Genew(SH:688418) Minsheng Securities·2024-03-02 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Viewpoints - The company has signed a significant satellite communication contract worth USD 112 million, which is expected to positively impact future performance [1]. - In 2023, the company is projected to achieve a revenue of CNY 874 million, a 64.12% increase from CNY 532 million in 2022, and a narrowed net loss of CNY 83 million compared to CNY 215 million in 2022 [1][2]. - The satellite internet sector is accelerating, with China expected to conduct around 100 space launches in 2024, marking a 50% increase in commercial launches compared to 2023 [1]. - The market for satellite internet is projected to grow significantly, with estimates suggesting it will exceed CNY 2.3 trillion in 2024 [1]. - The company is expected to benefit from increased demand for core network equipment due to the growth of satellite internet infrastructure [1]. Financial Forecasts - Revenue projections for the company are as follows: CNY 873 million in 2023, CNY 1.469 billion in 2024, and CNY 2.168 billion in 2025, reflecting growth rates of 63.9% and 47.5% respectively [2][5]. - The net profit attributable to shareholders is forecasted to be CNY -87 million in 2023, CNY 190 million in 2024, and CNY 297 million in 2025, indicating a significant recovery [2][5]. - The company’s PE ratios are projected to be 17 for 2024 and 11 for 2025 [2][5].