GREAT MICROWAVE(SH:688270) ZHESHANG SECURITIES·2025-04-14 07:28Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is expected to see significant growth in performance from 2025 onwards, following a challenging 2024 due to high R&D expenses and other costs [1][4] - The company's products are well-positioned in the satellite internet market, with a focus on new customer acquisition and project development [1][2] - The company has made substantial investments in R&D, which is expected to solidify its industry position and enhance its product offerings [3] Financial Performance - In 2024, the company achieved revenue of 303.38 million yuan, a year-on-year increase of 8.04%, but net profit decreased by 75.37% to 17.85 million yuan [1][6] - Revenue projections for 2025-2027 are 440.52 million yuan, 651.86 million yuan, and 910.85 million yuan respectively, with corresponding net profits of 108.84 million yuan, 219.69 million yuan, and 362.18 million yuan [4][6] - The company’s gross margin for 2024 was 76.23%, with expectations for improvement in subsequent years [6] Product Development - The company has a strong focus on product development, with 20 new product types defined in 2024, including five applicable to satellite communication systems [3] - The revenue from the RF transceiver and high-precision ADC/DAC chip segment was approximately 101 million yuan, showing a 2% increase year-on-year [2] - The power management chip segment achieved revenue of 123 million yuan, reflecting a 14.6% year-on-year growth [2]