JingPinTeZhuang(SH:688084) Tianfeng Securities·2024-07-17 00:30Investment Rating - The report gives a "Buy" rating for the company, marking it as the first coverage [2][83]. Core Insights - The company has been deeply engaged in the fields of unmanned equipment, focusing on optical reconnaissance and military robots as dual drivers of growth [1][31]. - The company's revenue has shown steady growth, with a significant increase from 0.48 billion to 4.22 billion from 2018 to 2021, achieving a CAGR of 106% [1][36]. - The company has faced challenges in 2022 and 2023, with revenue declining by 33.65% and 19.64% respectively, and net profit also decreasing [1][36]. - The importance of optical reconnaissance equipment is increasing, with the company holding leading core technologies in the industry [1][70]. - The military robot sector is gaining attention, showcasing significant military potential and expected to be a fundamental intelligent unit on future informationized battlefields [1][76]. Summary by Sections 1. Business Overview - The company has developed two main business segments: "Intelligent Perception" and "Robots," focusing on military informationization and unmanned technology [1][31]. - The company has won multiple public tenders from military and defense groups, indicating strong market competitiveness [1][31]. 2. Revenue and Profitability - From 2018 to 2021, the company's revenue grew significantly, but faced declines in 2022 and 2023 due to macroeconomic factors and industry conditions [1][36]. - The gross profit margin for 2023 was reported at 37.47%, showing a slight decline due to changes in product sales structure [1][64]. 3. Optical Reconnaissance Equipment - The demand for battlefield perception in national defense is increasing, driving growth in the optical reconnaissance market [1][44]. - The company has developed various optical reconnaissance devices and has achieved first place in competitive bidding for several military models [1][49]. 4. Military Robots - The military robot business has seen a significant increase in revenue, with a CAGR of 205% from 2018 to 2022, although it faced a decline in 2023 [1][37]. - The company has developed a range of ground robots and unmanned vehicles, indicating a strong focus on unmanned and intelligent combat equipment [1][55]. 5. Financial Forecast and Valuation - The company forecasts total revenues of 3.98 billion, 6.41 billion, and 8.46 billion for 2024, 2025, and 2026 respectively, with gross margins expected to improve [1][57][58]. - The report anticipates earnings per share (EPS) of 0.72, 1.33, and 1.74 for the same years [1][58].