KSW-TECH(688283) 民生证券·2024-08-28 06:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 18.27 CNY [2]. Core Insights - The company achieved a revenue of 80.8 million CNY and a net profit of 14 million CNY in the first half of 2024, with significant growth in Q2, where revenue reached 55.99 million CNY, a 126% increase quarter-on-quarter [1]. - The company is actively expanding its market presence and has seen significant customer acquisition, particularly in satellite internet applications and RF microwave signal generators [1]. - The focus on high-end wireless testing instruments is expected to drive growth, especially with the commercial launch of 5G-A and the acceleration of low-orbit satellite constellation construction [1]. - R&D investment has increased, with 29.95 million CNY spent in the first half of 2024, representing 37% of revenue, indicating a commitment to innovation and product development [1]. Financial Performance Summary - Revenue growth is projected at 30.9% for 2024 and 31.1% for 2025, with net profit growth expected at 30.2% and 28.8% respectively [3]. - The company’s gross margin is forecasted to be 67.1% in 2024, with a net profit margin of 34.2% [3]. - The projected earnings per share (EPS) are 0.93 CNY for 2024, increasing to 1.20 CNY in 2025 [4]. - The company’s P/E ratio is expected to decrease from 26 in 2023 to 20 in 2024, and further to 15 in 2025, indicating improving valuation metrics [4]. Market Position and Strategy - The company is enhancing its product matrix to meet the demands of emerging technologies, particularly in the fields of satellite internet and 5G applications [1]. - The establishment of production bases and R&D centers is aimed at increasing capacity and supporting future growth [1]. - The company is positioned to break the monopoly of international competitors by focusing on high-performance wireless testing instruments and maintaining stable partnerships with domestic operators and global communication equipment manufacturers [1].