crashbandicootnitrofueled| Zhenyou Technology (688418): The multi-point flowering satellite business in domestic and overseas markets has made a significant breakthrough

　　投资要点　　事件crashbandicootnitrofueled：2024 年4 月30 日crashbandicootnitrofueled，震有科技发布2023 年度报告和2024 年一季度报告，2023年公司实现营业收入8crashbandicootnitrofueled.84 亿元，同比增长66crashbandicootnitrofueled.10%, to achieve a net profit of-87 million yuan; 2024Q1, the company realized operating income of 180 million yuan, an increase of 32.64% over the same period last year, and a net profit of 7 million yuan, an increase of 46.84% over the same period last year. Revenue maintained substantial growth in 2023, while net profit and loss narrowed compared with the same period a year earlier. In 2023, the company's operating income was 884 million yuan, an increase of 66.10% over the same period last year, of which the main business income was 872 million yuan, an increase of 65.17% over the same period last year, of which the income from network and access systems and technology and maintenance services all increased by more than 160%. The growth of total revenue is mainly due to the company's continuous development of domestic and foreign markets, and the gradual recovery of overseas business. at the same time, with the start and acceleration of the satellite Internet process, the company's bid-winning projects and orders at home and abroad have increased greatly. market competitiveness has been continuously improved. During the reporting period, the company realized a net profit of-87 million yuan, of which the non-net profit was-93 million yuan, and the loss narrowed compared with the same period last year. The main reason is that the company actively opened up the market, steadily promoted the delivery of the implementation project, and achieved a large increase in operating income. At the same time, the company pays attention to the control of cost reduction, and strengthens the control of sales expenses, management expenses and R & D expenses, and the increase in expenses during the period is relatively small, so the net profit and non-net profit are significantly reduced compared with the previous year. In addition, indicators such as operating cash flow and earnings per share also improved compared with the same period, mainly due to the substantial increase in cash received from the sale of goods and services and the improvement in net profit. The communication between the public network and the private network has been fully implemented, and the gross profit margin of the core network, optical network and access system has improved significantly. The company's main products cover the core layer, convergence layer and access layer of public network communication and private network communication, and the products and solutions include core network, access network, optical network, command and scheduling, intelligent applications and so on. In 2023, the company's intelligent network and intelligent emergency system increased by 25.98% compared with the same period last year, mainly due to the company's active expansion of the business of mathematical network and intelligent emergency system, strengthening delivery capacity, and a steady increase in the amount of acceptance projects delivered during the current period. Optical networks and access systems increased by 169.38% over 2022, mainly due to the company's active expansion of overseas markets, including Asia-Pacific, North America, Europe and Africa. The gross profit margin of optical networks and access systems this year increased by 22.58 percentage points compared with 2022. It is mainly due to the company's increased investment in research and development, continuous optimization of product structure and high added value of products. Technology and maintenance services increased by 178.67% over 2022, mainly due to the growth of the company's technical maintenance services in optical communications. In 2023, the company's core net gross profit margin increased by 5.16% over the previous year, and foreign income gross profit margin increased by 4.13%, mainly due to the company's continuous R & D investment, continuous optimization of product structure, and continuous improvement of overseas market layout. enhance the competitiveness of the company's products in the global market, so the overseas gross profit margins of products such as core network systems, optical networks and access systems have all increased. We will continue to increase investment in research and development of core technologies and consolidate the competitive advantage of technical barriers. During the reporting period, the company had 754 R & D technicians, the proportion of R & D personnel was 59.51%, and the R & D investment was 201 million yuan, an increase of 5.92% over the same period last year. In 2023, the company granted 116 invention patents, 4 utility model patents, 4 design patents and 49 software copyrights. By the end of 2023, the company had applied for 733 patents and 448 software copyrights. During the reporting period, the company actively carried out new product research and development, mainly covering core network, optical network and access, digital intelligence network and intelligent emergency response. Based on the existing core technology, the company launched and commercialized a converged signaling scheme in line with the latest 3GPP specifications, continued to improve the functions of 10G PON OLT products and launched the pre-research of 50G PON OLT products. Participate in the formulation of standards and specifications for MOTN, white box OLT, 5G private network, 5G user plane (UPF N4 decoupling) and other related products organized by the operator Research Institute to maintain the advanced technology. There are more blossoms in domestic and foreign markets, and new orders for high-priced satellite communications of US $112 million have been signed. In the field of domestic and foreign markets and satellite Internet, the company actively implements the development strategy of diversified product lines, highlights its own differentiated competitive advantages, and follows the rapid development of the communications industry. In the domestic market, public network field, in close cooperation with domestic telecom operators, won a number of key projects of core network in 5G field; in F5G field, successively won and landed a series of provincial operator XGPON equipment projects; in the field of satellite Internet, the company won a number of satellite Internet core network projects during the reporting period, and continued to track and develop mobile phone directly connected satellite business. In overseas markets, in South and Southeast Asian markets, the company has obtained Indian Telecom MNP number portability expansion orders and private network domain IP-MPLS router orders, India TATA IMS expansion orders, signed an all-IP mobile core network project with Bangladesh mobile operator Banglalink, and delivered the UCaaS project of mobile operator Telekom Malaysia in Malaysia. In the Middle East and African markets have also won the bid for DRA signaling network, access network, optical fiber network and other projects; in March 2024, the company announced that it recently received a contract for the purchase and sale of satellite communications projects in a certain country signed between the company as a participant and a customer in Beijing, with a total contract price of US $112 million (excluding tax). If the contract is successfully implemented, it will have a positive impact on the company's future performance. Investment suggestion: the company is a leading supplier of communication system equipment and technical solutions in China, and has comprehensive advantages in the field of core network, centralized office, command and dispatching. Taking into account the company's business breakthroughs at home and abroad, the rapid contribution of satellite communications and other new curve business, and at the same time, in order to consolidate the product advantage of the company's continuous R & D investment, and continue to increase project expansion efforts, we adjust our profit forecast. The company's 2024-2026 revenue is expected to be 11.7514.86pm 1.815 billion yuan, an increase of 32.9% / 22.5% / 22.1% over the same period last year. The net profit of home ownership was RMB 0.62 trillion, an increase of 171.6%, 76.2%, 54.3%, corresponding to an EPS of 0.32, 0.56 and a PE of 58.0, 32.9 and 21.3, respectively, maintaining the "overweight" rating. Risk tips: liquidity shortage risk, exchange rate fluctuation risk, satellite Internet construction is not as expected, overseas business development is not as expected, new product research and development is not as expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.