PIESAT(SH:688066) Guolian Securities·2024-04-14 16:00Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is suggested to "maintain attention" due to potential growth opportunities [25]. Core Viewpoints - The company experienced a significant decline in revenue and profit in 2023, with total revenue of 1.819 billion yuan, down 25.98% year-on-year, and a net profit attributable to shareholders of -374 million yuan, down 241.51% year-on-year [1]. - The company is focusing on developing autonomous data sources primarily in aerospace and aviation, launching the "Hongtu No. 1" satellite in 2023 to provide diverse services to clients and expand into B-end and C-end markets [2]. - The company is accelerating its overseas market expansion, having signed contracts in Bolivia and implementing projects in several other countries, which is expected to lead to a rapid increase in overseas orders [2]. Financial Performance Summary - In 2023, the company reported a revenue of 1.819 billion yuan, a decrease of 25.98% from 2022, with a projected revenue increase to 2.864 billion yuan in 2024, representing a growth rate of 57.50% [7][25]. - The net profit attributable to shareholders was -374 million yuan in 2023, with expectations of a turnaround to a profit of 125 million yuan in 2024, reflecting a growth rate of 133.46% [7][25]. - The gross profit margin for 2023 was 35.92%, down 12.13 percentage points year-on-year, with expectations of recovery in subsequent years [1][25]. Industry Context - The company operates within the Computer/IT Services sector, focusing on satellite operations and spatial data services, positioning itself as a leader in the industry [3][25]. - The company is expected to benefit from government support for special construction projects and the expansion of overseas business opportunities, which may enhance its growth prospects [25].