六九一二：千亿市场弄潮儿，军工新质生产力代表！

Investment Rating - The report indicates a positive investment outlook for the company, highlighting its strong position in the military training and special military equipment sector [4][8]. Core Viewpoints - The company, Sichuan 6912 Communication Technology Co., Ltd., is recognized as a leading enterprise in special military equipment, focusing on military training and equipment development [4][8]. - The military training equipment market is expected to experience significant growth, driven by increasing military expenditures and the modernization of military training systems [9][10]. - The company has demonstrated robust revenue growth, with a compound annual growth rate (CAGR) of over 40% from 2021 to 2023, and is projected to continue this trend [12][13]. Summary by Relevant Sections Company Overview - Sichuan 6912 specializes in military training and special military equipment, leveraging strong military communication technology and a "combat support integration" development model [4][5]. - The company has established itself as a key supplier in the military sector, recognized for its technical capabilities and product quality [7][8]. Market Potential - The global military training systems market is projected to grow from $13 billion in 2017 to$121.6 billion by 2027, indicating a substantial opportunity for the company [12][10]. - China's defense budget has shown a steady increase, with a 7% CAGR over the past five years, providing a stable foundation for military equipment demand [9][10]. Financial Performance - The company's revenue increased from 200 million to 410 million yuan from 2021 to 2023, with a CAGR of 43% [12][13]. - For 2024, the company forecasts revenue of 530 million yuan, representing a 30% year-on-year growth [14][15]. Research and Development - The company has significantly increased its R&D investment, with a CAGR of 36% from 2021 to 2023, reflecting its commitment to innovation [18][19]. - As of the report, the company holds 96 patents and 126 software copyrights, showcasing its strong technological foundation [19][20]. Future Outlook - The company aims to enhance its core competitiveness through continued investment in R&D and aims to become a leading high-tech enterprise in the military equipment sector within three to five years [22].