Troy Information(300366) 民生证券·2024-04-30 04:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 8.93 yuan [24]. Core Insights - The company is experiencing accelerated growth in its satellite internet and database businesses, indicating promising growth potential for the future [9]. - In 2023, the company reported a revenue of 1.675 billion yuan, with a net profit attributable to shareholders of -474 million yuan, reflecting a significant decline compared to previous years [9]. - The satellite internet business is expected to develop rapidly, with a 200% year-on-year increase in related revenue in 2023 [9]. - The Wanli database has passed security assessments and is positioned to benefit from domestic database replacement trends [9]. - The company is focusing on three strategic business areas: big data and AI, databases, and satellite internet, to enhance its market share and long-term growth prospects [9]. Financial Summary - The company achieved a revenue of 1.675 billion yuan in 2023, with a net profit of -474 million yuan, and a projected revenue of 0.95 billion yuan for Q1 2024 [9]. - The projected net profits for 2024, 2025, and 2026 are 0.57 billion yuan, 1.22 billion yuan, and 1.91 billion yuan, respectively, with corresponding PE ratios of 96X, 44X, and 28X [9]. - The company's total assets are expected to grow from 3.428 billion yuan in 2023 to 4.562 billion yuan by 2026 [20].