相控阵TR芯片领先企业，星载地面机载等领域需求广阔

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Insights - The company reported a revenue of 287 million, a year-on-year increase of 3.44%, while the net profit attributable to the parent company was 80 million, down 39.96% year-on-year [8][10]. - The company experienced a significant increase in production volume, with a 165.13% rise in output and a 50.83% increase in sales volume compared to the previous year [10]. - The decline in net profit is attributed to a decrease in gross margin and a substantial increase in R&D expenses [10]. - The company specializes in microwave and millimeter-wave analog phased array T/R chip design, with products being widely applied in satellite, ground, and airborne phased array radar and satellite communication fields [11]. - The company expects net profits for 2024-2026 to be 114 million, 152 million, and 201 million respectively, with growth rates of 43%, 33%, and 32% [11]. Financial Metrics - Total shares outstanding are 1.57 billion, with a circulating share count of 780 million [2]. - The total market capitalization is 8.4 billion, with a circulating market value of 4.2 billion [3]. - The asset-liability ratio stands at 4.9% [4]. - The current price-to-earnings (P/E) ratio is 105.91 [5]. - The company anticipates revenues of 402 million, 517 million, and 655 million for 2024, 2025, and 2026 respectively, with growth rates of 39.8%, 28.7%, and 26.7% [31].