国科天成：完成创业板IPO上市，积极拓展红外产业链布局

Investment Rating - The report assigns a "Buy" rating for Guoke Tiancai (301571) as it completes its IPO on the ChiNext and actively expands its infrared industry chain layout [1]. Core Viewpoints - The company has shown rapid growth in revenue and profitability in Q1-Q3 2024, with a strong demand in downstream markets, indicating a promising performance for the year [4][37]. - The company is actively expanding into upstream core components of the infrared industry, enhancing its overall competitiveness and revenue potential [5][37]. - The business in satellite applications and commercial aerospace is growing rapidly, contributing to a diversified development pattern and improving overall profitability [5][37]. Summary by Sections Revenue and Profit Growth - In Q1-Q3 2024, the company achieved revenue of 644 million yuan, a 46.23% increase, and a net profit of 107 million yuan, up 41.85% [1][4]. - The gross margin was 36.90%, with a net margin of 17.66%, reflecting effective cost control [1][4]. - The company has a strong order backlog and is actively preparing for production [4][18]. Completion of IPO and Fundraising Projects - The company completed its IPO on August 21, 2024, raising 500 million yuan, with plans to invest in optical product R&D and capacity expansion [19][37]. - Key projects include 105 million yuan for optical product R&D, 119 million yuan for a precision optical processing center, and 127 million yuan for an optical chip R&D center [19][37]. Industry Chain Expansion and Diversification - The company is focusing on the infrared imaging sector, with a significant portion of revenue coming from core optical products [20][29]. - The optical business segment generated 349 million yuan in H1 2024, accounting for 92.44% of total revenue, with a stable gross margin of 35.12% [29][37]. - Other main businesses, including satellite remote sensing and information system development, contributed to a diversified revenue stream [34][37]. Investment Recommendations - The report forecasts revenues of 920 million yuan, 1.15 billion yuan, and 1.4 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 161 million yuan, 197 million yuan, and 237 million yuan [5][38]. - The establishment of an employee stock ownership plan is expected to enhance team stability and long-term value [5][38].