短期业绩承压，股权激励指引发展目标

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 29.26 CNY per share based on a 30x PE valuation for 2024 [3][7]. Core Views - The company reported a revenue of 3.268 billion CNY in 2023, a year-on-year decrease of 19.11%, and a net profit attributable to shareholders of 440 million CNY, down 43.25% year-on-year. The decline in performance is attributed to industry cyclicality and delays in client bidding projects [1][5]. - The company is expected to recover in 2024, driven by long-term demand in the specialized wireless communication sector, supported by incentive mechanisms and increased R&D investment [1][5]. Summary by Relevant Sections Financial Performance - In 2023, the company experienced a significant drop in revenue and profit, with a gross margin of 41.85% and a net margin of 14.15%, both showing declines compared to the previous year [1][5]. - For Q4 2023, revenue was 1.002 billion CNY, down 45.14% year-on-year, while net profit was 132 million CNY, down 72.14% year-on-year [1][5]. Revenue Forecast - The company forecasts revenues of 4.854 billion CNY, 5.948 billion CNY, and 7.162 billion CNY for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 48.6%, 22.5%, and 20.4% [2][5]. - The gross margin is expected to stabilize around 45% over the next three years [5][7]. Business Segments - The wireless communication terminal products segment is projected to grow by 51%, 23%, and 21% in revenue from 2024 to 2026, with a stable gross margin of around 51% [5][6]. - The system products segment is expected to see revenue growth of 45%, 22%, and 20% over the same period, with gross margins improving to 36% [5][6]. - Other business segments are also anticipated to grow, with revenue increases of 45%, 20%, and 15% from 2024 to 2026 [5][6]. Cost Management - The report indicates an improvement in cost management, with a projected decrease in sales expense ratio from 2.6% in 2024 to 2.4% in 2026 [5][6]. Valuation - The report concludes that the company's competitive position in the specialized wireless communication sector, along with its strategic initiatives, justifies a target price of 29.26 CNY per share based on a 30x PE ratio for 2024 [3][7].