CORPRO(SZ:300101) AVIC Securities·2024-11-17 22:56Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [1]. Core Views - The report emphasizes the company's confidence in its development through stock incentive plans and share buybacks, which are expected to enhance long-term value [1]. - The company is positioned to benefit from the expansion of the BeiDou system, with a comprehensive layout across the entire industry chain [4]. - The report forecasts significant revenue growth for the company, with projected revenues of 901.46 million yuan, 1.051 billion yuan, and 1.242 billion yuan for 2024, 2025, and 2026, respectively [5]. Summary by Sections Company Overview - The company, Zhenxin Technology, has a total share capital of 564.55 million shares and a market capitalization of approximately 13.02 billion yuan [1]. - The company has implemented a stock incentive plan with performance targets for revenue growth set at 20%, 40%, and 70% for the years 2025, 2026, and 2027, respectively [1]. Financial Performance - The company's revenue for the first three quarters of 2024 reached 159.91 million yuan, reflecting a year-on-year growth of 14.53% [4]. - The projected net profit for 2024 is estimated at 90.56 million yuan, with a growth rate of 24.73% [5]. - The report provides detailed financial forecasts, including expected earnings per share (EPS) of 0.16 yuan, 0.18 yuan, and 0.22 yuan for 2024, 2025, and 2026, respectively [5]. Industry Context - As of mid-2024, over 27 million BeiDou terminal devices have been deployed in various applications, marking a year-on-year increase of 17.4% [1][4]. - The report highlights the government's encouragement for the application of BeiDou technology in key sectors such as automotive and robotics, which is expected to drive further growth [1][4].