Hangjin Technology (000818) Dynamic Comment: Transforming Industrial Dividends and Accelerating Business Layout

Hangjin Technology (000818) Dynamic Comment: Transforming Industrial Dividends and Accelerating Business Layout
Build an independent and controllable pioneer around military electronics.Through endogenous extension, the company already owns high-quality military assets such as Changsha Shaoguang, Waco Electronics, and Hunan Jiuqiang. The business areas cover the R & D, design, packaging, integration, and downstream applications of military chips. At the same time, the military electronics ecosystem is becoming more complete and autonomous.Controllable important support.In the future, while further improving the business layout around the military electronics industry chain, the company will expand and strengthen the development of new products such as GPUs, transform the advantages of the entire industry chain layout, accelerate the introduction of new products, and realize a positive cycle of product-ecological mutual strengthening. Informatization superimposes independence and control, and military electronics has a bright future.Benefiting from the continued growth of the national defense budget and the key development of informatization construction, the demand for military electronics continues to grow rapidly; the requirements for localization of beneficiary military products and the urgency of autonomous controllability in the civilian sector have increased, and domestic electronics companies have ushered in important opportunities to strengthen military products.At the 杭州桑拿网 same time as the market, it gradually cuts into the important civilian product supply chain.  The company announced that it will participate in the establishment of Wico RF, and it will develop, produce, sell, and transfer industrial dividends to accelerate the development of high-end RF devices for 5G communication base stations and military radar. Debt restructuring of controlling shareholders continued to advance.Debt restructuring of the company’s current shareholder Xinyu Haoyue and Wuhan Credit Group continues to advance. After Wuhan Credit Group becomes the master, the reorganization will cause major uncertainties to occur; the reorganization, the company will receive the credit endorsement of state-owned shareholders, and the equity structure will be relativelyStability is conducive to the acceleration of the company’s development strategy. Earnings forecast and investment rating: Overweight rating.Under the background of national defense informatization needs and autonomous controllability, the military electronics industry has ushered in development dividends; the company has accelerated its business layout, and has formed a complete industrial chain upstream and downstream, and its development has continued to accelerate.The price of the company’s chemical products has improved. Regardless of the company’s related mergers and acquisitions, the net profit attributable to the mother is expected to be 3 in 2019-2021.8.4 billion, 4.40 trillion and 5.27 trillion, the corresponding EPS is 0.56 yuan, 0.64 yuan and 0.76 yuan, corresponding to the current expected PE is 17 times, 15 times and 12 times, respectively, giving an overweight rating. Risk warning: The investment subsidiary’s development is less than expected; debt restructuring is less than expected; the chemical business is less stable than expected; the company’s profit is less than expected.