铖昌科技：2024年三季报点评：公司业绩短期承压，Q3净利润水平有所回暖

Investment Rating - The investment rating for the company is downgraded to "Recommended" with a target price of 51.52 CNY, compared to the current price of 44.46 CNY [1]. Core Views - The company's performance is under short-term pressure, but there is a slight recovery in net profit levels in Q3. The total revenue for the first three quarters of 2024 is 100 million CNY, a year-on-year decrease of 41.22%, and the net profit attributable to the parent company is -32 million CNY, a year-on-year decrease of 160.19% [1]. - The decline in revenue is primarily due to customer demand plans and pricing mechanisms, with a significant drop in project delivery in the first half of 2024. However, Q3 revenue shows a year-on-year increase of 413.08% [1]. - The company is actively responding to downstream project progress and demand, with production and delivery tasks concentrated in the second half of 2024, indicating potential for annual performance recovery [1]. Financial Summary - For 2024, the company is expected to have total revenue of 277 million CNY, a decrease of 3.7% year-on-year, and a net profit of 69 million CNY, a decrease of 14.0% year-on-year. The projected net profits for 2025 and 2026 are 119 million CNY and 141 million CNY, with growth rates of 73.0% and 18.4% respectively [2][5]. - The company's earnings per share (EPS) for 2024 is projected at 0.33 CNY, with a price-to-earnings (P/E) ratio of 134 [2][5]. - The company has a total market capitalization of 9.215 billion CNY and a circulating market value of 4.508 billion CNY [3]. Industry Context - The company is expanding its product application areas, particularly in satellite communication, and is involved in multiple projects that are entering mass production [1]. - Recent policies in China are encouraging the development of low-orbit satellite communication, which is expected to drive innovation and application in various sectors such as aviation, maritime, public safety, and energy [1].