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天微电子:军用灭火防爆系统龙头,下游景气度传导助力业绩腾飞

Investment Rating - The report assigns a "Buy" rating for the company, with a target price range of 33.6 to 37.8 CNY per share based on a PE ratio of 40-45x for 2024 [1]. Core Viewpoints - The company is a leading player in military fire extinguishing and explosion-proof systems, benefiting from a favorable downstream demand environment that supports revenue growth [1]. - The company's main product, the fire extinguishing and explosion-proof system, has seen a significant increase in orders, contributing to a revenue growth of 26.84% year-on-year in 2023 [1][28]. - The company is actively expanding its applications into the civil aviation sector, indicating potential for future revenue growth [1]. - The domestic substitution rate for military electronic components remains low, presenting an opportunity for the company to enhance its production capabilities [1]. Summary by Sections Business Overview - The company specializes in the research, production, and sales of high-speed automatic fire extinguishing and explosion-proof systems, high-energy aviation ignition discharge devices, and high-precision fuses [1][14]. - It has established itself as a first-tier supplier to military equipment manufacturers, gaining recognition from military users [1][14]. Financial Performance - In 2023, the company achieved a revenue of 140.48 million CNY, a 26.84% increase from the previous year, with a net profit of 49.70 million CNY, up 10.64% year-on-year [1][28]. - The gross profit margin has steadily increased from 55.10% in 2018 to 73.08% in 2021, reflecting improved management and operational efficiencies [1][30]. Market Potential - The demand for fire extinguishing and explosion-proof systems is closely tied to the production of armored vehicles, which are expected to see continued growth in China [1][28]. - The company is exploring new applications for its products in the aviation sector, which could significantly broaden its market reach [1][28]. Profit Forecast - The report forecasts the company's net profit for 2024-2026 to be 67.39 million CNY, 93.41 million CNY, and 129.88 million CNY respectively, with corresponding EPS of 0.84 CNY, 1.17 CNY, and 1.62 CNY [1][2].