AVIC Forstar S&T (BJ:835640) KAIYUAN SECURITIES·2025-01-26 00:40Investment Rating - The investment rating for the company is "Buy" (maintained) [3][15]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 50 to 55 million yuan in 2024, representing a year-on-year decline of 62.37% to 65.79% due to fluctuations in defense market demand and project delivery delays [3]. - The company has made progress in the high-speed copper cable sector, with small-scale production lines completed, and is focusing on high-end products, particularly those meeting 400G and above demand [5]. - The company is actively involved in mainstream commercial satellite projects and anticipates rapid growth in its satellite business over the next few years [5]. Financial Summary - The total market capitalization of the company is 4.453 billion yuan, with a circulating market capitalization of 4.164 billion yuan [2]. - The company's revenue for 2024 is projected to be 747 million yuan, a decrease of 8.4% year-on-year, while the net profit is expected to be 52 million yuan [7]. - The earnings per share (EPS) for 2024 is estimated at 0.28 yuan, with a price-to-earnings (P/E) ratio of 86.2 times [7]. - The company expects its daily related transactions to increase to 402 million yuan in 2025 [4].