2024年一季报点评：归母净利润同比大增49.70%，长期发展值得期待

Investment Rating - Buy (Maintained) [5][7] Core Views - The company's net profit attributable to the parent company increased by 49 70% YoY in Q1 2024, with short-term revenue pressure due to the transition period of its traditional set-top box business [22] - The company's cost control measures, non-recurring gains, and reduced credit impairment losses contributed to the significant growth in net profit [22] - The company is expected to benefit from the downstream demand growth in the defense informationization and satellite internet industries, with projected net profits of 269/306/352 million yuan for 2024-2026 [7] Financial Performance - Q1 2024 revenue was 284 million yuan, down 9 97% YoY, while net profit attributable to the parent company was 94 million yuan, up 49 70% YoY [22] - Inventory increased by 61 47% YoY to 943 million yuan, and contract liabilities surged by 910 56% YoY to 553 million yuan, reflecting increased orders and potential revenue growth [1] - Sales expenses decreased by 41 78% YoY, management expenses by 4 40%, and financial expenses by 686 45%, indicating improved cost control [1] Industry and Market Position - The company is deeply involved in the satellite internet industry, with a strategic investment in Gesi Aerospace, aiming to explore opportunities in satellite user terminal and related ground equipment businesses [16] - The defense informationization sector is accelerating, and the demand for intelligent electromechanical systems is expected to grow, benefiting the company's leading position in the industry [7] Financial Forecasts - Revenue is projected to grow by 30 91% in 2024, 17 71% in 2025, and 14 83% in 2026, reaching 1,477/1,739/1,997 million yuan respectively [6] - Net profit attributable to the parent company is expected to grow by 43 74% in 2024, 13 75% in 2025, and 15 15% in 2026, reaching 269/306/352 million yuan respectively [6] - EPS is forecasted to be 0 24/0 27/0 31 yuan for 2024-2026, with P/E ratios of 20/18/15 times [7] Valuation Metrics - The company's P/E ratio is 19 96x for 2024, 17 55x for 2025, and 15 24x for 2026, based on the latest diluted EPS [6] - The P/B ratio is 1 56x for 2024, 1 43x for 2025, and 1 31x for 2026 [19] - ROE is expected to be 7 80% in 2024, 8 15% in 2025, and 8 58% in 2026 [19]