北交所信息更新：宇航业务高增长+民品产品突破，商业航天及5G-A等驱动未来增量

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4][14] Core Views - The company achieved a revenue of 815 million yuan in 2023, representing a year-on-year growth of 0.8%, and a net profit attributable to shareholders of 146 million yuan, up 2.3% [4] - The gross margin improved to 41.51%, an increase of 2.1 percentage points [4] - The company is expected to benefit from high growth in aerospace business and breakthroughs in civilian products, driven by commercial aerospace and 5G-A [2][5] - The company has adjusted its profit forecasts for 2024-2025 downwards while increasing the forecast for 2026, with net profits projected at 166 million, 199 million, and 234 million yuan for 2024, 2025, and 2026 respectively [4][21] Financial Performance - The company reported a net cash flow from operating activities of 125 million yuan in 2023 [4] - The total market capitalization is 3.131 billion yuan, with a circulating market capitalization of 2.928 billion yuan [2] - The company's earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 0.88, 1.06, and 1.25 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 18.9, 15.7, and 13.4 [4][21] Business Growth Drivers - The aerospace sector is expected to drive growth, with the company actively participating in satellite RF solutions and the development of satellite internet [5][6] - The company has increased its R&D investment to 72.98 million yuan, focusing on commercial satellites, 5G-A, and quantum computing [6] - The company is expanding its product categories and enhancing integration capabilities, with significant potential in new products like high-temperature co-fired ceramics (HTCC) [6]