As the core backbone of China's satellite Internet industry, CETC recently won the bid for Chongqing Satellite Network 2013The order of 490,000 yuan provides security capabilities for the regional satellite network. At the same time, the company has also undertaken a variety of satellite network cryptography products, with a large value of a single star. This winning bid marks that the company's layout and intensive cultivation in the field of satellite Internet have achieved important results, and also indicates that the company's future business will be more extensive and diversified.
As a leading state-owned enterprise cryptographic company under China Electronics Technology Group, CETC Network Security relies on 30 institutes and has deep industrial resources and strong technical strength. The company took the lead in landing tens of millions of satellite network orders, deeply laid out the satellite cryptography products on the satellite network, and worked closely with the Star Network System Institute, the Innovation Institute, and the Application Institute to pre-research cryptography-related products, which laid the foundation for the overall unit and the security of the second generation of satellites.
In terms of valuation, the historical valuation range of Dianke Network Security is 63-225 times, which has the characteristics of high elasticity, multi-theme and multi-track. The segment valuation shows that the basic business (commercial encryption data security) brings 20 billion space, and the satellite (only in the sky) 15 billion to 20 billion space. Considering the company's performance growth and industrial development trends, it can be determined that the company's market value has huge room for growth.
In terms of business, the net profit attributable to the parent company in Q3 this year was 5267% growth, the full year is expected to achieve 25-30% growth, corresponding to a net profit attributable to the parent of 38-4.0 billion yuan. It is expected that in 24-25 years, respectively, 50/6.2.5 billion yuan, given 30 times PE for 25 years, corresponding to 187500 million market capitalization. In addition, the company's star network sky star also brings a huge space for imagination. Assuming that a thousand satellites are launched in 2025, a single satellite has a value of 1 million, corresponding to a volume of 1 billion and a profit of 3-400 million. Considering the rhythm of star release, give 50 times PE, corresponding to the valuation of the star network starting from 150-200.
On the whole, as a leader in satellite Internet cryptography, Dianke Network Security has strong industrial resources and leading technical strength. At the same time, the company has significant room for growth and resilience in terms of business and valuation. Therefore, investors are advised to pay attention.
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