Genew(688418) Tebon Securities·2025-04-15 14:23Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company is positioned as a leading enterprise in satellite core networks and is expected to benefit from the growth of its overseas business [4][5]. - The recent signing of a framework agreement for a $1.5 billion project in the Democratic Republic of Congo is anticipated to drive revenue growth [4]. - The company is actively optimizing its overseas market layout, with increasing demand for optical infrastructure globally [4][5]. Financial Summary - The company’s projected total revenue for 2024-2026 is estimated at 949 million, 1,251 million, and 1,588 million yuan respectively, with a net profit forecast of 26 million, 113 million, and 176 million yuan [5][7]. - The expected year-on-year revenue growth rates are 66.1% for 2023, 7.3% for 2024, 31.8% for 2025, and 26.9% for 2026 [7]. - The gross profit margin is projected to improve from 40.5% in 2023 to 52.5% by 2026 [7]. Project Highlights - The company has secured multiple overseas projects, including significant contracts in Angola, Mauritania, and Bangladesh, indicating a robust international presence [4][5]. - The satellite internet sector is showing initial demand, with the company being a key supplier for the "Tiantong-1" project core network [5]. Market Performance - The company's stock has shown a relative increase compared to the CSI 300 index, with absolute growth rates of 5.60%, 21.90%, and 6.35% over the past months [3][4].