UniStrong(002383) Huajin Securities·2024-06-05 23:30Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for future performance [3][5]. Core Insights - The company is one of the earliest entrants in the satellite navigation and positioning (GNSS) field in China, with a comprehensive industrial layout and deep technical reserves. It is expected to benefit from the increasing application of the BeiDou system [3][21]. - Revenue projections for 2024-2026 are estimated at 1.898 billion, 2.186 billion, and 2.629 billion yuan, representing year-on-year growth rates of 5.3%, 15.2%, and 20.3% respectively. The net profit attributable to the parent company is forecasted to be 0.04 billion, 0.84 billion, and 1.08 billion yuan, with significant growth in 2025 [3][23]. - The company plans to enhance its marketing efforts and R&D investments to boost its proprietary brand sales and product upgrades, particularly in the low-altitude economy sector [2][3]. Financial Data and Valuation - In 2023, the company achieved operating revenue of 1.802 billion yuan, a decrease of 6.31% year-on-year, while net profit attributable to the parent company was 478 million yuan, a significant increase of 298.77% [5][23]. - The first quarter of 2024 saw a revenue of 267 million yuan, down 31.98% year-on-year, with a net loss of 33.276 million yuan, a decrease of 87.23% [5][23]. - The company’s gross margin is projected to improve from 39.64% in 2024 to 41.05% in 2026, reflecting operational efficiency [8][23]. Product Segment Forecast - The BeiDou high-precision business is expected to generate revenues of 730 million, 850 million, and 1.02 billion yuan from 2024 to 2026, with a stable gross margin around 49.1% [9]. - The BeiDou mobile internet business is projected to achieve revenues of 730 million, 830 million, and 1 billion yuan over the same period, with gross margins increasing from 28.8% to 31.6% [9]. - The spatial information service segment is anticipated to generate revenues of 260 million, 300 million, and 360 million yuan, with gross margins improving from 27.8% to 30.4% [9].