Genew(688418) 民生证券·2025-01-01 23:30Investment Rating - The report maintains a "Recommended" rating for the company, indicating strong growth potential in the future [1]. Core Viewpoints - The company is enhancing its software sector through a capital increase by its subsidiary, Shenzhen Zhenyou Software Technology Co., Ltd., which reflects its commitment to expanding in the software field [1]. - The company is well-positioned to benefit from the growing demand for 5G and satellite communication technologies, with a focus on diverse application scenarios across various industries [1]. - The company has secured significant contracts in the satellite communication sector, including a contract worth USD 112 million, which is expected to contribute to its growth [1]. - Financial forecasts predict a substantial increase in net profit from CNY 37 million in 2024 to CNY 233 million in 2026, with corresponding PE ratios decreasing from 151X to 24X [2][4]. Financial Performance Summary - The company's projected revenue is expected to grow from CNY 884 million in 2023 to CNY 1.856 billion in 2026, with growth rates of 66.1%, 32.0%, 28.0%, and 24.2% respectively [2][4]. - The net profit attributable to shareholders is forecasted to improve from a loss of CNY 87 million in 2023 to a profit of CNY 233 million in 2026, reflecting a growth rate of 381.2% in 2025 [2][4]. - The earnings per share (EPS) is expected to rise from -0.45 CNY in 2023 to 1.20 CNY in 2026, indicating a significant turnaround in profitability [2][4].