type, advanced, baseband RF integrated chip comparison champion for 10 years, and created large-scale applications of Beidou in the field of vehicle front-loading, helicopters, autonomous driving and robotics.
Its “advanced dual-frequency differential baseband chip” is a domestic leader, expanding millions of orders each year, and has obvious advantages in terms of energy consumption, miniaturization, and cost.
The company’s newly developed 22nm process RF baseband integrated navigation and positioning chip supporting the new signal of BeiDou-3 will be mass-produced.
Hexin Xingtong is also a major supplier of positioning chips and modules in the unmanned field, providing high-precision positioning modules for DJI and other manufacturers, and exploring high-precision applications in automotive electronics.
5G antennas and automotive electronics are important considerations.
The Big Dipper’s compound growth rate over the past three years reached 38.
65%, mainly from mergers and acquisitions.
Due to the multiple decentralized characteristics of the satellite navigation market segment, outbound mergers and acquisitions are an important way for some companies to grow.
In recent years, Big Dipper has successively acquired companies such as Huaxin Antenna, Jiali Electronics, RxNetworks, in-techGmbH, etc., to achieve the entire industry chain layout of “antenna-chip-board-module-terminal-operation-service”.
In 5G, the subsidiaries Huaxin Antenna and Jiali Electronics are highly competitive in high-end antennas, ceramic filters, and RF components, and are expected to provide large-scale products for 5G base stations.
Jiali Electronics has been included in the priority list of suppliers by ZTE, Datang and others. Huawei has been fast-paced since the second quarter of 1919, releasing a variety of product replacement plans to Jiali Electronics and starting to supply some products in batches.
In terms of automotive electronics, the company has accumulated customer resources from domestic first-tier auto manufacturers such as SAIC Volkswagen, Changan, Geely, Chery, FAW, SAIC-GM-Wuling, etc., and it is expected to become the top three Tier 1 suppliers in the country in the future, and become the “Beidou connected car”Important support.
Additional issuance and expansion of 5G components and high-end car navigation equipment.
The company plans to raise an additional US $ 1 billion this time for the expansion of Jiali Electronics’ 5G communication core RF components and the automotive electronics project of Chongqing Company (intelligent central control, digital instruments, networked equipment and systems, integrated cockpitWait).
Jiali Electronics and Datang Mobile have begun a full-scale cooperation, and more than 20 models of base station terminal component products have been released; ZTE has completed the review and product verification of Jiali Electronics.
From 2016 to 2018, the company’s automotive electronics business revenue averaged a compound annual average of 93.
The global sales of driverless cars will reach 230,000 in 2025, and the number of driverless cars will reach 54 million in 2035.
With the popularization of intelligent driving, advanced navigation and positioning are becoming increasingly important, and the “Beidou Car Networking” has surfaced.
Profit forecast: 2020 is the first year of localization of satellite navigation, and the Beidou domestic application is expected to erupt after the global networking is achieved by June.
As a Beidou upstream chip board card, the company will 天津夜网significantly benefit from 5G communication components and downstream vehicle networking suppliers.
Although the company is still in the state of R & D investment in the past two years, it is in an excellent track and has better card slots, especially to replace the first-mover advantage on the core chips of Beidou III.
It is expected that the company will realize revenue 28 in 2019-2021.
50,000 yuan, 40.
9 ppm and 63.
900 million; net profit of -5 respectively.
7.7 billion yuan, 1.
1.9 billion and 2.
23 ppm, corresponding to -3.
49 yuan, 0.
72 yuan and 1.
35 yuan, the corresponding PE is -8.
56X / 41X / 22X.
The first coverage was given a “strong recommendation” rating. Risk warning: the company’s additional issuance is less than expected; Beidou’s development is less than expected.