Guobo Electronics (SH:688375) Guotai Junan Securities·2024-05-10 03:02Investment Rating - The report maintains a "Buy" rating for Guobo Electronics (688375) with a target price of 90.00 CNY, down from a previous forecast of 111.50 CNY [5][10]. Core Insights - The net profit margin increased by 1.96 percentage points year-on-year to 17.0%, marking a historical high for the company. The T/R component business is expanding into low-orbit satellites and commercial aerospace, providing new growth momentum [3][4]. - The company achieved a revenue of 3.567 billion CNY in 2023, a year-on-year increase of 3.08%, with a net profit of 606 million CNY, up 16.47% year-on-year. The gross margin was 32.28%, an increase of 1.61 percentage points [3][4]. - The T/R component and RF module segment generated revenue of 3.38 billion CNY, up 7.6% year-on-year, while the RF chip segment saw a significant decline in revenue by 53.0% year-on-year [3][4]. Financial Summary - Revenue and profit forecasts for 2024-2026 are as follows: - 2024E Revenue: 3.908 billion CNY - 2025E Revenue: 4.425 billion CNY - 2026E Revenue: 5.304 billion CNY - 2024E EPS: 1.69 CNY - 2025E EPS: 1.91 CNY - 2026E EPS: 2.27 CNY [4][13]. - The company’s net profit margin is projected to remain stable, with estimates of 17.8% in 2024E, 17.9% in 2025E, and 18.1% in 2026E [4][13]. Business Expansion - The company is diversifying its T/R component applications into mobile communication terminals and low-orbit satellite sectors, with several products already delivered to customers in these areas [3][4]. - The acceleration of satellite internet construction is identified as a potential catalyst for future growth [3]. Market Data - The stock price has fluctuated between 53.28 CNY and 89.50 CNY over the past year, with a current market capitalization of 30.861 billion CNY [6][10]. - The average daily trading volume is 0.76 million shares, with an average daily trading value of 53.44 million CNY [6].