Genew(688418) 德邦证券·2025-03-14 01:14Investment Rating - The report assigns a "Buy" rating for the company, Zhenyou Technology (688418.SH) [1] Core Views - Zhenyou Technology is positioned as a leading enterprise in satellite core networks and is expected to benefit from the growth of overseas business [3] - The company has a strong technological layout and is well-supported by policies promoting communication infrastructure [5] - The satellite internet demand is beginning to materialize, with significant user and terminal growth anticipated [5] - The company has secured key contracts, including the core network construction for the Tian Tong satellite project, establishing itself as a unique supplier [5] Summary by Sections Company Overview - Zhenyou Technology has focused on communication systems for 20 years, currently in an expansion phase [10] - The company has a stable shareholding structure and a management team with extensive industry experience [13] Financial Performance - The company has shown steady revenue growth, with a CAGR of 20.16% from 2019 to 2023, and is projected to achieve revenues of 949 million, 1,251 million, and 1,588 million yuan from 2024 to 2026 [16] - The net profit is expected to turn positive in 2024, with projections of 26 million, 113 million, and 176 million yuan for the same period [16] Market Opportunities - The rollout of 5G-A is expected to drive growth in both public and private networks, with significant opportunities in specialized networks [29] - The company is well-positioned to capitalize on the satellite internet market, with a strong presence in overseas markets [5][12] Technological Edge - Zhenyou Technology is one of the few companies capable of providing IMS core networks and has a comprehensive range of 10G-PON products [5] - The company has established a strong technological barrier through continuous R&D investment, making it a key player in the satellite communication sector [22][39] Future Outlook - The company is expected to benefit from the ongoing construction of satellite internet infrastructure and the expansion of its overseas business [5] - The market for specialized communication networks is projected to grow at around 10% annually, with significant demand for small base stations [43][45]