CATEC(SH:600879) Minsheng Securities·2024-03-23 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][6] Core Views - The company achieved a revenue of 18.73 billion yuan in 2023, representing a year-on-year increase of 7.2%, but the net profit attributable to shareholders decreased by 14.3% to 520 million yuan due to rising costs and underperformance of subsidiaries [1][2] - The demand for aerospace products remains strong, with a revenue increase of 15.5% in this segment, while civil products saw a decline of 12.9% [1][6] - The company is focusing on enhancing its research and development efforts, with R&D expenses increasing by 20.3% to 1.07 billion yuan [1][6] - The unmanned systems business is growing rapidly, with a subsidiary achieving a revenue increase of 125.7% [1][6] - The company plans to divest its traditional cable business to streamline operations and improve overall quality [1][6] Financial Summary - In 2023, the company reported a total revenue of 18.73 billion yuan, with a net profit of 520 million yuan [1][2] - The gross margin for 2023 increased by 0.7 percentage points to 20.3%, while the net margin decreased by 0.6 percentage points to 3.2% [1][6] - The company aims for a revenue target of 20.5 billion yuan in 2024, with projected net profits of 738 million yuan [1][2] - The forecasted revenue growth rates for 2024 to 2026 are 15.3%, 15.5%, and 15.5%, respectively [2][6] - The projected PE ratios for 2024 to 2026 are 33x, 27x, and 21x, respectively [2][6]