Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected outperformance relative to the market by 20% or more [2][13] Core Views - The company's revenue for Q1-3 2024 was RMB 626 million, with a net profit attributable to the parent company of RMB 46.3 million, a year-on-year decrease of 18% [4] - Q3 2024 revenue was RMB 252 million, a year-on-year increase of 20.29%, with net profit attributable to the parent company increasing by 16.20% to RMB 21.17 million [4] - The company's new orders from January to July 2024 increased by over 20% compared to the same period in 2023 [4] - The company's contract liabilities as of September 30, 2024, were RMB 26.52 million, a year-on-year increase of 82.76% [4] - The company's aerospace parts business revenue in H1 2024 reached RMB 34.33 million, a year-on-year increase of 114.65%, with net profit increasing by RMB 2.92 million [5] - The company has acquired a 55% stake in Biyang Precision, which is expected to enhance its market presence in the aerospace sector, particularly in high-precision optoelectronic instruments and equipment [5] Financial Summary and Valuation - The company's revenue for 2024E is projected to be RMB 937 million, with a net profit attributable to the parent company of RMB 78 million [6] - The EPS for 2024E is estimated at RMB 0.77 per share, with a P/E ratio of 22.4x [6] - The company's revenue is expected to grow to RMB 1.24 billion by 2026E, with a net profit attributable to the parent company of RMB 107 million [6] - The company's gross margin is projected to remain stable at around 27% from 2024E to 2026E [6] - The company's ROE is expected to increase from 12.9% in 2024E to 13.9% in 2026E [6] Business Development - The company's aerospace parts business has shown significant growth, with a 114.65% increase in revenue in H1 2024 [5] - The acquisition of Biyang Precision is expected to further expand the company's product offerings in the aerospace sector, particularly in high-precision optoelectronic instruments and equipment [5] - The company's "self-production + collaborative manufacturing" model is expected to drive growth across multiple product lines, supported by future capacity expansion in the aerospace sector [4]
优机股份：北交所信息更新：募投带来航空领域产能，1-7月新增订单增长超过20%