23年连续减亏，不断布局5G-A、6G以及卫星领域

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has continuously reduced losses in 2023, with a revenue of 7.848 billion yuan, a year-on-year increase of 13%, and a net profit attributable to the parent company of -357 million yuan, reducing losses by approximately 317 million yuan compared to the previous year [1] - The company is actively expanding into the 5G-A, 6G, and satellite fields, with a focus on developing new growth points [4] - The first version of the 5G-A standard is expected to be frozen in 2024 and will likely start commercial use in 2025 [3] Financial Performance Summary - In 2023, the company achieved a revenue of 7.848 billion yuan, with a year-on-year growth rate of 13.43% [5] - The net profit attributable to the parent company is projected to be 6 million yuan in 2024, 281 million yuan in 2025, and 409 million yuan in 2026 [4] - The company's operating costs decreased as a percentage of revenue, indicating improved operational quality [1] Business Segment Performance - System equipment revenue reached 2.31 billion yuan in 2023, a year-on-year increase of 26%, with a gross margin of 36% [2] - The revenue from industry-specific network equipment and others was 570 million yuan, a year-on-year increase of 23%, with a gross margin of 35% [2] - The revenue from mobile communication integrated services was 2.86 billion yuan, a year-on-year increase of 3%, with a gross margin of 11% [2] Research and Development - The company invested 1.38 billion yuan in R&D in 2023, a year-on-year increase of 3% [3] - The company is involved in the development of international standards for 5G-A and satellite internet, maintaining a leading position in standard formulation [3] Market Position and Outlook - The company has significantly increased its market share in the 5G equipment sector, with a winning bid share exceeding 7% in recent tenders [2] - The company is expected to continue its growth trajectory with a focus on 5.5G, 6G, and satellite communications, which are anticipated to be new growth drivers [4]