spincasinomobile|震有科技(688418)：海内外市场多点开花 卫星业务突破显著

Key investment events: on April 30, 2024, Zhenyou Technology released the 2023 annual report and the first quarter report of 2024, and the company achieved operating income of 8% in 2023.Spincasinomobile.8.4 billion yuan, an increase of 66.10% over the same period last year, realizing a net profit of-87 million yuan; for 2024Q1, the company realized an 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 achieved 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 profit margin increased by 5.16% over the previous year, and foreign income gross profit margin increased by 4.13%. It is mainly due to the company's continuous R & D investment, continuous optimization of product structure, and the company continues to improve the layout and strengthening of overseas markets.Spincasinomobile了公司产品在全球市场的竞争力，因此核心网系统、光网络及接入系统等产品的境外毛利率均有提升。　　持续加大核心技术研发投入，巩固技术壁垒竞争优势。报告期内，公司研发技术人员为754 人，研发人员比例为59.51%，研发投入为2.01 亿元，较上年同期增长5.92%。2023 年公司新增授权116 项发明专利、4 项实用新型专利、4 项外观设计专利、49 项软件著作权。截至2023 年底，公司累计申请专利733 项、软件著作权448 项。报告期内，公司积极进行新产品研发，主要覆盖核心网、光网络及接入、数智网络及智慧应急等领域，以现有核心技术为基础，推出并规模商用了符合3GPP 最新规范的融合信令方案，继续完善10G PON OLT 系列产品功能并启动　　50G PON OLT 产品预研，参与运营商研究院组织的MOTN、白盒OLT、5G 专网、5G 用户面（UPF N4 解耦）等相关产品的标准规范制订，保持技术先进性。　　国内外市场多点开花，新签1.12 亿美元高价卫星通信订单。公司在国内外市场及卫星互联网领域中，积极实施多元化产品线的发展策略，突出自身的差异化竞争优势，紧随通信行业迅猛发展的步伐。在境内市场，公网领域，与国内电信运营商紧密合作，中标多项5G 领域核心网重点项目；F5G 领域，相继中标并落地一系列省级运营商XGPON 设备项目；卫星互联网领域，公司在报告期内中标多个卫星互联网核心网项目，持续跟踪并开拓手机直连卫星业务。在境外市场，公司在南亚和东南亚市场上，获得了印度电信MNP 号码携带扩容订单以及专网领域IP-MPLS 路由器订单、印度TATA IMS 扩容订单、与孟加拉移动运营商Banglalink 签约全IP 移动核心网项目、在马来西亚市场交付了移动运营商Telekom Malaysia 的UCaaS 项目；在中东地区和非洲市场也相继中标了DRA 信令网、接入网、光纤网等项目；2024 年3 月公司发布公告称，于近日收到公司作为参与方与某客户在北京市签订的某国卫星通信项目的购销合同，合同总价款为1.12 亿美元（不含税），若该合同顺利履行，将对公司未来的业绩产生积极影响。　　投资建议：公司是国内领先的通信系统设备及技术解决方案的供应商，在核心网领域、集中式局端领域、指挥调度领域具有全面优势。考虑到公司海内外业务突破，卫星通信等新曲线业务快速贡献，同时，为巩固产品优势公司持续研发投入，并持续加大项目拓展力度， 我们调整盈利预测， 预计公司2024-2026 年收入11.75/14.86/18.15 亿元，同比增长32.9% /26.5% /22.1% ，归母净利润分别为0.62/1.09/1.69 亿元，同比增长171.6%/76.2%/54.3%，对应EPS 为0.32/0.56/0.87元，PE 为58.0/32.9/21.3，维持“增持”评级。　　风险提示：流动资金短缺风险、汇率波动风险、卫星互联网建设不及预期、海外业务拓展不及预期、新产品研发不及预期。 【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。

   【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。