FHEC(000561) 民生证券·2024-08-31 09:30Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company reported a revenue of 482 million yuan in H1 2024, a year-on-year decrease of 10.83%, with a net profit attributable to shareholders of -49 million yuan [2]. - In Q2 2024, the company achieved a revenue of 348 million yuan, representing a year-on-year growth of 16.10% and a quarter-on-quarter increase of 150.33%, with a net profit of 9 million yuan, reversing the loss from Q1 [2]. - The company is recognized as a core backbone enterprise in national high-tech communication and shortwave communication equipment, having developed multiple generations of shortwave communication equipment and specialized rescue communication devices [2]. - R&D expenses increased to 111 million yuan in H1 2024, a growth of 7.93% year-on-year, with several projects recognized as key provincial new product development projects [2]. - The company is expected to benefit significantly from the "14th Five-Year Plan" as military information construction accelerates, with a complete research and production capability layout [2]. Financial Summary - Revenue projections for 2024-2026 are estimated at 1.647 billion yuan, 2.004 billion yuan, and 2.516 billion yuan, respectively, with net profits of 57 million yuan, 65 million yuan, and 82 million yuan [3][5]. - The projected PE ratios for 2024, 2025, and 2026 are 66X, 59X, and 46X, respectively [3][5]. - The company’s total assets are expected to grow from 4.308 billion yuan in 2024 to 5.695 billion yuan in 2026 [5].