2023年稳健增长，北三加速起量

Investment Rating - The report assigns a "Hold" rating for the company [1]. Core Views - The company achieved a revenue of 6.45 billion yuan in 2023, representing a year-on-year growth of 14.8%, and a net profit of 700 million yuan, up 5.2% year-on-year [2]. - The four main business segments are driving growth, with the Beidou navigation business experiencing rapid expansion due to a replacement cycle and application development [2][6]. - The company is well-positioned in the defense informationization, satellite navigation, and satellite internet sectors, with a positive outlook for growth [34]. Summary by Relevant Sections Financial Performance - In 2023, the company reported a revenue of 6.45 billion yuan and a net profit of 700 million yuan, with respective growth rates of 14.8% and 5.2% [2]. - The Beidou navigation segment generated 940 million yuan in revenue, a significant increase of 113.3% year-on-year [2]. - The wireless communication segment achieved 2.67 billion yuan in revenue, growing by 3.4% [2]. - The aerospace segment's revenue reached 420 million yuan, up 26.0% [2]. - The smart ecosystem segment generated 2.34 billion yuan, with a growth of 6.2% [2]. Business Segments - The Beidou navigation segment is expected to maintain high growth due to military and civilian demand, with a projected revenue growth of 60% in 2024 [31]. - The wireless communication segment remains a cornerstone of the business, with a stable growth forecast of 10% in 2024 [31]. - The aerospace segment is anticipated to grow steadily at 25% annually through 2026 [32]. - The smart ecosystem segment is expected to grow at a rate of 8% annually [32]. Profitability and Valuation - The company's gross margin decreased by 2.4 percentage points to 32.6% in 2023, while the net margin fell by 1.0 percentage point to 11.4% [2]. - The earnings per share (EPS) for 2024-2026 are projected to be 0.33 yuan, 0.42 yuan, and 0.53 yuan, respectively, with corresponding dynamic PE ratios of 35, 28, and 22 [31][34]. - The report highlights the company's strong position in the Beidou navigation and satellite communication markets, which are expected to drive future growth [34]. Future Outlook - The company plans to invest in projects related to "Beidou + 5G" integration, unmanned systems, and satellite internet, with a total planned investment of 18.6 billion yuan [25][26]. - The Beidou navigation system is expected to see increased demand in both military and civilian applications, particularly as the new Beidou III system is fully deployed [11][15]. - The report emphasizes the potential for significant growth in the low-altitude economy, benefiting various business segments [2].