$Telesat(TSAT.US)$In the 2023.2.23 analysis, it was excluded due to the continued decline in revenue, and the stock price has hardly changed so far.
The Canadian company, which was listed in 2005, is mainly in the satellite communication business. The main market is in North America. The current price is 9.55.
Revenue has shrunk for 4 years in the past 5 years. Operating profit increased dramatically in 2023 due to negative 300 million other operating expenses. Although net profit increased dramatically, the net profit of minority shareholders reached 430 million, leaving only 160 million yuan in net profit.
2024Q1 revenue shrank 17%, operating profit shrank 17.9%, and net profit turned into a loss.
Currently, the price-earnings ratio is 1.2, the price-earnings ratio is TTM 1.4, and the net price-earnings ratio is 0.26. This is a small cigarette butt and unattractive.

$Aviat Networks(AVNW.US)$In the 2023.2.26 analysis, due to the recent decline in profits, the stock price has fallen 13.1% so far.
The American company, which was listed in 2007, is mainly engaged in the wireless network solution business. The current price is 30.525 in the global market.
Revenue has continued to grow over the past 5 years, with an average growth rate of 7.4%. Operating profit increased sharply in the past 4 years. The growth rate fell to 1.5% in 2023. Net profit increased sharply to 110 million in 2021 due to income tax rebates, but it also declined sharply in the past two years.
In the first three quarters of 2024, revenue increased 15.2%, operating profit shrank 22.4%, and net profit before tax shrank 19.7% to 13.92 million.
Currently, the price-earnings ratio is 31.5, and the price-earnings ratio is TTM27.3, which is unattractive.

$Clearfield(CLFD.US)$In the 2023.2.26 analysis, due to rapid profit growth, it was selected despite huge cash flow problems, and the stock price has shrunk 39.3% so far. Due to the continued contraction of performance when the market resumed in the previous quarter, all were paid out when the 15.1% loss was lost.
The American company, which was listed in 1986, is mainly in the optical fiber business. The main market is in the US, and the current price is 37.35.
In the past 5 years, revenue increased sharply in the first 4 years, shrank 0.8% in 2023, operating profit shrank by 41.6% in 2023, and net profit shrank by 34.1%.
In the first half of 2024, revenue shrank by 54.9%, and both operating profit and net profit turned into losses.
The current price-earnings ratio is 17.2, and the price-earnings ratio TTM loss is unattractive.

$Ituran Location & Control(ITRN.US)$In the 2023.2.23 analysis, it was excluded due to lack of valuation discounts, and the stock price has increased 26.2% so far.
The Israeli company, which was listed in 2005, is mainly engaged in vehicle positioning business. The main markets are Israel and Brazil, and the current price is 27.52.
It is very interesting to look at this company's long-term profit before tax. Every time I feel that profits will continue to grow, management expenses will skyrocket again and again, putting pressure on pre-tax profits. In the past 5 years, with the exception of 2020, revenue has grown at an average rate of 4.8%. Operating profit shrank in the first two years, and increased by only 6.5% in the next three years. This is due to the impact of the management expenses mentioned above. Net profit has increased dramatically in the past 4 years due to the gradual decline in capital asset impairment, but it is still below the level of 2018.
The current price-earnings ratio is 11.4 and the price-earnings ratio is TTM10.98, which is unattractive considering the long-term performance of management expenses.

$Digi International(DGII.US)$在2023.2.23的分析中因为高增长持续性存疑被排除，至今股价下滑25.7%。
1989年上市的美国公司，主要做业务和关键任务以及物联网业务，主要市场在美国，当前价格24.95。
5年来营收持续增长，平均增速14.4%，营业利润近3年平均增速64%，净利润近3年平均增速43%。2023年利息费用占营业利润的50%，利息负担极重。毛利率近5年从46.8%提升到56.7%，净利率你目前刚提升到5.6%，净资产收益率4.8%。
2024上半年营收萎缩3%，营业利润萎缩16%，净利润萎缩92%到94万。
目前市盈率37.5，市盈率TTM66.2，考虑到增长有见顶迹象，并且几十年来营收仅做到4.45亿，市场潜力有限，缺乏吸引力。

$Infinera(INFN.US)$In the 2023.2.21 analysis, due to poor profitability, it was excluded, and the stock price has fallen 19.5% so far.
The US company, which was listed in 2007, is mainly engaged in network solution business, global market. The current price is 5.6.
Revenue has continued to grow over the past 5 years, with an average growth rate of 11.3%. The growth rate slowed to 2.6% in 2023, operating profit losses continued to narrow, slightly reversed losses in 2023, and net profit losses continued to narrow. Interest expenses in 2023 are $28 million, accounting for 1.7% of revenue. The interest burden is not too high. Gross margin increased from 25.1% to 38.6% in the past 5 years, and net margin loss decreased to -1.6%.
2024Q1 revenue shrank sharply by 21.7%, and both operating profit and net profit lost sharply.
Currently, both the price-earnings ratio and the price-earnings ratio TTM are in a loss state, so keep watching.

$Harmonic(HLIT.US)$Excessive price-earnings ratio was ruled out in the 2023.2.23 analysis, and the stock price has fallen 10.3% so far.
The US company, which was listed in 1995, is mainly in the video and broadband business. The main market is in the US, and the current price is 12.03.
Revenue fluctuated over the past 5 years, with an average growth rate of 8.5%. Operating profit fluctuated greatly. There was a loss in 2020, net profit reversed losses in 2021, and increased sharply in 2023 due to income tax rebates, but net profit before tax shrank by 57%.
2024Q1 revenue shrank by 22.6%, and both operating profit and net profit were lost.
Currently, the price-earnings ratio is 16.7 and the price-earnings ratio is TTM19.7, which is unattractive.

$Extreme Networks(EXTR.US)$
In the 2023.2.23 analysis, it was excluded because the leverage ratio was too high, and the stock price has fallen by 40% so far.
The American company, which was listed in 1999, is mainly a software-driven network business. The current price is 11.52 in the global market.
In the past 5 years, revenue increased for 4 years except 2020, with an average growth rate of 5.9%. Operating profit reversed losses in 2021, increased 53% in 2023, and net profit increased 76.4% in 2023. Interest expenses account for 12.5% of operating profit in 2023, and the interest burden is heavy. The gross margin increased from 55.4% to 57.5% in the past 5 years, and the net margin reached 6% in 2023.
In the first three quarters of 2024, revenue shrank by 9.3%, operating profit shrank sharply by 86.3%, and net profit turned into a loss. The profits of companies with too low net interest rates are very sensitive to changes in revenue.
Currently, the price-earnings ratio is 19.9, and the price-earnings ratio TTM loss is not very attractive.

$Viavi Solutions(VIAV.US)$In the 2023.2.23 analysis, it was excluded due to unstable profits, and the stock price has fallen by 33.4% so far.
Mainly engaged in network testing, monitoring and assurance solution business. Global market, current price is 7.37.
In the past 5 years, revenue grew in the first 4 years, shrank sharply in 2023 to the level of 2019, operating profit shrank sharply by 49% in 2023, and net profit was greatly affected by other revenue.
In the first three quarters of 2024, revenue shrank by 11.2%, operating profit shrank by 68.2%, and net profit turned into a loss.
Currently, the price-earnings ratio is 67, and the price-earnings ratio TTM loss is not very attractive.

$Belden(BDC.US)$In the 2023.2.23 analysis, other revenue items were excluded due to extreme instability, and the stock price has increased 17% so far.
The American company, which was listed in 2004, is mainly engaged in signal transmission products. The global market is currently at a price of 98.355. There has been an increase in revenue fluctuations over the past 5 years. The average growth rate was 3%, the average operating profit growth rate was 3.9%, and net profit reversed losses in 2021. It increased sharply in 2022, but shrank by 4.7% in 2023.
In 2024Q1, revenue shrank by 16.5%, operating profit shrank by 38%, and net profit shrank by 41%. It has been 3 consecutive quarters of total contraction.
Currently, the price-earnings ratio is 17.4, and the price-earnings ratio is TTM 19.3, which is not very attractive compared to the growth rate.