SUNWAY COMM(SZ:300136) Soochow Securities·2024-08-26 13:29Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company benefits from the recovery of the consumer electronics market and the accelerated penetration of overseas satellite networks, leading to stable revenue growth in two major business segments [3] - AI technology is driving a wave of smartphone upgrades, benefiting the company as major clients upgrade their AI hardware [3] - The company is expanding into diverse business areas, creating a second growth curve through ventures in satellite communications and smart automotive sectors [3] Financial Performance and Forecast - Total revenue for H1 2024 reached 3.7 billion yuan, a year-on-year increase of 12%, with net profit attributable to shareholders at 200 million yuan, up 5% year-on-year [3] - Revenue projections indicate a recovery with expected revenues of 8.53 billion yuan in 2024, 10.64 billion yuan in 2025, and 11.64 billion yuan in 2026, reflecting growth rates of 13.07%, 24.69%, and 9.35% respectively [2][4] - The forecasted net profit attributable to shareholders is projected to be 745.86 million yuan in 2024, 1.06 billion yuan in 2025, and 1.19 billion yuan in 2026, with growth rates of 43.05%, 42.34%, and 12.02% respectively [2][4] Business Development - The company is transitioning from a focus on consumer electronics to a multi-business model that includes satellite communications and smart automotive products [3] - In the commercial satellite sector, the company has developed LCP films and LCP high-frequency FCCL, which have been certified by UL and are now being supplied in bulk to North American clients [3] - The company is also increasing its efforts in the smart automotive sector, gaining supply qualifications from well-known domestic and international manufacturers [3]