Jushri Technologies(300762) 山西证券·2024-11-13 05:00Investment Rating - The report maintains a "Buy-B" rating for Shanghai Hanxun (300762 SZ) [3][6] Core Views - The company's military business is at a low point but recovery is expected, with potential for high order growth in new areas such as military 5G and broadband data links [4] - Satellite constellation construction is expected to accelerate, and the company is likely to benefit from the rapid expansion of satellite-related business [5][6] - The company's Q3 revenue showed significant improvement compared to the previous quarter, and satellite internet business is expected to grow with the launch schedule [3] Financial Performance - For Q1-Q3 2024, the company reported revenue of 176 million yuan, a year-on-year decrease of 18 4%, and a net loss attributable to shareholders of 91 million yuan, a year-on-year decrease of 45 37% [3] - The company's net profit is expected to be -87 million yuan in 2024, 181 million yuan in 2025, and 276 million yuan in 2026, with year-on-year growth rates of 54 3%, 309 3%, and 52 3% respectively [6] - The company's gross margin is expected to be 61 1% in 2024, 54 0% in 2025, and 54 0% in 2026 [8] Business Development - The company has completed the delivery of ground base stations and test terminal products, and broadband payload products have entered mass production [2] - The company has won bids for multiple projects, including satellite terminals and test terminal basebands, with a cumulative bid amount exceeding 37 million yuan [2] - The company has achieved excellent results in the technical evaluation of new-generation tactical communication trunk communication equipment and has completed the identification of 3 types of equipment [4] Market Data - As of November 12, 2024, the company's closing price was 28 22 yuan, with a total market capitalization of 1 77 billion yuan [4] - The company's P/E ratio is expected to be -204 5x in 2024, 97 7x in 2025, and 64 2x in 2026 [8]