PIESAT(SH:688066) Soochow Securities·2024-04-16 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [9] Core Views - The company reported a revenue of 1.819 billion yuan in 2023, a year-on-year decline of 25.98%, and a net profit attributable to shareholders of -374.21 million yuan, a decrease of 241.51%, slightly below market expectations [6][9] - The decline in performance is attributed to project bidding delays, with Q4 2023 revenue dropping to 232 million yuan, a year-on-year decrease of 78.18% [6][7] - The company is focusing on building a high-precision commercial radar satellite constellation, having successfully launched 4 satellites in 2023 and planning to launch at least 12 more in 2024 [8][9] Summary by Sections Market Data - Closing price: 19.20 yuan - One-year low/high: 17.18/100.80 yuan - Price-to-book ratio: 2.29 - Circulating A-share market value: 5,014.91 million yuan - Total market value: 5,014.91 million yuan [3] Financial Performance - Total revenue forecast for 2024 is 2.484 billion yuan, with a projected year-on-year growth of 36.60% [6] - The company’s gross profit margin for 2023 was 35.92%, a decrease of 13.74 percentage points from the previous year [7] - The net cash flow from operating activities in 2023 was -870 million yuan, primarily due to increased employee compensation and procurement payments [20] Business Segments - Revenue from system design and development decreased by 22% to 752 million yuan, with a gross margin of 35% [7] - Revenue from data analysis application services fell by 29% to 1.048 billion yuan, with a gross margin of 36% [7] - Revenue from proprietary software sales increased by 82% to 19 million yuan, with a gross margin of 91% [7] Future Outlook - The company expects to benefit from the recovery of downstream customer orders, with EPS forecasts for 2024 and 2025 adjusted to 0.61 yuan and 1.10 yuan, respectively [9]