Raytron(688002) Soochow Securities·2024-10-28 13:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant improvement in profitability, with a revenue of 3.15 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 18.31%. The net profit attributable to shareholders reached 483 million yuan, up 24.94% year-on-year, indicating enhanced operational efficiency and profitability [1][2] - The company has increased its R&D investment to 575 million yuan, a year-on-year increase of 24.52%, leading to advancements in infrared detection technology and product offerings [2] - The company is experiencing strong growth in both special equipment and civilian markets, with successful project completions and market expansions [2] Financial Performance Summary - Total revenue for 2022 was 2.646 billion yuan, with projections of 3.559 billion yuan for 2023, 4.228 billion yuan for 2024, and 6.065 billion yuan for 2026, reflecting a compound annual growth rate [1][3] - The net profit attributable to shareholders is projected to be 576.73 million yuan in 2024, with further increases to 988.04 million yuan by 2026 [1][3] - The latest diluted EPS is expected to rise from 1.11 yuan in 2023 to 2.20 yuan in 2026, indicating strong earnings growth [1][3] Cash Flow and Investment - The net cash flow from operating activities improved by 25.26% year-on-year, reaching 182 million yuan, primarily due to increased cash inflows from operations [2][10] - The company has a negative cash flow from investing activities, reflecting increased investments in fixed and intangible assets [2][10] Market Position and Outlook - The company is positioned as a leading player in the domestic non-refrigerated infrared chip market, with expectations of sustained growth in overseas and military-civilian market demand [3] - The forecasted net profit for 2024-2026 is adjusted to 577 million yuan, 829 million yuan, and 988 million yuan respectively, with corresponding P/E ratios of 38, 27, and 22 [3]