佳力奇：上市点评：国内核心航空复材供应商，拓展领域保障持续发展

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [17]. Core Insights - The company is a leading domestic supplier of aerospace composite materials, focusing on military applications and expanding into civilian markets [9][6]. - The company plans to utilize the funds raised from its recent IPO to enhance production capacity in military aviation and explore opportunities in civilian sectors, aiming for digital transformation [9][5]. - The report forecasts revenue growth from 2024 to 2026, with expected revenues of 5.53 billion, 6.65 billion, and 8.08 billion respectively, and net profits of 1.03 billion, 1.26 billion, and 1.53 billion [9][11]. Summary by Sections Company Overview - The company was established in 2004 and has developed a dual-driven business model focusing on military and civilian composite materials, with a core emphasis on aerospace components [5][6]. - The company successfully listed on the Shenzhen Stock Exchange's ChiNext on August 28, 2024, with a total share capital of 82.98 million shares and a market capitalization of approximately 4.37 billion [5]. Financial Performance - In 2023, the company reported a significant decline in revenue (4.63 billion, -21.78%) and net profit (1.03 billion, -31.78%) due to macroeconomic factors and changes in procurement pricing policies [5][11]. - The company’s gross margin decreased to 32.80%, down 10.48 percentage points, while the net margin fell to 22.14%, down 3.25 percentage points [5][11]. Research and Development - The company has a strong R&D capability, holding 85 patents and participating in the formulation of 11 national standards, with a R&D expense ratio of 6.49% [5][11]. - Continuous investment in R&D aims to enhance product quality and operational efficiency, contributing to the company's recognition as an "Excellent Supplier" by major aircraft manufacturers for five consecutive years [5][11]. Market Expansion - The company is actively expanding its product applications beyond military aircraft to include civilian aircraft, automotive, and rail transportation sectors, aiming to increase its business scale and profitability [6][9]. - The demand for composite materials is expected to rise due to the aerospace industry's focus on lightweight and high-performance materials, with composite usage in military aircraft becoming a key indicator of technological advancement [8][9].