NEO(600184) 中邮证券·2025-02-27 05:00Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2][7]. Core Insights - The company is expected to face a loss in 2024, with a projected net profit attributable to shareholders ranging from -200 million to -180 million yuan, primarily due to a decline in defense product revenues [5][6]. - The company has a backlog of defense product orders totaling approximately 1.49 billion yuan, with expectations for a turnaround in military product performance and growth in civilian product sales [6][7]. - A planned capital increase of up to 1.02 billion yuan aims to enhance production capabilities in high-performance optical materials and advanced components, as well as digital R&D for precision-guided products [6]. - Strategic cooperation between major defense groups is anticipated to enrich the asset base available to the company, enhancing its market position [7]. - Forecasted net profits for 2024-2026 are -188 million yuan, 76 million yuan, and 150 million yuan, respectively, with corresponding price-to-earnings ratios of 85 and 43 for 2025-2026 [7]. Company Overview - The latest closing price of the company's stock is 12.52 yuan, with a total market capitalization of 6.4 billion yuan [4]. - The company has a total share capital of 509 million shares, with a debt-to-asset ratio of 38% and a current price-to-earnings ratio of 92.06 [4].