臻镭科技：点评报告：深耕低轨卫星领域，有望快速成长

Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The domestic low-orbit satellite constellation is entering a new phase of mass networking, with significant developments in both the national and international markets [3] - The company is deeply involved in the construction of domestic low-orbit constellations and is increasing its product support efforts [4] - The company is one of the few in China that can provide comprehensive solutions and technical services in the special industry sector, particularly for low-orbit satellite applications [5] Summary by Sections Low-Orbit Satellite Development - The national satellite constellation, with a total planned deployment of 13,000 satellites, has begun mass launches, with a goal to complete all launches by 2035 [3] - The Qianfan constellation plans to deploy over 15,000 satellites and has already launched 54 satellites, aiming for a total of 108 launches this year [3] Company Performance - In the first three quarters of 2024, the company reported revenue of 182 million yuan, a year-on-year increase of 7.01%, while net profit attributable to shareholders was 14.46 million yuan, a decrease of 63.79% [4] - The company has expanded its product matrix in power management chips and micro-systems, targeting the low-cost commercial satellite market [4] Financial Forecast - The company is expected to achieve net profits of 58 million yuan, 162 million yuan, and 265 million yuan for the years 2024, 2025, and 2026 respectively, with a projected PE ratio of 115x in 2025 [5]