FIRMACO(600967) 山西证券·2024-12-10 12:40Investment Rating - The report maintains a "Buy-A" rating for Inner Mongolia First Machinery Group Co Ltd (Inner Mongolia Yiji) [3] Core Views - Inner Mongolia Yiji is expected to achieve EPS of 0.51, 0.56, and 0.62 for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 17.2, 15.7, and 14.1 based on the closing price of 8.78 yuan on December 9, 2024 [3] - The company plans to invest 183.6 million yuan in Aisheng Group, acquiring a 4.27% stake, which will enhance its unmanned combat capabilities and accelerate its transformation towards informatization, unmanned systems, and intelligent manufacturing [3][4] - Aisheng Group, a leader in the domestic military UAV market, is expected to benefit from the growing demand for military drones and expand its presence in the military trade sector [4] Financial Data and Valuation - The company's revenue is projected to grow from 10.26 billion yuan in 2024 to 12.69 billion yuan in 2026, with a CAGR of 11.2% [5] - Net profit is expected to increase from 869 million yuan in 2024 to 1.06 billion yuan in 2026, with a CAGR of 10.3% [5] - The gross margin is forecasted to remain stable at around 16.2%-16.4% from 2024 to 2026 [5] - ROE is expected to improve from 7.3% in 2024 to 8.0% in 2026 [7] Market Performance - The stock price of Inner Mongolia Yiji reached a yearly high of 8.78 yuan and a low of 6.33 yuan in 2024 [2] - The company's market capitalization stood at 14.94 billion yuan, with a circulating A-share market value of 14.92 billion yuan [2] - Basic EPS and diluted EPS were both 0.21 yuan as of September 30, 2024, with a net asset value per share of 6.79 yuan and an ROE of 3.15% [2] Strategic Initiatives - The investment in Aisheng Group aims to integrate ground equipment with unmanned systems, promoting research on air-ground collaborative combat systems and enhancing the company's strategic capabilities in unmanned warfare [4] - The company is transitioning from traditional mechanical manufacturing to a focus on informatization, unmanned systems, and intelligent manufacturing, positioning itself as a leader in next-generation unmanned combat systems [4]