CATEC(600879) 东吴证券·2024-09-02 20:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has a significant leading advantage in its main aerospace business and is actively expanding into supporting markets and emerging fields [1][3] - The company's revenue and net profit were under pressure due to a decrease in aerospace product deliveries and intensified competition in the wire and cable industry [2][3] - Despite the challenges, the company successfully completed major aerospace missions and is enhancing its market presence in commercial aerospace and low-altitude economy sectors [3] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 77.12 billion yuan, a year-on-year decrease of 20.00%, and a net profit attributable to shareholders of 2.49 billion yuan, down 35.77% year-on-year [2][3] - The company's revenue and net profit, excluding the impact of aerospace electrical products, decreased by 16.54% and 30.01% respectively [2] - The company’s cash flow from operating activities was negative at -30.73 billion yuan, indicating significant financial pressure [2] Market Position and Strategy - The company has a strong technical capability and market share in aerospace electronic information and unmanned system equipment sectors [3] - It has successfully integrated resources in domestic and international markets, focusing on military and civilian products [3] - The company is positioned as a leader in the unmanned systems industry and has made breakthroughs in overseas markets [3] Earnings Forecast and Valuation - The company’s earnings forecasts for 2024-2026 are 7.37 billion yuan, 9.24 billion yuan, and 11.04 billion yuan respectively, with corresponding P/E ratios of 33, 26, and 22 [3] - The company maintains a favorable outlook based on its advantages in aerospace electronics and rapid expansion in military trade markets [3]