Naruida(SH:688522) Tai Ping Yang·2024-09-10 01:00Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7]. Core Insights - The company has experienced rapid growth in new contracts, with a total contract amount of approximately 540 million yuan signed during the reporting period, primarily in May and June. This is expected to lead to a recovery in performance in the fourth quarter as product deliveries and project payments peak [2][3]. - The company reported a revenue of 73 million yuan for the first half of 2024, a year-on-year increase of 0.84%, while net profit attributable to shareholders decreased by 69.60% to 6 million yuan due to increased R&D expenses, bad debt provisions, and charitable donations [2][3]. - The company has expanded its market presence beyond meteorological detection, achieving sales in the flood control sector and launching new products, including a Ku-band dual-polarization active phased array radar [2][3]. Financial Performance - For the first half of 2024, the company achieved a revenue of 73 million yuan, with a net profit of 6 million yuan and basic earnings per share (EPS) of 0.03 yuan, reflecting a decline of 76.92% year-on-year [2][3]. - The company invested 37 million yuan in R&D during the reporting period, a 29.62% increase from the previous year, and obtained several new patents and software copyrights [3]. - The projected net profits for 2024, 2025, and 2026 are estimated at 210 million yuan, 365 million yuan, and 504 million yuan, respectively, with corresponding EPS of 0.97 yuan, 1.68 yuan, and 2.33 yuan [4][3]. Market Expansion - The company has signed cooperation agreements with multiple air traffic control bureaus for trial testing, indicating ongoing efforts to expand its market reach [2][3]. - The introduction of new products and technologies, such as the full-polarization digital active phased array radar, is expected to enhance the company's product line and application scenarios in low-altitude economies [2][3].