1、营收保持较快增长，研发投入大幅提升。2023 年，公司实现营收2.81 亿元，同比增长15.75%，其中，电源管理芯片实现营收1.07亿元，同比增长18%；射频收发芯片及高速高精度ADC/DAC 芯片实现营收0.99 亿元，同比下滑2%；微系统及模组实现营收0.49 亿元，同比增长27%。整体毛利率为83.12%，同比下降4.76 个百分点，但仍维持在较高水平。归母净利润下滑主要是由于公司研发费用大幅增长59%至1.27 亿元。occurrences
Recently, the company released its 2023 annual report. The company achieved revenue of 281 million yuan, a year-on-year increase of 15.75%, and realized net profit of 72 million yuan, a year-on-year decrease of 32.72%.
reviews
1. Revenue has maintained rapid growth, and R&D investment has increased dramatically. In 2023, the company achieved revenue of 281 million yuan, an increase of 15.75%. Among them, power management chips achieved revenue of 107 million yuan, an increase of 18%; RF transceiver chips and high-speed high-precision ADC/DAC chips achieved revenue of 99 million yuan, a year-on-year decrease of 2%; and microsystems and modules achieved revenue of 49 million yuan, an increase of 27% year on year. Overall gross margin was 83.12%, down 4.76 percentage points year over year, but remained high. The decline in net profit due to the sharp increase in the company's R&D expenses by 59% to 127 million yuan.
2. Remarkable product research and development results, consolidating technical barriers. In the field of RF transceiver chips and high-speed high-precision ADC/DAC chips, the company conducted preliminary research on high-speed and high-precision ADC/DAC chips used in emerging fields such as underwater detection and electronic countermeasures, and developed new products such as the CX74E1N, CX7444, and CX8845. The CX74E1N is an ultra-high precision ADC chip with an ADC sampling frequency of 625 kSPS, 24 bit accuracy, used in acoustic phased array, vibration measurement, etc.; the CX7444 is a 4-channel highly integrated high-speed high-precision ADC chip. The ADC sampling frequency is 3GSPS, with an accuracy of 14 bits, which integrates functions such as digital extraction filtering and channel balance, and is used in the field of broadband all-digital reception phased arrays. The CX8845 is an 8-receiver, 8-output, and highly integrated high-speed high-precision ADC/DAC chip. The ADC sampling frequency is 4GSPS, the accuracy is 14 bits, the DAC sampling frequency is 12GSPS, and the accuracy is 14 bits. It is the first high-speed high-precision ADC/DAC chip product known in China with a fully forward design and the highest comprehensive performance index. In the field of microsystems, the company achieved effective expansion of microsystem products in the satellite industry in 2023. Not only did it newly define 8 SIP component products, but it also completed key technical research on some three-dimensional heterogeneous microsystem products, and now initially has the ability to develop and mass-produce products.
3. Keep an eye on the commercial low-orbit satellite market, which has broad prospects. The company keeps a close eye on the commercial low-orbit satellite market, responds positively to customer needs, and has developed and iterated several series of mass-producible products. In terms of power management chips, on the basis that some products are already mature in the low-orbit commercial satellite industry, the company has developed a variety of highly integrated power modular products to meet the power supply and distribution needs of customers with different loads and platforms; in terms of microsystems and modules, the company continued to expand the technological leadership of microsystem products, and developed and defined a variety of SIP component products used in low-orbit commercial satellites during the reporting period; in terms of high-speed high-precision ADC/DAC chips, the company developed a number of new models for the next generation of low-orbit commercial satellites and ground supporting equipment on the basis of mature products The product and model are equipped with various chips such as multi-channel RF transceiver chips, digital beamforming chips, and integrated RF transceiver digital beamforming chips.
4. We expect the company's net profit to be 0.97, 1.53, and 224 million yuan in 2024-2026. The current stock price corresponds to PE at 77, 49, and 33 times, respectively, to maintain an “increase in holdings” rating.
Risk warning
The low-orbit satellite market is progressing less than expected; competition has intensified due to competitors' development of similar products; the company's gross margin is high, and there is pressure to cut prices.
