Naruida(688522) 东吴证券·2024-10-30 15:00Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is entering a performance realization phase, with significant growth in sales driving revenue increases. The total revenue for the first three quarters of 2024 reached 136 million yuan, a year-on-year increase of 20.00%, while the net profit attributable to the parent company was 26.01 million yuan, a year-on-year decrease of 21.75%. The third quarter of 2024 saw a total revenue of 63 million yuan, a substantial year-on-year increase of 53.45%, and a net profit of 20 million yuan, up 45.11% year-on-year. The company is expected to continue improving its performance due to sufficient orders on hand and accelerated payment collection from local governments [1][2][3] Summary by Sections Financial Performance - The company achieved total revenue of 1.36 billion yuan in the first three quarters of 2024, up 20.00% year-on-year. The net profit attributable to the parent company was 26.01 million yuan, down 21.75% year-on-year. The third quarter revenue was 63 million yuan, a 53.45% increase year-on-year, with net profit at 20 million yuan, a 45.11% increase year-on-year [1][2] Product Development - The company has made significant advancements in low-altitude radar technology, launching the TDKFT0104 Ku-band dual-polarization active phased array radar. This radar is capable of detecting and tracking low-altitude targets such as birds and drones within a 5-kilometer range and provides high-resolution three-dimensional low-altitude micro-meteorological information within 30 kilometers. The radar's applications include traffic management, border protection, and airspace management, with potential for further use in coastal monitoring and airport bird control [2][3] Market Position - The company is well-positioned in the rapidly developing low-altitude economy, actively participating in market opportunities as the chairman of the Zhuhai High-tech Zone Low-altitude Economy Industry Alliance. The company is also developing millimeter-wave radar technology for applications in drones and autonomous driving [2][3] Earnings Forecast - The company’s earnings are expected to align with projections, with net profits forecasted at 230 million yuan, 430 million yuan, and 528 million yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 54, 29, and 24 times [3]