Jushri Technologies(SZ:300762) Minsheng Securities·2024-05-07 12:30Investment Rating - The report maintains a "Recommended" rating for the company [4][5]. Core Viewpoints - The company is increasing its R&D investment and expanding into new product areas, achieving significant development across multiple business sectors, particularly in the fields of unmanned communication and 5G technology [1]. - Despite facing short-term pressure on performance due to external factors and industry policy changes, the company is expected to see a gradual recovery in revenue and profit margins starting from Q1 2024 [3]. - The company is well-positioned to benefit from the acceleration of military broadband communication in China, with projected net profits for 2024, 2025, and 2026 expected to be 90 million, 170 million, and 296 million respectively [4]. Financial Forecasts - The company’s total revenue for 2023 is projected at 313 million, with a year-on-year decline of 21.93%. The revenue is expected to rebound significantly in the following years, with growth rates of 66.39%, 52.89%, and 48.74% for 2024, 2025, and 2026 respectively [7][16]. - The net profit for 2023 is forecasted to be -190 million, with a recovery to 90 million in 2024, 170 million in 2025, and 296 million in 2026, indicating a strong growth trajectory [4][18]. - The gross profit margin is expected to improve from 43.34% in 2023 to around 50% in 2024, reflecting enhanced operational efficiency [7][18]. Business Developments - The company has made strategic partnerships in the 5G sector, successfully entering various projects related to tactical communication systems and unmanned platforms, which are expected to yield significant results [1][15]. - The company is actively involved in the development of low-orbit satellite communication systems, having secured contracts for ground-based stations and testing terminals, with initial products already delivered [15].