Category: Money tips Release Date: 2006-03-26
From the perspective of the growth rate, China's 3G communication test is affected by the second largest sub-sector (first for value-added services), we expect the current communications operators to test the market size of over 10-15 million, the future of the industry growth rate of up to 25% the development of good prospects, while firms benefit from a higher degree.
The company is testing the leading area of domestic enterprises, although in general, and international testing giants have a certain gap, but still possess a certain core competencies, and from the internal and external environment, the company is undergoing a major turning point for the better. Test is the most important aspect of 3G. -08 Nianguang cautious forecast in 2006 to test the market in the 3G core network part of the scale of the 0.5 million, 200 million, 2.5 million, the company as TD-SCDMA Alliance members and very few have a TD core network test products manufacturers, a very conservative estimate future, at least in the TD system, account for 50% of the market share, WCDMA system will account for about 15% of the market.
Company's main income of the first three quarters grew 79%, higher than 40% of the first half, first, because the company's new product development and business development is relatively smooth; second acquisition Vauthey Feng consolidated, contributing part of their income. Product revenue and have been since the beginning of the structure in line with our forecast.
Communications test industry is the future growth of the second segment of the market, with the NGN, 3G and other new technology, business, operators of the testing industry, the attention and the corresponding investment gradually deepened, thus boosting the size of the market growing steadily and fast. Test link-span coverage of research and development, networking, operations and other links. At present, the company's R & D stage and the absence of these two high-end wireless market, but is expected to be strengthened through cooperation.
Continue to be optimistic communications test industry and the company's core competitiveness. Performance of the company belongs to the sensitivity of income from the current analysis of orders, etc.,, 06,07 expects annual revenue 2.05,3.08 100 million, EPS forecast for the yuan 0.26,0.46 maintaining overweight rating. Target price of 13.8 yuan (the equivalent of 2007 30 times EPS).
