On May 25, Guandian Defense (688287.SH), the first share transferred to the Beijing Stock Exchange, was listed and traded. Due to the fact that the transfer system spans two major listed sectors and there is no precedent before, the transfer process of Guandian Defense has always attracted much attention.
By the close of the first day of trading on the Science and Technology Innovation Board, Guandian Defense reported 16.71 yuan, with a total market value of 3.969 billion yuan.Although it fell 23% on the first day of listing, the first thing to consider is that Guandian DefenseSuspensionDuring the most half year of listing on the North Exchange, companies on the Beijing Stock Exchange generally fell by about 50%. Before the suspension of trading on the Beijing Stock Exchange, although the stock price of Guandian Defense rose sharply, the average daily trading volume last year was only about 16 million yuan. The transaction value of Guandian Defense today reached 458 million yuan, with a turnover rate of 22.95%. The total transaction value of 90 companies listed on the Beijing Stock Exchange today is 600 million yuan, and the transaction value of a company in Guandian Defense is equivalent to 76% of the total transaction value of all companies listed on the Beijing Stock Exchange. From this point of view, the demonstration effect of Guandian Defense as the first stock transfer of the Beijing Stock Exchange has been successful.
comparable companiesZhongke Star MapThe price-earnings ratio is 60.29 times,Aerospace grand planThe price-earnings ratio is 59.73 times,aerospace rainbowThe price-earnings ratio is 67.38 times,Zongheng sharesStill in a state of loss, the price-earnings ratio of Guandian Defense is 54.61 times. In comparison, the price-earnings ratio of Guandian Defense is at a low level, and the investment value is prominent.
The halo of “the first share of the transfer board” is dazzlingdroneA leader in the anti-drug field
Looking at the resume of Guandian Defense, in addition to “the first share of the science and technology innovation board transfer board”, it also occupies many important titles.Guandian Defense is the earliest domestic interventiondroneOne of the companies in the anti-drug field, which has gradually grown intodroneLeading enterprises in the field of anti-drugs, selected in the third batch of the Ministry of Industry and Information Technology in 2021Specialized and newThe list of “Little Giant” enterprises has been in the field of drone drug control for more than ten years since 2006. The strategic layout has continued to deepen. It has accumulated rich core technologies in the design, production and manufacturing of the whole drone and sub-system. The anti-drug business has built a complete data service and solution system. The anti-drug service business is achieving steady development by infiltrating the local anti-drug market. At the same time, relying on two major advantages, it has gradually entered into various industrial-grade drone fields such as anti-terrorism and environmental monitoring, and actively deployedMilitary industryIn the field of UAV’s complete machine and sub-system products, it has become a comprehensive UAV production and service leader.
as a national “Specialized and new“Little Giant Enterprise, in the field of industry segments, Guandian Defense is the leading enterprise in the domestic drone anti-drug business, and the “No. 1 drone anti-drug company” deserves its name. In addition, Guandian Defense is the first company to apply for the New Third Board. A select-tier company is also the first company to be successfully transferred to the Beijing Stock Exchange. Guandian Defense has successfully IPOed twice in two years, which is unprecedented.performanceAlong the way, we have witnessed the pace of the reform of the New Third Board in recent years.
The blessings of many dazzling titles not only envy others, but also make Guandian Defense leave a strong mark in the history of A-shares. On August 12, 2021, the day after the company’s board of directors reviewed and approved the proposal to transfer listing to the Science and Technology Innovation Board, the stock price of Guandian Defense rose by 24.03%, and then on September 10, 2021, the stock price rose to a high of 26.77 yuan during the session. / share, an increase of 82.23% from the closing price on August 11.
In addition to the halo, the drone business is gaining momentum
The blessing of the halo is inseparable from the reform of the system and the company’s own grasp of opportunities. At present, investors are more concerned about the hard power of the company’s halo.
In terms of performance, from 2018 to 2021, the revenue of Guandian Defense will be 105 million yuan, 146 million yuan, 180 million yuan and 230 million yuan respectively, which will be returned to the parent.net profitThey were RMB 20.5706 million, RMB 41.7042 million, RMB 53.4608 million and RMB 72.2879 million respectively. In the first quarterly report of 2022, the company’s revenue increased by 12.85% over the same period of the previous year, still maintaining a growth trend.
From the perspective of research and development, the research and development expenses from 2018 to 2021 are 9.1978 million yuan, 11.6016 million yuan, 13.6899 million yuan and 17.6778 million yuan respectively. As of the end of the reporting period in 2021, the number of R&D personnel in Guandian Defense accounted for 23.91% of the company’s total employees. The types of R&D involved the development of medium-sized UAVs, research on real-time reconnaissance and tracking algorithms, non-lethal defense equipment and less involved private UAVs. Subsonic theoretical research, etc. The research and development content includes projects that can realize the transformation of achievements in that year and strategic layout projects.At present, the company has formed an independent system in the aspects of the whole UAV, single technology, industry application, etc.intellectual propertyThe core technology of UAV covers the entire industrial chain of UAV design, development, production, application and service. It is worth mentioning that during the reporting period of 2021, the company has obtained a total of 7 invention patents, 17 utility model patents, and 1 software copyright. As of the end of the reporting period, the company has a total of 74 patents, of which 14 are invention patents, which have increased by 48% and 100% year-on-year compared with the end of the previous year.
From the perspective of cash flow, due to the steady expansion of revenue and the further improvement of sales collection, the cash received from the sales of goods and the provision of services has increased significantly. The net cash flow generated by operating activities in 2021 will be 55.6455 million yuan. The account turnover ratio remained at 2.84.
From an industry perspective, the drone industry has risen rapidly in recent years, and the drone market has shown a blowout state, with huge room for future growth. According to the application fields of UAVs, it can be divided into military UAVs and civilian UAVs. Guandian Defense is the earliest domestic enterprise engaged in the research and development of UAV anti-drug products and the industrialization of services.Northeast SecuritiesIt is believed that Guandian Defense is the founder and leading enterprise of my country’s anti-drug drones, and has obvious technical advantages. According to the data of the National Bureau of Statistics, each county covers an area of 2,000-3,000 square kilometers. It is conservatively assumed that an average of 500,000 yuan is invested in drug control in each county. About 3,000 counties in the country need drug control services. It is expected that drone drug control services will be provided every year in the future. The market space can reach 1.5 billion yuan. At present, the company’s annual anti-drug aerial survey service volume is hundreds of thousands of square kilometers, which is less than 10% of the annual demand for anti-drug work.
In addition, Guandian Defense has acquired as early as 2019Military industryFour certificates, the follow-up will first carry out business in the field of individual soldiers and ship-borne UAVs, and establish a military UAV laboratory at the same time, and reserve a number of military pre-research projects. The field of drones has also made gains, and the business scope can be continuously expanded both horizontally and vertically.
(Article source: Qingdao Finance and Economics Network)