Naruida(688522) 中邮证券·2024-10-30 05:00Investment Rating - The report maintains an "Add" rating for the company [2][7]. Core Insights - The company, 纳睿雷达, reported a revenue of 136 million yuan for the first three quarters of 2024, reflecting a year-on-year growth of 20%, while the net profit attributable to shareholders decreased by 22% to 26 million yuan [2][3]. - In the first half of 2024, the company secured new orders worth 540 million yuan, which is 254% of its total revenue for 2023. The revenue for H1 2024 was 73 million yuan, a slight increase of 1% year-on-year, while Q3 2024 saw a significant revenue increase of 53% year-on-year, reaching 63 million yuan [3][4]. - The gross margin remained high at 76.08%, with a slight decrease of 0.26 percentage points year-on-year. The company is actively preparing for production and inventory, with inventory increasing to 241 million yuan by the end of Q3 2024 [4][5]. - The company is expanding its market presence, particularly in the water conservancy and meteorological radar sectors, and is gaining recognition for its product quality and performance [5][6]. - The low-altitude and civil aviation radar markets present significant growth opportunities, with the company actively engaging in these sectors and forming partnerships with various air traffic control agencies [6][7]. Financial Summary - The projected net profits for the company from 2024 to 2026 are estimated at 216 million yuan, 405 million yuan, and 537 million yuan, respectively, corresponding to price-to-earnings ratios of 58, 31, and 23 times at the current stock price [7][9]. - Revenue projections for the years 2023 to 2026 are 212 million yuan, 460 million yuan, 807 million yuan, and 1.073 billion yuan, with growth rates of 1.18%, 116.58%, 75.40%, and 32.90% respectively [9][11].