Core Viewpoint - The company reported a significant decline in revenue for 2024, primarily due to project delays and reduced customer demand, particularly in the military sector, with a revenue drop of 57.94% compared to 2023 and 70.90% compared to 2022 [2][8]. Revenue Performance - The company achieved a revenue of 139 million yuan in 2024, down from 331 million yuan in 2023 and 475 million yuan in 2022 [2]. - The revenue for 2024 was 135 million yuan after excluding non-core business income [2]. - Quarterly revenue distribution showed significant fluctuations, with the fourth quarter accounting for 37.57% of total revenue, up from 17.22% in the previous year [2]. Project Delays and Customer Impact - Major project delays were attributed to factors such as testing suspensions, contract execution pauses, and new orders not being placed as expected, affecting approximately 245.82 million yuan in revenue [8][9]. - Specific customers impacted include various subsidiaries of China Aerospace Science and Technology Corporation, with several projects expected to resume in 2025 [4][5]. Order and Market Analysis - The company has a substantial backlog of orders, with a total of 540.88 million yuan in hand orders expected to generate revenue in 2025 [6][7]. - The military and civilian sectors remain the primary revenue sources, with a focus on satellite navigation and communication products [8][9]. - The company anticipates a recovery in revenue as industry conditions improve and projects that were delayed begin to execute [9]. Seasonal Revenue Distribution - The company’s revenue is typically concentrated in the fourth quarter, aligning with military procurement cycles, where significant project deliveries and settlements occur [10]. - The seasonal distribution of revenue in 2023 and 2024 was affected by external factors, leading to a lower proportion of revenue in the fourth quarter compared to previous years [10].