2023年年报点评：深耕军民两用通信领域，业绩短期承压

Investment Rating - The report gives a "Hold" rating for the company [20] Core Views - The company's performance is under pressure due to significant asset impairment losses, declining sales of main products, and a complex macro environment [2] - Revenue from communication equipment products decreased by 15.9% YoY to 610 million RMB, accounting for 52.2% of total revenue [2] - Revenue from military electronic products decreased by 17.3% YoY to 580 million RMB, accounting for 48.8% of total revenue [2] - The company's gross margin declined by 1.6 percentage points to 37.6% in 2023 [2] - R&D expenses increased by 5.1% YoY to 110 million RMB, with an R&D expense ratio of 9.4% [2] Business Segments Military Electronics - The company focuses on ultra-wideband up/down conversion systems, a key technology in modern electronic communication systems [16] - Products are applied in radar, electronic warfare, remote sensing, satellite communication, and aerospace fields [18] - The company has unique technical advantages in microwave/millimeter-wave chips, micro-assembly, and module design [18] Civilian Communication - The company specializes in mobile communication antennas and related products [19] - Product lines include base station antennas, indoor network coverage products, terminal antennas, and automotive antennas [19] - The company has developed new products such as wideband series antennas and large-aperture microwave dual-frequency dual-polarization antennas [19] Financial Performance - 2023 revenue decreased by 16.6% YoY to 1.19 billion RMB [20] - Net profit attributable to shareholders decreased by 78.5% YoY to 50 million RMB [20] - Q4 2023 revenue decreased by 36.9% YoY to 210 million RMB [20] - Q1 2024 revenue decreased by 19.2% YoY to 280 million RMB [20] Future Projections - EPS for 2024-2026 is projected to be 0.21 RMB, 0.27 RMB, and 0.35 RMB, respectively [2] - The company's revenue is expected to grow at a CAGR of 27.33% over the next three years [51] - Military electronics revenue is expected to grow at 35% annually from 2024 to 2026 [47] - Base station antenna revenue is expected to grow at 30% annually from 2024 to 2026 [74] Industry Context - The deployment of 5G/5.5G and the development of 6G are injecting new vitality into the industry [41] - Government policies, such as China's "New Infrastructure" initiative, are supporting the communication industry [41] - The satellite internet sector has been elevated to a national strategic level, driving industry growth [41]