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Research report date: 2018-04-16
Star Network Yuda (002829)
Powered by inertial core devices and industry solutions, endogenous extensions help the company grow rapidly:
Xingwang Yuda is a leading domestic private inertial navigation industrialization leader. In recent years, the company has chosen to focus on the development of inertial core devices and rich application solutions. On the one hand, the company basically realized the independent research and development of core components, and the precision level of medium and high-end fiber optic gyro reached the domestic advanced level, and the accelerometer completed product development and production line construction. On the other hand, the company proposes an intelligent unmanned system strategy that continuously enriches the ecosystem of intelligent perception, intelligent communication and intelligent platform around the industry chain. Based on the original inertial technology, the company enriched the sensing methods such as infrared detection, radar detection and photoelectric detection, and acquired high-quality companies in the industries such as Kaidun Huanyu and Minghang Technology. With the rapid development of the business, the company's inertial navigation products have reached the domestic advanced level in the main technical indicators, the product line is obviously rich, and the core competitiveness has been greatly improved.
The military reform is accelerating, and the integration of military and civilian brings new opportunities in the inertial industry:
The military market is the most important market for the inertial industry. Inertial navigation technology is widely used in aerospace, aviation, navigation, vehicles and other fields. According to estimates, the market capacity of inertial navigation products for R&D and defense equipment in 2015 was about 29.3 billion yuan. In the past, the market generally believed that the threshold of military inertial navigation technology was relatively high. It has been monopolized by relevant research institutes for a long time, and it is difficult for private enterprises to enter relevant fields. We believe that with the acceleration of the military reform, the degree of marketization of military equipment tendering has improved; while the private companies represented by Starnet Yuda have strong solution capabilities and cost control capabilities, and have the opportunity to enter the future. The military subdivision field has broad prospects.
We are optimistic about the accelerated development of the company's military-civilian integration business, and upgraded to a "strongly recommended" rating:
We expect the company's revenue in 2017-2019 to be 4.09/7.23/10.33 billion yuan respectively. The net profit attributable to shareholders of listed companies is 0.64/1.26/2.11 billion yuan, corresponding to 2017-2019 EPS of 0.40/0.78/1.31 yuan respectively. Corresponding to 17-19 years PE is 72.8/36.9/22.1 times. We believe that the company's core competitiveness has reached the domestic advanced level, the military inertial market has a broad space and the penetration rate of private enterprises is extremely low. The military-civilian integration strategy provides a policy opportunity for the people to join the army. We are optimistic about the accelerated development of the company's military-civilian integration related business, and upgraded to the “strongly recommended” rating.
Risk Warning: Risk of new product development failure; market competition intensifies risk [New Era Securities Co., Ltd.]
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