KSW-TECH(SH:688283) Minsheng Securities·2024-02-06 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Views - The company has launched a restricted stock incentive plan, granting 569,000 shares at a price of 33.80 CNY per share, with performance targets based on revenue growth over the next three years [4]. - Revenue growth is driven by the expanding application scenarios of wireless channel simulation products, with significant breakthroughs in satellite communication and semiconductor markets [4]. - The industry trend is moving towards high specifications, platformization, modularization, and localization, with domestic testing and simulation technology making significant progress [4]. - The company is expected to benefit from the large-scale application of products in 5G communication equipment, IoT, and vehicle networking, with projected revenues of 285 million, 377 million, and 495 million CNY for 2023, 2024, and 2025 respectively [4]. Financial Forecasts - Projected operating revenues (in million CNY): 220 in 2022, 285 in 2023, 377 in 2024, and 495 in 2025, with growth rates of 35.3%, 29.5%, 32.0%, and 31.4% respectively [2][3]. - Projected net profit attributable to shareholders (in million CNY): 81 in 2022, 103 in 2023, 134 in 2024, and 175 in 2025, with growth rates of 60.2%, 27.1%, 30.2%, and 30.3% respectively [2][3]. - Projected earnings per share (CNY): 0.97 in 2022, 1.23 in 2023, 1.60 in 2024, and 2.09 in 2025 [2][3]. Financial Ratios - Projected PE ratios: 39 for 2022, 30 for 2023, 23 for 2024, and 18 for 2025 [2][3]. - Projected PB ratios: 3.5 for 2022, 3.2 for 2023, 2.8 for 2024, and 2.5 for 2025 [2][3]. - Projected gross margin: 66.47% in 2022, 65.89% in 2023, 65.63% in 2024, and 65.81% in 2025 [3].