Lianovation(600363) 华鑫证券·2024-11-22 09:27Investment Rating - The report maintains a "Buy" rating for the company [5][12] Core Insights - The company has shown stable performance in the first three quarters of 2024, with total revenue of 2.434 billion yuan, a year-on-year decrease of 1.42%, while net profit attributable to shareholders increased by 5.05% to 335 million yuan [7] - The company has successfully exported its laser anti-drone products to the Middle East, indicating strong demand for its laser technology [8] - The company is advancing its controlled nuclear fusion projects, with significant technological breakthroughs in high-temperature superconducting cables and collaboration with China Nuclear Engineering for a fusion-fission hybrid demonstration project [9][11] Financial Performance - In Q3 2024, the company achieved revenue of 888 million yuan, a year-on-year increase of 9.54%, and net profit of 107 million yuan, up 2.32% year-on-year [7] - The forecast for revenue from 2024 to 2026 is 3.104 billion, 3.305 billion, and 3.603 billion yuan respectively, with corresponding EPS of 1.06, 1.32, and 1.53 yuan [12][14] - The company’s net profit is expected to grow significantly, with a projected increase of 42.6% in 2024 and 23.8% in 2025 [14] Market Position and Growth Potential - The company is positioned well in the "laser + superconducting" technology sectors, which are expected to drive future growth [12] - The company has received export licenses for its laser anti-drone systems, indicating a strategic move to capture international markets [8] - The ongoing acquisition of the superconducting business is expected to enhance the company's earnings capacity upon consolidation [11][12]