CORPRO(SZ:300101) Huajin Securities·2024-03-27 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.40 CNY per share [7]. Core Viewpoints - The integrated circuit and satellite navigation industries are experiencing rapid development, presenting significant opportunities for the company. The company has nearly 20 years of technological research and development experience and a robust supply chain, with over 300 core products across six series. It has become a key supplier in various chip fields, including satellite navigation and broadband communication, supporting the localization of key industries [2]. - The company's main product, satellite navigation, is part of a strategically important emerging industry in China, currently in a high growth phase. The company has participated in the development of multiple generations of Beidou application terminals and is gradually transitioning to Beidou 3 products, expanding into the "Beidou+" integration market. A business rebound is expected in 2024 [2][8]. Financial Summary - The company reported a revenue of 852 million CNY in 2023, a decrease of 27.9% year-on-year, with a net profit of 73 million CNY, down 75.8% year-on-year. The projected revenues for 2024, 2025, and 2026 are 1,176 million CNY, 1,533 million CNY, and 1,966 million CNY, respectively, indicating a growth of 38.0%, 30.4%, and 28.2% year-on-year [4][8]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.38 CNY, 0.52 CNY, and 0.67 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 40.8, 29.7, and 22.9 [4][8]. Business Development - The company is accelerating the upgrade of Beidou 3 and has successfully won multiple contracts for video surveillance system upgrades and intelligent product development. The revenue decline in 2023 was attributed to a decrease in project acceptance and the slower-than-expected market promotion of Beidou 3 products [7][8]. - The company has increased its R&D investment by over 38% in 2023, focusing on the development of automotive electronics, high-performance computing, and AI intelligent visual navigation products. The R&D expenditure accounted for 23.74% of total revenue, with the number of R&D personnel rising to 490 [7][8].