Q4业绩大幅改善，北斗导航业务放量

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 10.5 CNY [1]. Core Insights - The company reported a significant improvement in Q4 performance, with a revenue of 2.414 billion CNY, representing a year-on-year growth of 26.62% and a quarter-on-quarter growth of 108.41% [3]. - The company is positioned as a leader in military information technology, benefiting from the rollout of Beidou III products and the new generation of satellite communication networks [5]. - The company has maintained a high dividend policy, distributing 372 million CNY in cash dividends in 2023, marking 14 consecutive years of cash dividends with an average payout ratio of approximately 53% [3]. Financial Performance Summary - Revenue Forecast: - 2022A: 5,616 million CNY - 2023A: 6,449 million CNY (14.84% YoY growth) - 2024E: 8,027 million CNY (24.5% YoY growth) - 2025E: 10,192 million CNY (27% YoY growth) - 2026E: 12,742 million CNY (25% YoY growth) [1][7] - Net Profit Forecast: - 2022A: 668 million CNY - 2023A: 703 million CNY (5.21% YoY growth) - 2024E: 892 million CNY (26.9% YoY growth) - 2025E: 1,145 million CNY (28.3% YoY growth) - 2026E: 1,453 million CNY (26.9% YoY growth) [1][7] - Earnings Per Share (EPS): - 2022A: 0.27 CNY - 2023A: 0.28 CNY - 2024E: 0.36 CNY - 2025E: 0.46 CNY - 2026E: 0.59 CNY [1][7] - Valuation Ratios: - P/E: - 2022A: 39.0 - 2023A: 37.1 - 2024E: 29.2 - 2025E: 22.8 - 2026E: 17.9 [1] - PEG: - 2022A: 17.5 - 2023A: 7.1 - 2024E: 1.1 - 2025E: 0.8 - 2026E: 0.7 [1] - P/B: - 2022A: 2.4 - 2023A: 2.0 - 2024E: 2.1 - 2025E: 2.0 - 2026E: 1.9 [1] Business Segment Performance - The company has seen growth across its four main business segments: wireless communication, Beidou navigation, aerospace, and digital ecology, with respective revenue growth rates of 3.36%, 113.27%, 25.98%, and 6.15% [3][4]. - The Beidou navigation business has doubled its revenue, driven by the demand for Beidou III products [4]. Research and Development - The company invested 934 million CNY in R&D in 2023, representing an 18.49% increase year-on-year, with R&D expenses accounting for approximately 15% of revenue [4].