GUIDE INFRARED(SZ:002414) China Post Securities·2024-08-06 04:30Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company has recently won a significant bid for a complete equipment system project, marking a breakthrough as the first private enterprise to succeed in this category within a specific military branch. This win is expected to significantly impact the company's future strategic development, revenue, and profits [4][5]. - The company anticipates a decline in net profit for the first half of 2024, projecting a range of 0.16 to 0.18 billion yuan, which represents a year-on-year decrease of 91% to 92%. This decline is attributed to delays in procurement plans and increased costs, although revenue from infrared civilian products is expected to grow [5][6]. - The company is actively expanding its overseas business, having completed several export project approvals and signed a sales contract worth 334 million yuan for complete equipment systems [5][6]. - The company has secured a project with Geely's "Yizhen Automotive" for infrared pre-installation, indicating a broad market potential in the automotive infrared sector [5][6]. - An employee stock ownership plan was implemented in 2022, reflecting the company's long-term development confidence and aiming to enhance employee motivation and operational efficiency [6]. Financial Summary - The company forecasts revenues of 2.693 billion yuan for 2024, with a growth rate of 11.5%. The projected net profit for 2024 is 0.244 billion yuan, representing a significant increase of 260.2% compared to 2023 [7][8]. - The earnings per share (EPS) are expected to rise from 0.02 yuan in 2023 to 0.06 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 431.50 and 119.81 respectively [7][8]. - The company’s total assets are projected to grow from 8.623 billion yuan in 2023 to 12.157 billion yuan by 2026, indicating a robust growth trajectory [8].