Guobo Electronics (SH:688375) INDUSTRIAL SECURITIES·2024-05-17 10:02Investment Rating - The report maintains an "Add" rating for the company [1][22]. Core Views - In 2023, the company achieved operating revenue of 3.567 billion yuan, a year-on-year increase of 3.08%, and a net profit attributable to shareholders of 606 million yuan, up 16.47% year-on-year [5][8]. - For Q1 2024, the company reported operating revenue of 693 million yuan, a decrease of 0.62% year-on-year, primarily due to industry destocking [5][11]. - The company is expanding its product offerings in satellite communication and 5.5G base station applications, with significant advancements in RF components and modules [5][16]. Financial Performance Summary - 2023 Financials: - Operating revenue: 3.567 billion yuan, up 3.08% - Net profit: 606 million yuan, up 16.47% - Basic earnings per share: 1.52 yuan, up 10.14% [5][9]. - Q1 2024 Financials: - Operating revenue: 693 million yuan, down 0.62% year-on-year - Net profit: 121 million yuan, up 4.22% year-on-year [5][11]. Product Performance - T/R Components and RF Modules: - Revenue reached 3.379 billion yuan in 2023, a growth of 7.64%, accounting for 94.72% of total revenue [5][14]. - Gross margin for T/R components was 31.90%, an increase of 2.69 percentage points year-on-year [5][14]. - RF Chips: - Revenue was 128 million yuan, a decrease of 52.98%, with a gross margin of 33.45%, down 9.07 percentage points [5][14]. Profitability Metrics - 2023 Profitability: - Gross margin: 32.28%, up 1.62 percentage points - Net profit margin: 17.00%, up 1.96 percentage points [5][16]. - Q1 2024 Profitability: - Gross margin: 35.63%, up 3.88 percentage points year-on-year - Net profit margin: 17.42%, up 0.81 percentage points year-on-year [5][16]. Future Earnings Forecast - The company forecasts net profits of 696 million yuan, 867 million yuan, and 1.053 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.17 yuan, 1.45 yuan, and 1.77 yuan [22].