Datang telecom is telecommunications institute of science and technology holding high technology enterprise, mainly from dwyane microelectronics, software, communications equipment and other related business. At present, the company main business covering integrated circuit design, software applications, and the four major fields of mobile Internet terminal design. In 15 years, the company's strategic layout gradually by the "core - end - cloud" to "+" of integrated circuits as the core industrial chain layout change, further focus on the development direction.
The point of the investment:
Market point of view is generally believed that the company's integrated circuit business develops slowly over the years, 15 years appear even sharp decline in profits, management, long-term development space is limited. But we think the company before the main in the stage of resource reserves, at present, the company strategic direction is clear, change after the integration ability of the industry is expected to further enhance. Under the background of national strategy of integrated circuits, the development of follow-up is expected to exceed market expectations. The reason:
(1) chip layout high-growth areas, the development potential is tremendous. At present, the company with integrated circuit design as the core competitiveness, the main business is mobile Internet, networking, intelligent manufacture and Internet of things. Industry compared with the traditional field of computer chips, these areas need to be strong, customized requirements are higher. At present, the company in intelligent mobile phone chips, auto chip, and unmanned aerial vehicle (uav) chip has a breakthrough, the layout of the subsequent company advantage is expected to emerge.
(2) integrated circuit strategic focus, further development change. Since April 16 years, the company's development strategy to further clear, the company will be around the "+" of integrated circuits as the core industrial chain layout, accelerate unrelated unit coordinated interaction, gradually formed the core competitiveness. At the end of June YouKeYuan dean TongGuoHua telecom science research institute, wuhan TongGuoHua in wuhan YouKeYuan balefire communication during the 10 years revenue growth for 10 times, as datang telecom the new President also is expected to accelerate the datang telecom system reform and promote the company's long-term development.
(3) "industrial management + capital" two-wheel drive, is worth looking forward to further development. Endogenous growth, the company also actively seek extension of capital operation, 14 years of joint venture company not grace wisdom pu company big Tang Enzhi pu and note in the field of automotive electronic chips, under the background of the company as a whole integrated circuit in large Tang Enzhi pu 15 years revenue growth of 29%. Good demonstration effect, the company's extension strategy also is expected to accelerate, is worth looking forward to further development.
As the world's leading domestic integrated circuit and solution provider, datang telecom present strategy is clear, after the change must group is expected to quickly copy the experience to the development of the company. Under the impetus of the national strategy of integrated circuits, the company's business is expected to usher in rapid development. Coverage for the first time to give ratings are highly recommended. Estimated 16 to 18 year EPS was 0.22, 0.42, and 0.61 yuan, the corresponding 16 and 18 years of PE of 97.90 x, 52.58 x and 52.58 times respectively. Consider the company as A shares in the integrated circuit chip business ¶ƒ lack mark, for 16 years 140 times PE, target price 30.80 yuan.
