中航证券：首次覆盖天银机电给予买入评级

Core Viewpoint - Tianyin Electromechanical's 2024 financial report shows stable revenue growth and potential recovery in radar and aerospace electronics business, leading to a "buy" rating from analysts [1][2]. Financial Performance - The company reported a revenue of 1.048 billion yuan, an increase of 0.63%, and a net profit of 90 million yuan, up 175.80% [2][3]. - The net profit for Q4 2024 was 35 million yuan, marking a turnaround from losses in the previous year [3]. - The gross margin improved to 23.74%, an increase of 0.63 percentage points, while the net margin rose to 8.75%, up 5.51 percentage points [2]. Business Segments - Refrigerator Compressor Parts: - Revenue from this segment reached 640 million yuan, a growth of 16.44%, with sales volume at 337 million units, up 4.56% [3][4]. - This segment remains the primary revenue source, accounting for 61.11% of total revenue [3]. - Radar and Aerospace Electronics: - Revenue decreased to 407 million yuan, down 17.07%, due to order delays and internal adjustments [4]. - Sales volume increased significantly by 60.62% to 1,346 units, and gross margin improved to 31.23% [4]. Cost Management and R&D - The company achieved a reduction in operating expenses, with the expense ratio at 7.90%, down 0.10 percentage points [4]. - R&D investment increased to 80.46 million yuan, up 0.67%, with the number of R&D personnel rising by 13.04% to 390 [4]. Cash Flow and Inventory - Operating cash flow decreased to 96 million yuan, down 46.59%, while inventory increased to 441 million yuan, up 6.64% [5]. - Inventory turnover days improved to 192.50 days from 216.29 days, indicating enhanced operational efficiency [5]. Industry Outlook - The radar and aerospace electronics sector is expected to benefit from the military industry entering an upcycle and the acceleration of satellite internet construction [5][6]. - The radar simulation and testing business is projected to recover due to the long-term growth of the domestic military radar market [6]. - The ultra-wideband signal application business is anticipated to see increased demand as military applications expand [6]. Future Projections - Revenue forecasts for 2025-2027 are 1.172 billion yuan, 1.315 billion yuan, and 1.480 billion yuan, with net profits of 100 million yuan, 112 million yuan, and 125 million yuan respectively [8]. - The company is expected to maintain a strong growth trajectory in both its core segments, supported by ongoing R&D efforts and market demand [8].