Core Viewpoint - The report highlights that Jiachi Technology has established a complete closed loop in the field of electromagnetic functional materials and structures (EMMS), covering stealth coating materials, stealth structural components, and electromagnetic compatibility materials [1] Group 1: Business Overview - The company has significant advantages in core technologies such as low-frequency ultra-wideband, multi-spectrum compatibility, and thin lightweight materials [1] - Products have been successfully mass-produced for key models of China's fourth and fifth-generation fighter jets [1] - The company is actively extending its business boundaries by laying out new-generation electromagnetic anechoic chambers and electromagnetic measurement and control services, accelerating its evolution into an integrated platform enterprise of "materials-structures-testing" [1] Group 2: Competitive Advantages - The company possesses self-research and production capabilities for key absorbers and has built a dual-track supply chain system of "main + substitute" to effectively control cost fluctuations [1] - Despite the expansion of revenue scale, the company maintains a high and stable gross margin due to its core technological barriers and supply chain resilience [1] Group 3: Financial Projections - The projected net profit attributable to the parent company for 2025, 2026, and 2027 is expected to be 549 million, 848 million, and 964 million yuan, respectively [1] - The expected EPS for the same years is 1.37, 2.12, and 2.41 yuan per share, corresponding to current price-earnings ratios of 49.2, 31.8, and 28.0 times, respectively [1] - The report initiates coverage with a "Buy" rating [1]
研报掘金丨开源证券：首予佳驰科技“买入”评级，新老业务共筑高毛利壁垒