europeanrouletteonline| 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：2024 年4 月30 日，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8europeanrouletteonline.84 亿元，同比增长66europeanrouletteonline.10%，实现归母净利润-0.87 亿元europeanrouletteonline；2024Q1，公司实现营业收入1.80 亿元，同比增长32.64%，实现归母净利润0.07 亿元，同比增长46.84%。　　2023 年营收维持大幅增长，净利润亏损较上年同期收窄。2023 年，公司营业收入8.84 亿元，同比增长66.10%，其中主营业务收入8.72 亿元，较上年同期增长65.17%，其中，网络及接入系统和技术与维保服务收入涨幅均超160%。总营收增长主要系公司持续开拓国内外市场，海外业务逐步恢复，同时随着卫星互联网进程的启动与加快，公司国内外的中标项目和订单取得较大增加，市场竞争力得到持续提升。报告期内，公司实现归母净利润-0.87 亿元，其中归母扣非净利润为-0.93 亿元，亏损较上年同期收窄，主要原因系公司积极开拓市场，稳步推动执行项目的交付，营业收入取得较大幅度增长。同时，公司注重控本降费，对销售费用、管理费用、研发费用加强管控，期间费用的增幅较小，因此归母净利润和归母扣非净利润较上年度明显减亏。此外，经营性现金流以及每股收益等指标较同期也有较大改善，主要系销售商品、提供劳务收到的现金大幅增加及净利润改善所致。　　公网+专网通信全面发力，核心网、光网络及接入系统毛利率改善明显。公司主营产品涵盖公网通信和专网通信的核心层、汇聚层和接入层各个通信网络层级，产品及解决方案包括核心网、接入网、光网络、指挥调度、智慧应用等。2023 年，公司数智网络及智慧应急系统同比增长25.98%，主要系公司积极拓展数智网络及智慧应急系统业务，加强交付能力，本期内交付验收项目金额稳定增加；光网络及接入系统较2022 年增长169.38%，主要系公司积极拓展海外市场，包括亚太、北美、欧洲以及非洲等地区，本年度光网络及接入系统毛利率较2022 年增加22.58 个百分点，主要系公司加大研发投入，不断优化产品结构，产品附加值较高所致；技术和维保服务较2022 年增长178.67%，主要系公司在光通信的技术维保服务业务增长；2023 年公司核心网毛利率较上年增加5.16 个百分点，境外收入毛利利率增加4.13 个百分点，主要系公司持续的研发投入，产品结构不断优化，且公司不断完善海外市场布局，增强europeanrouletteonlineAs a result of the competitiveness of the company's products in the global market, overseas gross margins of products such as core network systems, optical networks and access systems have been improved. 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.