AVIC Forstar S&T (BJ:835640) KAIYUAN SECURITIES·2024-11-19 15:09Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company achieved a revenue of 559 million yuan and a net profit attributable to the parent company of 35.99 million yuan in the first three quarters of 2024. Due to the volatility in military product business affecting overall revenue and net profit, the profit forecast has been adjusted downwards for 2024-2026 [3][4] - The company has entered the high-speed copper cable connector market, which is expected to contribute positively to future growth, leading to the maintenance of the "Buy" rating [3][5] Financial Summary - For 2024, the expected revenue is 751 million yuan, with a year-on-year decrease of 7.8%. The net profit attributable to the parent company is projected to be 63 million yuan, reflecting a significant year-on-year decline of 57.1% [4][7] - The company's gross margin is expected to be 30.7% in 2024, with a net margin of 8.3% [7] - The earnings per share (EPS) for 2024 is forecasted at 0.33 yuan, with a price-to-earnings (P/E) ratio of 100.3 times [3][7] Business Development - The company has a strong presence in mainstream commercial satellite projects and aims to enhance production capacity for aerospace RF connectors and related products, particularly in the commercial satellite sector [4][5] - The company has completed the process flow for all HTCC projects and expects revenue and profit growth from these projects by 2025 [5][6]