Q1稳健增长，全年保持乐观

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company is currently in a large-scale replacement period for the Beidou III system, which is expected to continue throughout the 14th Five-Year Plan period, leading to sustained demand [5][6]. - The company has become a key supplier of components for mobile terminals that support "direct satellite connection" functionality, collaborating with several mainstream mobile manufacturers [5][6]. - The company is optimistic about its performance for the entire year of 2024, driven by the Beidou III replacement cycle, satellite communication mobile chips, and the replacement of communication radios [5][6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 1.144 billion yuan, a year-on-year increase of 10.67%, and a net profit attributable to shareholders of 43 million yuan, a year-on-year increase of 0.58%. The net profit excluding non-recurring items was 24 million yuan, a year-on-year increase of 86.67% [5][6]. - The growth rate of net profit excluding non-recurring items is notably high, indicating strong operational performance despite Q1 traditionally being a low season [5][6]. Market Opportunities - The Beidou III equipment replacement cycle is expected to drive significant demand in various sectors, including weapon platforms, terminals, and unmanned platforms, with a broad market space [5][6]. - The civil market is accelerating the large-scale application of Beidou, with projections indicating that by 2025, Beidou will achieve comprehensive coverage in key industries such as transportation, public security, energy, and emergency services [5][6]. Strategic Developments - The company is actively investing in new fields and has raised 1.855 billion yuan through a stock issuance to specific investors, aiming to form strategic collaborations in areas such as "Beidou + 5G" and "satellite internet" [6]. - The company is expanding its presence in the low-altitude economy, developing intelligent unmanned systems and platforms to serve various new scenarios [6]. Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 909 million yuan, 1.210 billion yuan, and 1.714 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 29%, 33%, and 42% [6].