Chengchang Technology(001270) 山西证券·2024-04-18 10:30Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [3][10]. Core Viewpoints - The company has a stable market position in the satellite TR core market, with successful expansion into airborne and ground applications. Despite facing short-term performance pressure due to downstream price adjustments and increased costs, the company is expected to benefit from strong demand in 2024, particularly with the anticipated mass launch of low-orbit satellites [10]. Financial Performance Summary - For the fiscal year 2023, the company achieved revenue of 287 million yuan, a year-on-year increase of 3.4%. However, the net profit attributable to the parent company was 80 million yuan, reflecting a significant decline of 39.96% year-on-year [10]. - The company's gross profit margin decreased by 9 percentage points, primarily due to changes in product structure and pricing, with high-margin satellite remote sensing products' revenue share dropping from two-thirds to one-third [10]. - The company expects net profits to recover in the coming years, projecting 141 million yuan in 2024, 215 million yuan in 2025, and 286 million yuan in 2026 [10]. Revenue and Profit Forecast - Revenue is forecasted to grow significantly, with estimates of 434 million yuan in 2024, 676 million yuan in 2025, and 974 million yuan in 2026, representing year-on-year growth rates of 51.0%, 55.8%, and 44.1% respectively [4][10]. - The report highlights that the company is focusing on enhancing its product offerings in the airborne and ground sectors, which are expected to drive growth in 2024 [10]. Market Position and Product Development - The company maintains a strong position in the satellite TR chip market, with its products being widely applied in various satellite models. The ongoing collaboration with research institutions and enterprises is expected to enhance product development and market reach [10]. - The report emphasizes the company's commitment to research and development, with R&D expenses increasing by 57.18% year-on-year, indicating a focus on innovation and product improvement [10].