2023年业绩预告点评：业绩短期承压，军工业务有望回暖

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 38.8 CNY, compared to the current price of 32.85 CNY [11]. Core Insights - The company is expected to face short-term pressure on performance due to delays in project bidding and acceptance in specialized sectors, leading to a projected net loss of 3-5.9 million CNY for 2023, compared to a profit of 61.68 million CNY in the same period last year [11]. - The company is focusing on enhancing its capabilities in satellite networking security and data link protection, with various security platforms and specialized chips already validated by defense sector clients [11]. - The national defense budget is projected to grow by 7.2% in 2024, maintaining a stable growth trajectory, which is expected to benefit the company as it aligns with the government's focus on military informationization [11]. Financial Summary - The company forecasts revenues of 246 million CNY for 2023, with a significant increase to 391 million CNY in 2024 and 550 million CNY in 2025, reflecting a compound annual growth rate of 11.6% in defense information spending from 2015 to 2025 [11][22]. - The projected net profit for 2023 is a loss of 3 million CNY, with a recovery expected in subsequent years, reaching 90 million CNY in 2024 and 132 million CNY in 2025 [11][22]. - The report highlights a decrease in operating income for 2023, with a forecasted decline of 8.8% compared to the previous year, but anticipates a rebound with growth rates of 59.3% and 40.4% in 2024 and 2025, respectively [22].