国科军工：毛利率提高或由于收入结构变化，需求若快速增长产业链地位或将提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue for the first three quarters of 2024 reached 764 million yuan, a year-on-year increase of 12.7%, with a net profit attributable to the parent company of 149 million yuan, up 61.2% year-on-year [6][7] - The significant increase in gross margin may indicate a change in revenue structure, with higher contributions from higher-margin businesses [6][7] - The company has secured a major sales contract worth 316 million yuan for ammunition, which is expected to ensure revenue stability for the year [6][7] - The solid rocket engine is identified as a bottleneck in the missile industry chain, and if demand recovers, the company's position in the industry chain may improve [6][7] - The market space is broad, and profit is expected to grow steadily, leading to the maintenance of the "Buy" rating [6][7] Summary by Sections Financial Performance - For 2024, the company is projected to achieve revenues of 1.296 billion yuan, with a growth rate of 24.55% [7] - The net profit is expected to reach 193 million yuan, reflecting a year-on-year growth of 36.84% [7] - The earnings per share (EPS) is forecasted to be 1.10 yuan, with a corresponding price-to-earnings (P/E) ratio of 54x [7] Market Outlook - The company is expected to maintain a compound annual growth rate (CAGR) of 25.19% for revenue and 34.46% for net profit over the next three years [6][7] - The gross margin is projected to improve, indicating a favorable shift in the product mix towards higher-margin offerings [6][7] Industry Position - The company is positioned as a core supplier of solid rocket engines, which are critical in the missile supply chain, potentially benefiting from supply-demand imbalances [6][7] - The defense industry is expected to see increased demand, which may enhance the company's market position [6][7]