Core Viewpoint - The company has experienced significant fluctuations in its financial performance, with a sharp decline in 2024 followed by a remarkable recovery in the first quarter of 2025, indicating a potential turning point in its business trajectory [1][2]. Financial Performance - In 2024, the company reported revenue of 218 million, a year-on-year decrease of 69.98%, and a net profit attributable to shareholders of -78.23 million, down 176.36% [1][2]. - For Q1 2025, the company achieved revenue of 358 million, a year-on-year increase of 1201.58%, with a net profit of 56.60 million, up 450.48% [1][2]. Order Backlog and Sales - As of the end of 2024, the company had a cumulative order backlog of approximately 1.4 billion [2]. - The company anticipates related sales of about 373 million in 2025, representing a year-on-year increase of 192.39%, and related purchases of approximately 156 million, up 584.32% compared to 2024 [2]. Technological Advantages - The company, backed by the Beijing Institute of Radio Measurement, possesses leading technology in air defense radar, with a comprehensive set of core technology reserves [3]. - The company is currently developing five key radar models, with three in the state identification phase, one in engineering development, and one in prototype development, which may lead to rapid performance release [3]. Strategic Development - The company is focusing on expanding its military trade business and exploring new industries such as low-altitude economy, aligning with strategic development goals [4]. - The company aims to enhance its international market capabilities and actively participate in local government planning for low-altitude economic development [4]. Profit Forecast - The company projects revenues of 1.234 billion, 1.687 billion, and 2.136 billion for 2025-2027, with corresponding net profits of 172 million, 217 million, and 257 million, leading to valuations of 44.1, 35.0, and 29.5 times [4].
航天南湖(688552)：业绩拐点已到 航天科工集团旗下主机厂上市平台多领域市场爆发