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Beidou navigation: the important fulcrum supporting innovation economy

(May 29, 2013)    
1, the view: remain unchanged, the first half of the year is the theme of investment (4GLTE, military communications and Beidou, mobile resale Policy), the second half of partial performance driving (4G theme, military communications and Beidou communication equipment plate performance is expected to deliver).
2, last week the Beidou plate with 15~17 May annual meeting fourth Beidou (Wuhan) rose again successfully held and the military stocks strong, proton electronic communication, Hagrid, BDStar, outstanding performance in May, confirm our view of Beidou plate market optimistic about the expected, Beidou plate continue to be optimistic, recommended order Haige communications,,, zhonghaida electronical bdstar.Industry a quarterly performance hit low, growth of single season than the improvement trend is clear. A new round of the 2013 LTE expansion investment related equipment manufacturers of North American regional growth significantly; prospect of China and other regional markets,is also expected to copy the LTE investment on the equipment performance boost."Steady growth" prominent "information consumption", the domestic communication network construction boom cycle. Short-term, the communication industry dynamic valuation and performance improvement based on the expected progress, industry to maintain "prudent recommend" rating.In May, around the theme of 4G underestimated the value of performance improvement of blue-chip, with subdivision policy support direction growth industry - the big plate. Continue to recommend and ZTE, Fiberhome communications, Hagrid, CNOOC, China Unicom, Dr. peng.

3, we recently released Research Report: "the depth depth JSCC automation Kehua Hengsheng breakthrough data center, high-end market, to build Chinese manufacturing upgrade edition", Kehua Hengsheng continue to be recommended! The expected future income three years compound growth of 30%, net profit compound growth of 39%, growth was mainly from the industry demand growth, import substitution, as well as the breakthrough of the data center, high-end market open the new growth of blue ocean. 2013~2015 years is expected to EPS 0.67 (gross margin is expected to improve, based on slightly improve the profit forecast 6%) /0.88/1.13 yuan, the current share price corresponding to 13~15PE for 22/17/14 times, the company growth and breakthrough data center based on high-end blue ocean market, a reasonable valuation of 30 times PE.
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