PIESAT(688066) 民生证券·2024-04-28 00:32Investment Rating - The report has adjusted the investment rating to "Cautious Recommendation" with a target price of 22.68 yuan [4][12]. Core Views - The company reported a net profit attributable to shareholders of -370 million yuan for 2023, down from the previous year, primarily due to a decline in new orders and delayed project acceptance [4][12]. - The company's revenue for 2023 was 260 million yuan, reflecting a year-on-year decrease of 26.0% [4][12]. - The first quarter of 2024 saw a net profit of -150 million yuan, indicating a worsening loss compared to the same period in 2023 [4][12]. - The report highlights that the company is a leading player in satellite remote sensing applications in China and is expected to gradually recover as demand in data and satellite sectors increases [4][12]. Financial Performance Summary - Revenue for 2023 was 260 million yuan, with a year-on-year growth rate of -26.0% [4][5]. - The net profit attributable to shareholders for 2023 was -370 million yuan, with a net profit margin of -20.69% [5][6]. - The company’s R&D expenditure increased by 29% year-on-year in 2023, indicating a focus on enhancing satellite and drone business development [4][12]. - The gross profit margin for 2023 was 35.92%, which is a decrease compared to previous years [13]. Future Projections - Revenue projections for 2024 to 2026 are estimated at 1.819 billion yuan, 2.315 billion yuan, and 2.973 billion yuan respectively, with corresponding growth rates of 27.3%, 28.5%, and 30.9% [5][13]. - The net profit attributable to shareholders is projected to recover to 21 million yuan in 2024, with further increases to 130 million yuan and 193 million yuan in 2025 and 2026 respectively [5][13]. - The report anticipates a gradual improvement in the company's financial metrics, including a projected net profit margin of 4.40% in 2025 and 4.99% in 2026 [5][6].