Jushri Technologies(300762) Minsheng Securities·2024-09-01 11:30Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 106 million yuan in the first half of 2024, a year-on-year decrease of 27.56%, with a net loss attributable to the parent company of 52 million yuan [1]. - In Q2 2024, the company faced performance pressure due to downstream industry demand factors, achieving a revenue of 38 million yuan, down 45.08% year-on-year and 43.96% quarter-on-quarter, with a net profit loss of 42 million yuan, which is an increase in loss compared to Q2 2023 and Q1 2024 [1]. - The satellite internet sector shows promising prospects, with the company deeply involved in low-orbit satellite constellation construction. The global satellite internet market is expected to exceed 400 billion yuan by 2025, with significant growth in satellite communication terminals and operational revenue [1]. - The company has initiated the development of low-orbit satellite communication subsystems and has secured orders exceeding 50 million yuan for satellite communication equipment [1]. - The deployment of 5G has become a national strategy, and the company has made significant progress in its product layout, including the completion of lightweight core networks and terminal modules, and has been selected for military equipment development [1]. Financial Summary - The company forecasts revenues of 313 million yuan in 2024, with a growth rate of -21.9%, and expects net profits attributable to the parent company to be -190 million yuan in 2023, turning positive in 2024 with 42 million yuan [2][4]. - The projected net profits for 2024-2026 are 42 million yuan, 99 million yuan, and 189 million yuan respectively, indicating a strong recovery trajectory [1][2]. - The company’s earnings per share are expected to improve from -0.30 yuan in 2024 to 0.30 yuan in 2026 [2][4].