AVIC Forstar S&T (BJ:835640) KAIYUAN SECURITIES·2024-08-28 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 379 million yuan in H1 2024, a decrease of 19% year-on-year, and a net profit of 33.64 million yuan, down 63% year-on-year, primarily due to a decline in defense orders and price reductions in products [1] - The company has adjusted its market strategy, leading to significant growth in orders for 5G-related products, with a focus on expanding into 5G-A and 6G technologies [1] - The forecast for net profit for 2024-2026 has been revised downwards, with expected figures of 105 million, 128 million, and 160 million yuan respectively, corresponding to EPS of 0.56, 0.68, and 0.85 yuan per share [1] Financial Summary - H1 2024 revenue was 379 million yuan, with Q2 revenue at 187 million yuan, showing a 2.6% decrease quarter-on-quarter [1] - The company’s total market capitalization is 1.99 billion yuan, with a circulating market capitalization of 1.875 billion yuan [2] - The company’s projected revenue for 2024 is 802 million yuan, with a year-on-year decrease of 1.6%, followed by growth in 2025 and 2026 [3]