下调目标价至 58.00元，维持增持。公司TR组件领域下游传统航空航天领域需求有所波动，下游基站建设节奏有所放缓，下调2024-2026 年EPS 为1.00/1.27/1.53 元（前值为1.13/1/28/1.53 元），给予24 年58 倍PE，对应下调目标价为58.00 元，维持增持评级。Introduction to this report:
The company's short-term performance in the first three quarters of 2024 was affected by industry adjustments and order rhythm, and gross margin and net margin continued to rise. The company's product application field has expanded to the field of low-orbit satellites and mobile communications, and continues to develop in multiple dimensions.
Key investment points:
The target price was lowered to $58.00 to maintain the increase in holdings. Demand in the downstream traditional aerospace sector of the company's TR component sector has fluctuated, and the pace of downstream base station construction has slowed down. EPS in 2024-2026 was reduced to 1.00/1.27/1.53 yuan (previous value was 1.13/1/28/1.53 yuan), and PE was given 58 times in 24 years. The corresponding target price reduction was 58.00 yuan, maintaining an increase rating.
Performance is under pressure in the short term, and cost control results have been remarkable. In the first three quarters of 2024, due to industry adjustments and order rhythm, the company's performance was under pressure in the short term, and the revenue for T/R modules and RF modules decreased, and the company achieved revenue of 1.814 billion yuan (-35.83%). According to the 2024 interim report, T/R module revenue was 1.169 billion yuan, RF chip revenue was 0.088 billion yuan, and other chip revenue was 0.027 billion yuan; achieved net profit of 0.306 billion yuan (- 31.93%); 2) The company improved production efficiency and reduced costs through measures such as lean manufacturing management improvement, process optimization, and automated production technology application to ensure steady growth in profitability and profit margin. The company's gross margin for the first three quarters of 2024 was 36.39% (+4.14pct); the net margin was 16.90% (+0.97pct).
Expand the field of space-borne TR components and mobile communication terminals, and continue to make efforts in multiple dimensions. 1) T/R components: The company actively promotes the digital transformation of RF component design, continues to carry out key technical research, laying the foundation for the development of next-generation products, and is also actively expanding the application field of T/R components. It has carried out technology research and product development work in low-orbit satellites and commercial aerospace, and various products have already begun to be delivered to customers. 2) RF module: A number of GaN RF module products will be released in the first half of 2024. The development and application of next-generation products in the second half of the year will further improve the overall competitiveness of the device. 3) RF chips: In 2024, the company's various RF integrated circuits have been used in 5.5G integrated base stations. The 5G-A sympathetic base station pilot led to an increase in base station RF chip sales. The performance of RF amplification chip products such as WiFi and mobile phone PA has reached the advanced level in China. The company is actively promoting the development of new products and the expansion of new fields. It is steadily advancing the development and promotion of several new materials for next-generation base station platforms, and is actively promoting the development and promotion of ODU and satellite communication chips. Some products have already entered the customer certification stage.
Catalyst: Accelerating the construction of satellite internet.
Risk warning: Risk of fluctuations in the growth of major downstream customers.