CDXG(600353) 光大证券·2024-12-16 07:38Investment Rating - The report maintains a "Buy" rating for the company, citing its long-term growth potential despite short-term challenges [4] Core Views - The company has established a "trinity" business layout focusing on power equipment, military industry, and electronic materials, which aligns with national strategic directions [1] - Power equipment business remains the core, with products including vacuum interrupters and new energy equipment [1] - Military business is divided into three segments: electronic tubes, precision components, and embedded computer systems [2] - Electronic materials business has expanded into aluminum nitride products, achieving domestic leadership in production capacity and technology [3] Financial Performance - Revenue reached 1,118 million yuan in the first three quarters of 2024, a 24.17% year-on-year increase [1] - Net profit attributable to shareholders was 81 million yuan, up 8.90% year-on-year [1] - 2024E revenue is projected at 1,679 million yuan, with a 27.52% growth rate [5] - 2024E net profit is forecasted at 127 million yuan, representing a 37.06% increase [5] Business Segments Power Equipment - Core products include vacuum interrupters and new energy equipment [1] - The company is a national high-tech enterprise in this field [1] Military Business - Three main segments: electronic tubes, precision components, and embedded computer systems [2] - Precision component manufacturing capabilities cover casting, machining, and assembly [2] - Embedded systems use domestic chips and operating systems [2] Electronic Materials - Achieved 300-ton annual production capacity for aluminum nitride powder [3] - Developed China's first continuous production equipment for aluminum nitride substrates [3] - Collaborated with research institutes and semiconductor equipment leaders [3] Valuation Metrics - 2024E PE ratio is 54X, expected to decrease to 32X by 2026 [4] - PB ratio is projected to decline from 3.7X in 2024E to 3.2X in 2026 [5] - ROE is forecasted to increase from 6.91% in 2024E to 9.97% in 2026 [5] Growth Projections - Revenue is expected to grow at a CAGR of 31.18% from 2024E to 2026E [5] - Net profit is projected to increase from 127 million yuan in 2024E to 213 million yuan in 2026E [5] - EPS is forecasted to rise from 0.15 yuan in 2024E to 0.26 yuan in 2026E [5]