新股覆盖研究：六九一二

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [29]. Core Insights - The company, Liu Jiu Er (301592.SZ), specializes in military equipment, including military training and special military equipment. It has shown significant revenue growth from 2021 to 2023, with revenues of 201 million, 341 million, and 409 million yuan respectively, reflecting year-on-year growth rates of 71.18%, 69.75%, and 19.84% [12][2]. - The company has a strong technical team with backgrounds in military education, which has led to recognition from the military and large defense groups. The core team has developed key technologies that have been successfully industrialized [21][23]. - The company has a solid order backlog of 489 million yuan as of H1 2024, which is expected to support stable performance. Additionally, it is actively developing next-generation equipment products [23][27]. Financial Overview - The company achieved a net profit of 57 million, 100 million, and 91 million yuan from 2021 to 2023, with year-on-year growth rates of 1062.82%, 76.27%, and -8.70% respectively. In the latest reporting period (H1 2024), the company reported revenues of 112 million yuan and a net profit of 4 million yuan [12][2][27]. - The revenue breakdown for 2023 shows that military training equipment accounted for 389 million yuan (95.32%) of total revenue, indicating its dominance as the core revenue source [12]. Industry Context - The military equipment industry, particularly in simulation training, is expected to grow significantly. The global market for military training systems was valued at 13 billion USD in 2017 and is projected to reach 121.6 billion USD in the next decade [17]. - The report highlights the increasing importance of realistic training environments, which is driving demand for advanced military training systems and equipment [17][19]. Competitive Positioning - Compared to industry peers, Liu Jiu Er's revenue scale and gross profit margin are above the industry average. The average revenue for comparable companies in 2023 was 319 million yuan, with an average PS-TTM of 8.54X and a gross profit margin of 29.50% [27][26].