2023年经营稳健，北斗导航产品同比增长113%

Investment Rating - The report maintains an "Accumulate" rating for the company [4][15]. Core Insights - The company achieved a revenue of 6.449 billion yuan in 2023, representing a year-on-year growth of 14.8%, and a net profit of 703 million yuan, up 5.2% year-on-year [5][6]. - The company's Beidou navigation products experienced a significant growth of 113.3% year-on-year, driven by the demand for Beidou III products and the company's self-developed chip capabilities [2][5]. - The overall gross margin slightly decreased by 2.38 percentage points, with effective cost control measures in place despite rising R&D, management, and sales expenses [9][10]. Revenue Breakdown - In 2023, the revenue contributions from the main business segments were as follows: Wireless Communication (41%), Beidou Navigation (14%), Aerospace (6%), and Digital Ecology (36%), with respective year-on-year growth rates of 3.4%, 113.3%, 26.0%, and 6.2% [2][5][6]. - The Beidou navigation segment's revenue growth was attributed to the large-scale replacement period for Beidou III in special institutions and the acceleration of Beidou's application in various civilian sectors [11][12]. Financial Forecasts - The company forecasts revenues of 8.052 billion yuan, 10.278 billion yuan, and 13.164 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 889 million yuan, 1.12 billion yuan, and 1.417 billion yuan [3][15]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 31 for 2024, 25 for 2025, and 20 for 2026 [15][16].