Sunwave(002115)2024-03-01 10:28Financial Performance - Net profit for 2023 is expected to be between 45 million and 67.5 million yuan, a decrease of 50.11% to 66.74% compared to the previous year [2] - The decline in net profit is primarily due to a decrease in overseas orders and delayed shipments by some overseas customers in Q4 2023 [2] - Exchange rate fluctuations resulted in a reduction of approximately 24.5 million yuan in exchange gains compared to 2022 [2] - Increased R&D and international business expansion expenses, as well as higher asset impairment provisions, contributed to the profit decline [2] Overseas Market Strategy - The company's overseas market is mainly focused on developed regions, targeting mid-to-high-end markets [3] - Despite a decline in overseas orders in Q4 2023, the company continues to expand its global presence in North America, Latin America, Asia-Pacific, and Europe [3] - Future strategies include building local sales teams, strengthening channel relationships, and increasing R&D investment to maintain technological leadership [3] Satellite Communication Business - The satellite communication business is operated through the subsidiary Haiweicom, providing VSAT "mobile communication" antennas and shipboard information equipment [4] - In 2021, the global VSAT service revenue for commercial ships was approximately 655 million USD, with a penetration rate of 26% [4] - By 2031, the global VSAT service market is expected to grow to 1.1 billion USD, with a penetration rate of 49.6% [4] - Haiweicom has served over 40,000 crew members and ranks among the top 10 globally in its segment [4] Future Development - The satellite communication industry is expected to enter a high-growth period, with over 70% of the Earth's geographical space and 3 billion people lacking internet coverage [5] - Haiweicom plans to strengthen global market expansion, enhance local after-sales service networks, and promote new products such as AI video and network security [5] - The company aims to drive the shipping industry towards informatization and intelligence, exploring more satellite application opportunities [5]