Guoguang Electric (688776) 东方财富·2024-11-11 10:23Investment Rating - The report assigns a rating of "Add" to the company based on the increasing demand for microwave devices and nuclear industrial equipment due to upgrades in national defense and military sectors [5][3]. Core Insights - The company focuses on two main technological paths: microwave and vacuum technologies, integrating various scientific disciplines to develop products widely used in radar, satellite communication, nuclear industry, and renewable energy sectors [1]. - For the first three quarters of 2024, the company reported a revenue of 454 million yuan, a year-on-year decrease of 21.35%, and a net profit attributable to shareholders of 43.29 million yuan, down 20.53% year-on-year [1]. - The gross margin for Q3 2024 was 35.1%, an increase of 8 percentage points year-on-year, while the net profit margin was 9.53%, up 0.1 percentage points year-on-year [1]. Summary by Sections Financial Performance - The company achieved a revenue of 454 million yuan in the first three quarters of 2024, with a year-on-year decline of 21.35% [1]. - The net profit attributable to shareholders was 43.29 million yuan, down 20.53% year-on-year, and the non-recurring net profit was 38.56 million yuan, a decrease of 20.29% year-on-year [1]. - The management expense ratio increased to 16.45%, up 4.07 percentage points year-on-year, while the sales expense ratio rose to 3.1%, an increase of 1.04 percentage points year-on-year [1]. Product Overview - Microwave devices include vacuum electronic devices and solid-state microwave devices, with vacuum electronic devices being core components in electronic countermeasures and interference fields [2]. - The company produces key components for the ITER project, which aims to harness nuclear fusion as a clean energy source, highlighting its role in significant international scientific collaborations [2]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 856.69 million yuan, 988.08 million yuan, and 1.144 billion yuan, respectively, with corresponding net profits of 115 million yuan, 158.15 million yuan, and 212.3 million yuan [5][6]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.06 yuan, 1.46 yuan, and 1.96 yuan, with price-to-earnings (PE) ratios of 61.91, 45.02, and 33.54, respectively [5][6].