公司动态报告：卫星互联网的“国家队”

Investment Rating - The report maintains a "Recommended" rating for the company [4][87]. Core Insights - The company is focused on advancing satellite internet communication technology and has developed emergency satellite communication network solutions. It aims to integrate technologies in satellite internet, AI computing, and low-altitude economy, which is expected to open up long-term growth opportunities [4][87]. - The company's projected net profit for 2024-2026 is estimated at 211 million, 362 million, and 447 million yuan, with corresponding PE ratios of 80X, 47X, and 38X [4][87]. Financial Forecasts - Revenue (in million yuan): - 2023A: 5,463 - 2024E: 6,633 - 2025E: 7,663 - 2026E: 8,635 - Growth Rates (%): - 2023A: -22.8 - 2024E: 21.4 - 2025E: 15.5 - 2026E: 12.7 - Net Profit Attributable to Shareholders (in million yuan): - 2023A: 36 - 2024E: 211 - 2025E: 362 - 2026E: 447 - Growth Rates (%): - 2023A: -83.3 - 2024E: 493.4 - 2025E: 71.2 - 2026E: 23.7 - Earnings Per Share (in yuan): - 2023A: 0.05 - 2024E: 0.31 - 2025E: 0.53 - 2026E: 0.66 - Price-to-Earnings (PE) Ratios: - 2023A: 475 - 2024E: 80 - 2025E: 47 - 2026E: 38 - Price-to-Book (PB) Ratios: - 2023A: 4.5 - 2024E: 4.3 - 2025E: 4.1 - 2026E: 3.8 [2][4][87]. Business Segments - The company operates in three main business segments: 1. Public Network Communication: Focuses on network planning, design, optimization, and contracting, supporting the digital transformation of the Chinese communication industry [4][34]. 2. Private Network Communication and Smart Applications: Accelerates digitalization and data business, enhancing capabilities in smart transportation and industrial internet applications [4][72]. 3. Intelligent Manufacturing: Develops advanced technologies in PCB and high-end frequency control devices, aiming for integration into high-end customer supply chains [4][74]. Market Opportunities - The company is strategically positioned to leverage the growth of satellite internet and low-altitude economy sectors, with a focus on integrating 5G small base stations to enhance coverage and application in satellite internet [4][75][78].