国科军工：新签7.39亿弹药订单，业绩有望保持较快增长

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has signed a new ammunition order worth 739 million RMB, indicating strong growth potential in its ammunition business [4] - The company is involved in the research and production of solid rocket motor propellants for multiple missile and rocket systems, which positions it to benefit from increased demand in this sector [4] - The company reported a 61.20% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024 [5] - The company has implemented an equity incentive plan with performance targets set for 2025-2027, reflecting confidence in future growth [5] - Profit forecasts for 2024-2026 indicate net profits of 200 million, 279 million, and 371 million RMB, with year-on-year growth rates of 42%, 40%, and 33% respectively [5] Financial Summary - The latest closing price of the stock is 50.96 RMB, with a total market capitalization of 9 billion RMB [2] - The company achieved revenue of 764 million RMB in the first three quarters of 2024, a 12.70% increase year-on-year, with an overall gross margin of 37.25% [5] - The projected revenue for 2024-2026 is 1.301 billion, 1.621 billion, and 1.975 billion RMB, with growth rates of 25.06%, 24.63%, and 21.84% respectively [8] - The projected earnings per share (EPS) for 2024-2026 are 1.14, 1.59, and 2.11 RMB, with corresponding price-to-earnings (P/E) ratios of 44.79, 32.04, and 24.15 [8]