中标C929大额订单，商业卫星+无人机有望释放成长弹性

Investment Rating - The report maintains an "Accumulate-B" rating for the company, with a target price of 20.94 yuan [3]. Core Insights - The company achieved a revenue of 456 million yuan in 2023, representing a year-on-year growth of 13.65%, and a net profit attributable to shareholders of 134 million yuan, up 9.63% year-on-year [3][15]. - In Q1 2024, the company reported a significant revenue increase of 71.79% year-on-year, reaching 44 million yuan, although the net profit decreased by 27.27% to 4.05 million yuan [3]. - The company is actively expanding its capabilities in commercial aerospace and low-altitude economy sectors, aligning with national development priorities [3][15]. - The company has made substantial investments in R&D, totaling 48 million yuan in 2023, which is a 6.55% increase from the previous year [3]. Financial Data and Valuation - The company’s projected revenues for 2024-2026 are 636 million yuan, 870 million yuan, and 1.155 billion yuan, with year-on-year growth rates of 39.4%, 36.9%, and 32.7% respectively [5][15]. - The net profit for the same period is expected to be 187 million yuan, 253 million yuan, and 339 million yuan, with corresponding growth rates of 38.8%, 35.4%, and 34.1% [5][15]. - The company’s gross margin for 2023 was 51.19%, a decrease of 8.47 percentage points compared to the previous year [3]. Business Development - The company has successfully secured a significant order for the C929 project, valued at up to 175 million yuan, which is expected to positively impact its operational performance [14][15]. - The company is enhancing its production capabilities in the drone industry, with a new drone industrial park project expected to partially commence production in the first half of 2024 [3][15].