Genew(688418) 华金证券·2024-05-03 06:30Investment Rating - The investment rating for the company is "Buy-B" [2] Core Views - The company has shown significant revenue growth, with a 66.10% year-on-year increase in 2023, achieving a total revenue of 884 million yuan. The net profit loss has narrowed compared to the previous year [2][4] - The company is actively expanding its domestic and international markets, particularly in satellite internet and communication sectors, which are expected to contribute positively to future performance [11][4] - The company has a strong focus on R&D, with a 5.92% increase in R&D investment year-on-year, and a significant number of new patents granted [4][11] Financial Performance - In 2023, the company reported a revenue of 884 million yuan, with a main business revenue of 872 million yuan, reflecting a growth of 65.17% year-on-year [2][4] - The net profit for 2023 was -87 million yuan, showing a reduction in losses compared to the previous year [2][4] - For Q1 2024, the company achieved a revenue of 180 million yuan, a year-on-year increase of 32.64%, with a net profit of 7 million yuan, up 46.84% year-on-year [2] Market Expansion - The company has secured a high-value satellite communication order worth 112 million USD, indicating strong market demand and potential for future revenue growth [11] - The company has successfully won multiple contracts in both domestic and international markets, including significant projects in the 5G core network and satellite internet sectors [11] Future Projections - Revenue projections for 2024-2026 are set at 1.175 billion yuan, 1.486 billion yuan, and 1.815 billion yuan, respectively, with expected growth rates of 32.9%, 26.5%, and 22.1% [4][13] - The forecasted net profit for the same period is expected to be 62 million yuan, 109 million yuan, and 169 million yuan, with substantial year-on-year growth rates [4][13]