CEC CoreCast(600764) 东吴证券·2024-09-02 17:00Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's overall operations faced pressure, with total revenue in the first half of 2024 reaching 1.158 billion yuan, a year-on-year decrease of 14.57%, and net profit attributable to shareholders of 75 million yuan, down 16.47% year-on-year [1][2] - The company plans to invest 1.031 billion yuan from a stock issuance into the development and industrialization of underwater warning detection equipment, enhancing its technological research and market expansion capabilities [2] - The company possesses a unique full-system research and production capability in the underwater electronic industry, which is expected to benefit from strong downstream market demand [2] Financial Performance Summary - Total revenue (in million yuan) for the years: - 2022: 4,292 - 2023: 3,592 - 2024E: 3,895 - 2025E: 4,433 - 2026E: 5,281 - Year-on-year growth rates for total revenue: - 2023: -16.31% - 2024E: 8.46% - 2025E: 13.79% - 2026E: 19.15% [1][8] - Net profit attributable to shareholders (in million yuan): - 2022: 584.81 - 2023: 308.58 - 2024E: 319.86 - 2025E: 436.95 - 2026E: 536.24 - Year-on-year growth rates for net profit: - 2023: -47.23% - 2024E: 3.65% - 2025E: 36.61% - 2026E: 22.72% [1][8] Valuation Metrics - The latest diluted EPS (in yuan per share): - 2022: 0.82 - 2023: 0.43 - 2024E: 0.45 - 2025E: 0.61 - 2026E: 0.75 - Corresponding P/E ratios: - 2023: 46.01 - 2024E: 44.39 - 2025E: 32.49 - 2026E: 26.48 [1][8]