Genew(688418) 天风证券·2025-01-26 12:23Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company is positioned to benefit from the accelerating development of satellite internet projects in China, with its core network business expected to provide significant earnings flexibility [1]. - The global core network and access network markets are projected to grow steadily, with the overseas public network market expected to continue its recovery [2]. - The company's specialized network business is actively participating in new projects in Inner Mongolia and Guangxi, driven by the "14th Five-Year Plan" [3]. - The company is recognized as one of the few capable of providing both high-orbit and low-orbit satellite 5G core network technologies, which positions it well for future growth [33][38]. Financial Data and Valuation - The company forecasts net profits attributable to the parent company of 0.30 billion, 1.02 billion, and 1.73 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.16, 0.53, and 0.89 yuan per share [4]. - The company reported a revenue of 532.47 million yuan in 2022, with a projected increase to 1.83 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of 22.47% from 2017 to 2023 [5][24]. - The company's overseas revenue reached 323 million yuan in 2023, marking a year-on-year growth of 135.77% [2]. Business Segments - The company's business covers various communication network layers, including core, aggregation, and access layers for both public and private networks [16]. - The revenue distribution for the first half of 2024 shows that the command and dispatch system accounted for 35.37% of total revenue, while the core network system contributed 15.96% [26]. - The company has a diversified product system that includes core network systems, optical networks, intelligent emergency systems, and technical maintenance services [22].