成电光信：军工通信标的，特种显示和网络总线双轮驱动

Investment Rating - The investment rating for the company is "Accumulate" (first coverage) with a target price of 32.91 CNY [1][6]. Core Viewpoints - The company is expected to achieve steady revenue growth driven by its core products, particularly in the military communication and display sectors. The revenue from network bus products and special display products is projected to increase significantly in the coming years [6][19][35]. Company Overview - The company, Chengdu Chengdian Guangxin Technology Co., Ltd., was established in May 2011 and is headquartered in Chengdu, Sichuan Province. It specializes in the research, development, production, and sales of network bus products and special display products [12][19]. Shareholding Structure - As of December 27, 2024, the actual controllers of the company are Qiu Kun, Xie Jun, and Fu Mei, holding a combined 38.80% of the shares. The company has a total share capital of 63.75 million shares, with a circulation ratio of 48.66% for A-shares [1][13]. Core Management Team - The core management team has a strong educational background and extensive industry experience, with Qiu Kun serving as the chairman and a notable expert in optical communication [15][16]. Industry Analysis Special Display Sector - The military special display applications include airborne, shipborne, and ground simulation systems. The company's LED dome visual system is a key product in this sector, providing realistic training environments for military personnel [19][20]. High-Speed Network Bus Sector - The development of military high-speed network buses is primarily represented in the avionics field, with increasing demands for bandwidth, real-time performance, and reliability. The FC network bus technology is highlighted as a leading solution in this area [21][22][23]. Main Business Analysis Network Bus Products - The company's network bus products utilize FC network bus technology, focusing on high-speed communication components and avionics network simulation and testing equipment. The revenue from these products has shown significant growth, particularly from the FC network data communication card [26][31]. Special Display Products - The special display products are mainly used in military simulation training, with the LED dome visual system being a standout product. The revenue from these products has also been increasing, driven by the rapid growth of the LED display segment [34][35]. Financial Analysis Revenue and Profit Growth - The company has demonstrated robust revenue growth from 2021 to 2024, with significant contributions from special LED display products and FC network data communication cards. The net profit has also shown a steady increase during this period [45]. Gross Margin Trends - The gross margin has fluctuated, with a notable increase in 2023 due to improved margins in network bus products. However, a decline in 2024 is attributed to a higher proportion of lower-margin special display products [49].