公司信息更新报告：业绩短期波动，前瞻布局卫星和低空蓝海

Investment Rating - The investment rating for the company is "Buy" (maintained) [10][27]. Core Views - The company is positioned as a listed platform for China Electronics Technology Group Corporation's communication sector, expected to benefit from the satellite internet and low-altitude economy [27]. - The report maintains the original profit forecast and adds a new profit forecast for 2026, estimating net profits for 2024-2026 to be 231 million, 323 million, and 388 million yuan respectively, with corresponding EPS of 0.34, 0.47, and 0.57 yuan per share [27]. - The company reported a revenue of 5.463 billion yuan in 2023, a year-on-year decrease of 22.79%, and a net profit of 36 million yuan, down 83.32% year-on-year [27]. - In Q1 2024, the company achieved a revenue of 1.083 billion yuan, a decrease of 11.40% year-on-year, and a net profit of 16 million yuan, down 26.16% year-on-year [27]. - The company is actively pursuing new production capabilities in emerging industries such as 6G, satellite internet, and low-altitude economy, driven by the demand for stable and efficient communication networks [27]. Financial Summary and Valuation Metrics - The company's revenue is projected to recover to 6.501 billion yuan in 2024, with a year-on-year growth of 19.0%, and further increase to 7.485 billion yuan in 2025 and 8.635 billion yuan in 2026 [14][27]. - The gross margin is expected to improve slightly from 17.3% in 2023 to 19.4% by 2026, while the net margin is projected to rise from 0.7% in 2023 to 4.5% in 2026 [14][27]. - The company's P/E ratio is forecasted to decrease from 475.8 in 2023 to 43.7 by 2026, indicating an improving valuation as earnings recover [14][27].