国科军工：2024年中报点评：1H24归母净利增长84%；在研项目充足长期成长性无虞

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 480 million yuan in 1H24, representing a year-on-year increase of 20.6%, and a net profit attributable to shareholders of 80 million yuan, up 84.1% year-on-year, exceeding market expectations [2]. - The growth in net profit for 2Q24 was 38% year-on-year, with a revenue of 300 million yuan, reflecting a steady improvement in profitability [2]. - The company has a robust pipeline of projects, with 92 ongoing projects as of the end of 1H24, including 56 engineering projects, indicating strong long-term growth potential [2]. Financial Performance Summary - 1H24 gross margin increased by 2.1 percentage points to 36.2%, while net margin rose by 5.4 percentage points to 17.2% [2]. - The company’s subsidiaries showed varied performance, with Yichun Pioneer achieving a revenue of 120 million yuan, up 20% year-on-year, while Aerospace Jingwei's revenue more than doubled to 187 million yuan, up 102.9% year-on-year [2]. - R&D expenses increased by 66% to 43 million yuan, reflecting the company's commitment to enhancing core product development [2]. Financial Forecasts - The company is projected to achieve net profits of 190 million yuan, 250 million yuan, and 320 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 35x, 27x, and 21x [3][5]. - Revenue is expected to grow at a compound annual growth rate of approximately 24.3% from 2024 to 2026, reaching 1.945 billion yuan by 2026 [5].