Genew(688418) 民生证券·2025-01-25 23:33Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential price increase of over 15% relative to the benchmark index [4][12]. Core Viewpoints - The company is expected to achieve a turnaround in profitability, forecasting a net profit of between 23 million to 33 million yuan for 2024, compared to a loss of 86.56 million yuan in the previous year, marking an increase of 109.56 million to 119.56 million yuan [1][2]. - The satellite business is entering a harvest phase, with the company being one of the few capable of providing satellite 5G core networks, including both high and low orbit satellites. The company has secured contracts worth 112 million USD for satellite communication projects [2][3]. - The acceleration of the "Thousand Sails Constellation" satellite network is expected to enhance demand for the company's satellite core network equipment, contributing to growth flexibility [3]. Financial Forecasts - The company forecasts revenues of 1.168 billion yuan in 2024, with a growth rate of 32%, and expects net profits to reach 31 million yuan, a significant turnaround from a loss of 87 million yuan in 2023 [7][9]. - Projections for 2025 and 2026 indicate continued growth, with expected net profits of 180 million yuan and 233 million yuan, respectively, reflecting growth rates of 478% and 29.4% [7][9]. - The price-to-earnings (PE) ratios are projected to be 193X for 2024, 33X for 2025, and 26X for 2026, indicating a strong growth outlook [3][7].