2023年度报告点评：深耕射频同轴连接器，卫星等新领域增长可期

Investment Rating - The report upgrades the investment rating of the company to "Buy" [5][6]. Core Viewpoints - The company has made significant breakthroughs in various fields including civil communication, commercial satellites, and defense, with a rich technical reserve and notable achievements [3]. - The company's gross margin and net margin have shown a continuous upward trend since its listing, with gross margin increasing from 31.46% in 2019 to 41.51% in 2023, and net margin from 12.45% to 19.07% during the same period [4][11]. - The strategic value of low-orbit satellites is becoming increasingly recognized, with accelerated deployment in various countries, and the company is well-positioned to benefit from this trend [4][10]. Financial Performance - In 2023, the company achieved operating revenue of 815.14 million yuan, a year-on-year increase of 0.82%, and a net profit attributable to shareholders of 146.17 million yuan, up 2.34% year-on-year [3][5]. - The company expects net profits to reach 194.46 million yuan, 209.13 million yuan, and 221.19 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 16x, 15x, and 14x [5][20]. - The revenue from RF coaxial cable components and RF coaxial connectors was 385 million yuan and 420 million yuan, respectively, with year-on-year changes of -7.23% and +12.83% [11]. Market Trends - The civil communication sector has seen a significant increase in the number of 5G base stations, reaching 3.377 million by the end of 2023, up from 2.312 million at the end of 2022 [10]. - The company is actively involved in the satellite internet sector, with the Ministry of Industry and Information Technology promoting reforms in the satellite internet access system, which is expected to enhance the industry landscape [10][11]. - The defense sector is experiencing a shift towards information warfare, increasing the demand for advanced interconnect solutions, which the company is well-equipped to provide [10].