CATEC(600879) 民生证券·2024-08-31 10:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 7.30 yuan [3]. Core Views - The company reported a revenue of 7.71 billion yuan for 1H24, a year-on-year decrease of 20.0%, and a net profit attributable to shareholders of 250 million yuan, down 35.8% year-on-year. The performance is generally in line with market expectations [2]. - The decline in revenue is attributed to a reduction in the delivery of aerospace products and significant competition in the cable industry, leading to a notable drop in civilian product revenue [2]. - The company successfully completed the divestiture of low-efficiency assets from Aerospace Electric, which is expected to improve overall asset quality in the future [2]. - The company has a strong technical foundation in unmanned system equipment and is a key player in the modern industrial chain for aerospace technology applications [2]. Financial Performance Summary - For 2Q24, the company achieved a revenue of 3.90 billion yuan, a year-on-year decrease of 24.7%, with a net profit of 110 million yuan, down 48.4% year-on-year. The gross margin for 2Q24 was 19.7%, an increase of 2.71 percentage points year-on-year [2]. - The overall gross margin for 1H24 was 19.4%, up 1.82 percentage points year-on-year, while the net margin was 3.7%, down 0.51 percentage points year-on-year [2]. - The company increased its R&D investment, with R&D expenses amounting to 380 million yuan in 1H24, a year-on-year increase of 2.4% [2]. - As of the end of 2Q24, accounts receivable and notes stood at 11.04 billion yuan, an increase of 20.6% from the beginning of the year, while inventory reached 21.04 billion yuan, up 7.9% [2]. Future Outlook - The company is expected to benefit from the continued high frequency of aerospace launches and the development of the satellite industry, alongside reforms aimed at streamlining operations [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 633 million, 784 million, and 975 million yuan, respectively, with corresponding PE ratios of 38x, 31x, and 25x [2].