CATEC(SH:600879) Xin Lang Cai Jing·2025-12-15 01:21Group 1: Earnings Forecast - The defense and military industry is expected to maintain high prosperity during the 14th Five-Year Plan period, benefiting the company's aerospace military products business [1][9] - The company anticipates revenue growth rates for military aerospace products of 10.39% in 2025, 20.16% in 2026, and 20.23% in 2027, while civil products are expected to grow at 2% annually [1][9] - The company's gross margin is projected to improve steadily, reaching 21.07% in 2025, 21.2% in 2026, and 21.31% in 2027, with net profit margins expected to rise to 4.1%, 4.9%, and 5.4% during the same period [1][9] Group 2: Company Overview - The company is a leading player in the domestic aerospace electronics industry, primarily engaged in aerospace electronic information, unmanned systems equipment, and wire and cable research, production, and sales [2][10] - The company was established as Wuhan Cable (Group) Co., Ltd. and was listed on the Shanghai Stock Exchange in 1995, later renamed Aerospace Times Electronics Technology Co., Ltd. in 2009 [2][10] - The company is controlled by China Aerospace Science and Technology Corporation and has 16 subsidiaries focusing on various segments of the aerospace electronics market [5][11] Group 3: Financial Performance - In 2024, the company achieved a total revenue of 14.28 billion yuan, a year-on-year decrease of 23.75%, while net profit attributable to shareholders was 548 million yuan, an increase of 4.42% [5][12] - Aerospace products accounted for 11.82 billion yuan of revenue, down 17.63% year-on-year, while civil products generated 2.373 billion yuan, down 43.89% [6][12] - The company's gross margin for 2024 was 20.99%, an improvement of 0.67 percentage points from the previous year, with total profit increasing by 8.86% year-on-year [6][12]