新股覆盖研究：成电光信

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [21]. Core Insights - The company, Chengdian Guangxin (920008.BJ), specializes in the research, production, and sales of network bus products and special display products, primarily serving the defense and military sectors. The company has shown significant revenue growth, with a forecasted increase in revenue and net profit for 2024 [9][10]. - The company has established itself as a core supplier for major clients such as AVIC, China Electronics Technology Group, and China Shipbuilding Industry Corporation, benefiting from strong relationships built over years [16]. - The market for the company's core products, including FC network bus and LED dome display systems, is expected to grow significantly due to low current penetration rates in military applications and increasing demand for advanced military aircraft [16][19]. Financial Performance - The company reported revenues of 121.3 million, 169.2 million, and 216.1 million yuan for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 199.44%, 39.43%, and 27.72% [2][10]. - For the first half of 2024, the company achieved revenues of 145 million yuan, a year-over-year increase of 89.86%, and a net profit of 27 million yuan, up 40.32% from the previous year [10][19]. - The company forecasts a 25.52% increase in revenue and a 14.21% increase in net profit for the full year 2024 compared to the previous year [19]. Industry Overview - The company operates within the defense and military sectors, focusing on network bus products and special display products, which are critical for military simulation and training applications [12][13]. - The military simulation market in China is expected to grow, with an estimated annual demand for around 57 military flight simulators, which will drive the need for advanced display systems like LED dome displays [13]. - The FC network bus technology is becoming the mainstream solution in modern military aircraft, with significant growth potential as new generation aircraft are introduced into service [15]. Competitive Analysis - Compared to industry peers, Chengdian Guangxin's revenue scale is below the average, but its gross profit margin is higher than the industry average, indicating strong profitability [19]. - The average revenue for comparable companies in the industry is 3.079 billion yuan, with a comparable PE-TTM of 39.15X and a gross profit margin of 34.20% [19].