NNCC(600435) 国金证券·2025-01-08 00:03Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1][8][10] Core Views - The company is projected to achieve a net profit attributable to shareholders of 44 million to 53 million yuan in 2024, representing a decline of 72.43% to 77.11% compared to the previous year's profit of 192 million yuan [1] - The fourth quarter is expected to show significant improvement, with a projected net profit of 118 million to 127 million yuan, reflecting a year-on-year increase of 1513% to 1636% [1] - The company is positioned as a leader in the domestic guided control platform sector, with a clear growth trajectory in the long-range fire sector, which is anticipated to see substantial demand and revenue growth starting in 2025 [1] Summary by Sections Financial Projections - The company forecasts net profits of 0.5 billion, 4.2 billion, and 6.1 billion yuan for the years 2024, 2025, and 2026 respectively, with a significant rebound expected in 2025 [1] - The projected price-to-earnings (PE) ratios for these years are 300, 35, and 24 respectively [1] Revenue and Growth Rates - The company's main business revenue is expected to decline from 3.565 billion yuan in 2022 to 2.252 billion yuan in 2024, before rebounding to 6.632 billion yuan in 2025 and 8.937 billion yuan in 2026, indicating a growth rate of 194.54% in 2025 [6] - The net profit growth rates are projected at -74% for 2024, +754% for 2025, and +44% for 2026 [1][6] Market Sentiment and Historical Ratings - Historical ratings show a consistent "Buy" sentiment, with multiple recommendations in recent months [8][9] - The average investment recommendation score is 1.00, indicating a strong buy sentiment in the market [9]