国盾量子：量子科技的引领厂商

Investment Rating - The report provides an initial coverage with a rating of "No Rating" [1] Core Viewpoints - The company has shown steady revenue recovery, with 2023 revenue approximately 156 million RMB, a year-on-year increase of 15.87%. The revenue from quantum computing products was 44.78 million RMB, up 44.36% year-on-year; quantum precision measurement products revenue was 15.29 million RMB, up 389.57%; quantum communication products revenue was 53.85 million RMB, up 64.13%; while related technical services revenue was 34.69 million RMB, down 43.87% [23][24] - The company is a key player in the quantum technology sector, being the only publicly listed company in this field in China and a significant incubator for quantum research [14][30] - The quantum communication sector is advancing rapidly, with the company holding about 90% market share in the domestic quantum communication network [30] Summary by Sections Market Performance - The company's stock price closed at 147.80 RMB, with a 52-week price fluctuation between 71.69 RMB and 228.00 RMB [3] Financial Overview - The company reported a net profit attributable to shareholders of -124 million RMB in 2023, with a projected net profit of -85 million RMB in 2024 [24][26] - The gross profit margin for quantum communication products is 64.26%, for quantum computing products is 39.89%, for quantum precision measurement products is 33.94%, and for related technical services is 45.82% [49] Business Segments - The company is expanding its quantum computing business and developing new quantum precision measurement products, including superconducting quantum computers and cold atom gravimeters [28][33] - The quantum communication products include core devices for secure communication networks and related technical services, with ongoing efforts to enhance product performance and integration [53][54] Future Projections - Revenue projections for 2024-2026 are 184 million RMB, 218 million RMB, and 258 million RMB, respectively, with expected year-on-year growth rates of 18.16%, 18.27%, and 18.25% [14][26] - The company is expected to continue its focus on research and development, with significant investments in quantum technology applications across various sectors [51][54]