中科星图：国央企并购逻辑下的受益企业

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to benefit from the merger logic of state-owned enterprises, with continuous high growth in revenue and profit, particularly through the expansion of the BaaS model [2] - The company reported a revenue of 2.01 billion yuan in Q3 2024, representing a year-on-year increase of 43.4%, while the net profit attributable to the parent company was 0.23 billion yuan, up 41% year-on-year [2] - The growth in revenue is attributed to the company's ability to seize opportunities in the aerospace information industry and the increase in customer demand and orders [2] Financial Performance Summary - The company is projected to achieve revenues of 3.67 billion yuan, 5.22 billion yuan, and 6.98 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 45.9%, 42.1%, and 33.9% [2][7] - The net profit attributable to the parent company is expected to be 0.66 billion yuan, 0.80 billion yuan, and 1.45 billion yuan for the years 2024, 2025, and 2026, with year-on-year growth rates of 36.1%, 37.0%, and 35.3% [2][7] - The company’s operating income for 2023 is reported at 2.52 billion yuan, with a projected increase to 3.67 billion yuan in 2024 [4][7] Financial Ratios - The company’s gross profit margin is projected to be 60.0% in 2024, 50.6% in 2025, and 50.8% in 2026 [8] - The net profit margin is expected to be 12.7% in 2024, 12.2% in 2025, and 12.4% in 2026 [8] - The return on invested capital (ROIC) is projected to increase from 9.9% in 2023 to 17.4% in 2026 [8]