Jushri Technologies(SZ:300762) Minsheng Securities·2025-05-05 02:23Investment Rating - The report maintains a "Recommendation" rating for the company [5][7]. Core Views - The company achieved a revenue of 353 million yuan in 2024, representing a year-on-year increase of 12.97%, with losses narrowing from 190 million yuan in 2023 to 124 million yuan in 2024. In Q1 2025, the company reported a revenue of 126 million yuan, a significant year-on-year increase of 84.41%, and achieved a net profit of 13 million yuan, marking a turnaround from losses in the previous year [3]. - The company's expense structure has improved significantly in 2024, with sales expense ratio, management expense ratio, and R&D expense ratio at 8.4%, 17.0%, and 57.1% respectively, compared to 11.1%, 13.9%, and 81.5% in 2023. The gross margin for Q1 2025 rebounded to 37.56%, up from 25.63% in Q4 2024, primarily due to product structure adjustments [3]. - The government continues to encourage and support the development of commercial aerospace, highlighting its strategic importance in the 2025 government work report. This includes initiatives for new technologies and products, with a focus on commercial aerospace and related industries, indicating a golden opportunity for growth [4]. - The G60 satellite network construction is accelerating, with plans to complete a constellation of 1,296 satellites by the end of 2027, providing global service capabilities. The company is involved in the development of low Earth orbit satellite communication subsystems and has begun mass production of related equipment [5]. - The company is expected to benefit from its satellite-related products, with projected net profits of 94 million yuan, 193 million yuan, and 349 million yuan for 2025, 2026, and 2027 respectively, reflecting strong growth potential [5][6]. Financial Summary - In 2024, the company reported total revenue of 353 million yuan, with a projected revenue of 1,062 million yuan in 2025, indicating a growth rate of 200.7%. The net profit is expected to turn positive in 2025, reaching 94 million yuan [6][12]. - The earnings per share (EPS) is projected to be 0.15 yuan in 2025, increasing to 0.56 yuan by 2027, with a price-to-earnings (PE) ratio of 137 in 2025, decreasing to 37 by 2027 [6][12].