布局6G+低空+卫星，产学联合加快空天一体突破

Investment Rating - The report maintains an "Add-B" rating for the company, with a target price of 24.81 yuan [14][21]. Core Views - The company has faced pressure on its three main business segments due to intensified competition and weak demand, leading to a significant decline in revenue and net profit in 2023 [14][21]. - The company is actively pursuing the development of satellite internet and low-altitude economy, accelerating the research and development of key technologies and supporting products [14][21]. Financial Performance Summary - Revenue Forecast: The company is expected to generate revenues of 6.638 billion yuan in 2024, 7.733 billion yuan in 2025, and 8.684 billion yuan in 2026, reflecting year-on-year growth rates of 21.5%, 16.5%, and 12.3% respectively [21]. - Net Profit Forecast: The projected net profit for 2024 is 200 million yuan, increasing to 249 million yuan in 2025 and 303 million yuan in 2026, with year-on-year growth rates of 462.1%, 24.3%, and 21.8% respectively [21]. - Earnings Per Share (EPS): EPS is forecasted to be 0.29 yuan in 2024, 0.36 yuan in 2025, and 0.44 yuan in 2026 [21]. - Price-to-Earnings (P/E) Ratio: The P/E ratio is expected to decrease from 84.6 in 2024 to 55.9 in 2026, indicating a potential improvement in valuation [21]. Business Segment Performance - Public Network Communication: In 2023, this segment generated revenue of 1.492 billion yuan, remaining stable compared to the previous year, but with a gross margin decline of 3.92 percentage points due to increased competition and rising operational costs [14]. - Private Network Communication and Smart Applications: This segment also saw a significant drop in revenue and net profit, primarily due to tight customer funding and delays in project bidding [14]. - Intelligent Manufacturing: Revenue decreased to 1.2 billion yuan, with a gross margin decline attributed to weak demand and increased competition in the market [14]. Strategic Initiatives - The company has signed a strategic cooperation agreement with Xi'an University of Electronic Science and Technology to establish a key laboratory for integrated air-space-ground communication networks, aiming to enhance its capabilities in satellite internet and low-altitude economy [14][21].