Depth * Company * Hytera (002583): Comprehensive performance restoration, R & D, and future growth

In 2018, the company achieved operating income of 69.

35 ppm, an increase of 29 in ten years.

58%; net profit attributable to mother is 4.

770,000 yuan, an increase of 94 in ten years.


Key points of support level The company’s performance has improved significantly and its operating efficiency has improved significantly.

The company’s operating conditions in 2018 have improved significantly, and revenue has increased by 29.

58%, net profit attributable to mothers has increased significantly by 94 each year.


First and foremost: the company is actively expanding global emerging markets, the scale effect of industry leaders has begun to appear, and the company’s terminal and system products have improved gross margins.

82 and 7.

56 levels, 北京夜网 profitability has increased.

In addition, the annual growth rate of the company’s selling expenses and management expenses has declined significantly before 2017, and its operating efficiency has steadily improved.

Refined operations are expected to help the company’s performance continue to improve.

The synergy effect of business integration was prominent, and overseas business continued to strengthen.

The company actively integrates advantageous resources in overseas markets, and continuously improves the operation capacity of large projects.

With the support of the national “Belt and Road” development strategy, the company has made breakthroughs in emerging markets and achieved overseas sales revenue40.

110,000 yuan, an increase of 24 in ten years.

twenty one%.

In 2017, the company’s acquisition of Sepura improved the company’s industrial layout in the TETRA field, significantly enhanced the company’s technological strength and global market share, and reported that Sepura achieved sales revenue11.

24 ppm, a significant increase of 66 per year.

At 96%, the synergistic effect began to stand out.

The company maintains high-intensity R & D and consolidates the leader of the private network.

The company always regards technological innovation as the core driving force for the development of the company. The company’s R & D investment in 2018 was 10.

7.2 billion, accounting for 15% of operating income.

46%, R & D investment has accounted for more than 15% of revenue for three consecutive years.

With high-intensity R & D investment, the company’s research and development of broadband products is progressing smoothly. Wide-narrow-band convergence terminals have been commercialized. Broadband system products have been deployed in experimental bureaus in multiple cities. Third-generation converged command centers have been successfully commercialized.

In the future, private network communications will develop from narrowband to broadband, intelligent, and informatization. The company is committed to technological advantages and continues to maintain its leading position in the industry.

It is estimated that based on the 2018 annual report performance, we adjusted the company’s EPS forecast for 2019-2021 to 0.

38, 0.

51, 0.

62 yuan, corresponding to price-earnings ratio of 29.

2 times, 22.

0 times, 18.

0x, maintain BUY rating.

The main risks facing the rating are macroeconomic impacts, the “modular number” has fallen short of expectations, and the use of broadband technology has fallen short of expectations.