ECC(600850) 浙商证券·2024-11-11 12:33Investment Rating - Buy (首次) [6] Core Views - The company is a listed industrial platform under China Electronics Technology Group Corporation (CETC), focusing on industry digitization, digital infrastructure, and digital products [2] - The company's three major business segments generated revenues of 8.498 billion, 822 million, and 712 million yuan respectively in 2023 [2] - The company fully owns Baifei Electronics and holds a 10.54% stake in Shanghai Huacheng Jinrui, a server manufacturer [2] - Baifei Electronics, a subsidiary, is a leader in secure and trusted computing and has been successfully integrated, contributing 25.47% of the company's net profit in 2023 [3] - Baifei Electronics is expanding into key industries such as semiconductor equipment, satellites, civil aviation, and GPU-based edge computing platforms [4] - The company is expected to benefit from the military informatization trend following the release of the "Military Equipment Support Regulations" [4] Financial Projections - Revenue is projected to grow to 10.675 billion, 11.415 billion, and 12.105 billion yuan in 2024-2026, with year-on-year growth rates of 6.75%, 6.93%, and 6.04% respectively [5] - Net profit attributable to the parent company is expected to reach 600 million, 701 million, and 803 million yuan in 2024-2026, with year-on-year growth rates of 20.73%, 16.87%, and 14.55% respectively [5] - The company's P/E ratios for 2024-2026 are projected to be 31, 26, and 23 [5] Business Segments - Industry Digitization: The core business segment, contributing the majority of revenue [2] - Digital Infrastructure: A growing segment with significant potential in areas like financial technology and industrial internet [2] - Digital Products: Includes products developed by Baifei Electronics, focusing on high-performance and secure computing solutions [2][3] Strategic Focus - The company is leveraging its position within CETC to focus on "chokepoint" industries, particularly in semiconductor equipment and military informatization [4] - Baifei Electronics is expected to drive growth through its expansion into new markets such as satellites, civil aviation, and edge computing [4] Market Catalysts - The release of the "Military Equipment Support Regulations" is expected to catalyze growth in the military informatization sector, benefiting the company's existing satellite and radar businesses [4] - The ongoing trend of semiconductor localization and the development of low-altitude economies are expected to drive demand for Baifei Electronics' products [4]