Q1业绩基数低波动大，业务推进正常

Investment Rating - The report maintains a "Buy" rating for the company [19][6]. Core Viewpoints - The phased development of phased array antennas shows significant advantages in integration, performance, and lifespan, with substantial growth potential in military radar, satellite internet, and ground communication sectors [2][6]. - The company has a high value proportion of T/R chips in phased array antennas and has established itself as a core supplier for major clients, entering mass production and continuous delivery phases [5][6]. - The competitive landscape is stable, with the company leveraging its management flexibility against state-owned competitors, supported by military qualifications, high customization of products, and first-mover technology advantages [6][5]. Industry Overview - The report emphasizes the importance of focusing on two major industry directions: military informationization, particularly in the context of upcoming military product tenders and order releases, and satellite internet, with attention to the launch progress of domestic and international satellite companies [2][6]. - The satellite internet sector is positioned for long-term growth, with the company having a strong first-mover advantage in the low Earth orbit satellite field, which is crucial for establishing a self-controlled satellite communication network [21][6]. Financial Performance and Forecast - In Q1 2024, the company reported revenues of 0.2 billion yuan, a year-on-year decrease of 50.72%, and a net profit attributable to shareholders of -0.15 billion yuan, down 222.09% year-on-year [19][20]. - The company anticipates achieving net profits of 1.58 billion, 1.92 billion, and 2.51 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 98%, 22%, and 31% [6][19].