Hwa Create(SZ:300045)2023-06-11 01:16Group 1: Company Overview - Beijing Huali Chuangtong Technology Co., Ltd. focuses on defense and industry informationization, with main businesses including satellite applications, simulation testing, radar signal processing, and unmanned systems [1][2]. - The company has developed a comprehensive industrial chain in satellite applications, integrating core chip technology with modules, terminals, platforms, and system solutions [2][3]. Group 2: Revenue Composition - In 2022, satellite application revenue accounted for 36.64% of total revenue, radar signal processing for 17.99%, and simulation testing for approximately 27.85% [4]. - The revenue structure shows that about 60% comes from special industries, while 40% is from the civilian market [4]. Group 3: Product Development and Innovation - The company has developed various products for the Beidou system, including terminals for vehicle-mounted, airborne, and portable applications, and has achieved airworthiness certification for its airborne Beidou tracking devices [2][3]. - In satellite mobile communication, the company has created a multi-mode communication terminal supporting various data transmission technologies [3]. Group 4: Market Trends and Future Potential - The company is actively expanding its satellite communication business, targeting industries such as marine fisheries, emergency communication, and border management [3][6]. - The market for satellite navigation and positioning is expected to grow significantly with the ongoing development of the Beidou system and low-orbit satellite internet constellations [5][6]. Group 5: Financial Performance and Challenges - The company faced losses in 2019 and 2021 primarily due to goodwill impairment and intangible asset depreciation, with 2022 losses attributed to domestic pandemic impacts affecting demand and project delivery [6][7]. - High R&D investment and slow returns have been a concern, but the company remains focused on sustainable development and balancing short-term and long-term interests [6][7].