PIESAT(SH:688066) KAIYUAN SECURITIES·2024-04-12 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will outperform the market by over 20% [21][22]. Core Views - The company is a leading enterprise in remote sensing and BeiDou navigation satellite application services, facing short-term performance pressure but expected to improve in 2024 [22][29]. - The company has successfully launched four high-resolution commercial radar satellites in 2023 and plans to launch at least twelve more in 2024, aiming to establish a commercial closed loop from data to information to knowledge [32]. - The overseas strategic layout is gradually improving, with contracts signed in Bolivia and branches established in regions such as Hong Kong, Australia, and the UK, which is expected to enhance the volume of overseas orders [31]. Financial Summary - The company reported a revenue of 1,819 million yuan in 2023, a decrease of 25.98% year-on-year, and a net profit attributable to shareholders of -374 million yuan, a decline of 241.51% [30]. - The forecast for net profit attributable to shareholders for 2024 is adjusted to 150 million yuan, with corresponding EPS of 0.58 yuan per share, and for 2025, it is projected at 278 million yuan, with EPS of 1.06 yuan [29]. - The gross margin for 2023 was 35.9%, with a projected recovery to 46.8% in 2024 [28].