Core Viewpoint - The company, GaoHua Technology, is positioned as a leading player in the high-reliability sensor market, with a focus on aerospace and commercial space applications, and is expected to benefit from the growth in low-orbit satellites and humanoid robots [1][4]. Group 1: Company Overview - GaoHua Technology was established in 2000 and transitioned to a joint-stock company in 2015, later listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board in April 2023, raising 1.27 billion yuan [1]. - The company specializes in high-reliability sensors and sensor network systems, serving the aerospace sector with applications in fighter jets and drones, and is involved in major national projects in commercial space [1]. Group 2: Financial Performance - From 2019 to 2023, the company's revenue grew at a CAGR of 27.2%, with a projected revenue increase of 1.35% to 350 million yuan in 2024, attributed to a decline in sensor network system revenue [2]. - The net profit attributable to shareholders from 2019 to 2023 had a CAGR of 46.9%, but is expected to decrease by 42.24% to 56 million yuan in 2024 due to increased impairment losses [2]. - The company's gross margin fluctuated between 49.1% and 60.5% from 2019 to 2024, while the net margin ranged from 15.9% to 30.9%, with 2024 margins impacted by pricing pressures and increased costs [2]. Group 3: Market Demand - The commercial space industry in China has been rapidly developing in 2023, with sensors being critical for the success of space missions, as new generation rockets utilize over 1,600 sensors each [3]. - The humanoid robot sector is also driving demand for six-dimensional force sensors, which provide real-time measurements of forces and moments at robot joints, indicating a growing market for these sensors [3]. Group 4: Investment Recommendation - GaoHua Technology is recognized as a national-level specialized and innovative "little giant" in high-reliability sensors, with extensive experience in aerospace and drone applications [4]. - The company is strategically expanding into commercial space, robotics, and low-altitude economy sectors, which are expected to benefit from the acceleration of low-orbit satellite and humanoid robot industries [4]. - Projected net profits for 2025, 2026, and 2027 are estimated at 67 million yuan, 89 million yuan, and 113 million yuan, respectively, with corresponding PE ratios of 97x, 73x, and 58x [4].
高华科技(688539)：高可靠传感器领航者；商业航天与具身科技打开成长空间