SHENGLU TELECOM(002446) 东吴证券·2024-04-30 05:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance exceeding the benchmark by more than 15% over the next six months [7][23]. Core Insights - The company experienced a revenue decline of 16.56% year-on-year in 2023, with total revenue reported at 1.187 billion yuan and a significant drop in net profit by 78.49% to 52.39 million yuan [1][22]. - The company has made advancements in the autonomous driving sector, achieving mass production and delivery of GNSS dual-frequency multi-mode technology and navigation modules, enhancing its market competitiveness [2][22]. - The company is leveraging its technological advantages in the satellite internet sector, focusing on the development of high-performance phased array antennas for next-generation 5G satellite communication systems [7][22]. Financial Performance Summary - In 2023, the company reported total revenue of 1.187 billion yuan, a decrease of 16.56% compared to the previous year, while the net profit was 52.39 million yuan, down 78.49% year-on-year [1][22]. - Research and development expenses increased by 4.76% to 118 million yuan in 2023, indicating a commitment to innovation despite declining revenues [1][22]. - The company has forecasted a recovery in revenue, projecting 1.601 billion yuan in 2024, with a subsequent increase to 2.030 billion yuan in 2025 and 2.483 billion yuan in 2026 [1][23]. Market Position and Future Outlook - The company is positioned to capture opportunities in the millimeter-wave technology sector, which is critical for the development of 6G networks, with ongoing product development and customer orders in the pipeline [22][23]. - The report highlights the company's strategic focus on enhancing its product offerings in the microwave/millimeter-wave domain, which is essential for future telecommunications advancements [22][23].