Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is expected to achieve a 2024 net profit attributable to shareholders of 50.13 million yuan, representing a year-on-year growth of 11.30% [2] - The company reported an estimated revenue of 279 million yuan for 2024, reflecting a year-on-year increase of 29.07% [2] - The company maintains a competitive edge in the market due to its innovative products, particularly in the LED spherical display system and network bus products, which are in high demand [2][3] Financial Summary - The total revenue for 2022 was 169 million yuan, with a projected increase to 418 million yuan by 2026, indicating a compound annual growth rate (CAGR) of approximately 25.2% [5][10] - The net profit attributable to shareholders is expected to grow from 34 million yuan in 2022 to 84 million yuan in 2026, with a CAGR of about 29.3% [5][10] - The company's gross margin is projected to remain stable around 45% over the next few years, with a slight increase in net margin from 19.9% in 2022 to 20.0% in 2026 [5][10] Market Position and Product Development - The company has successfully developed the LED spherical display system, which has undergone five technical iterations and has broken the reliance on foreign technology [3] - The market for military simulators is expected to grow, with the company securing a contract worth 29.92 million yuan from China Aviation Industry Group [3] - The demand for network bus products is driven by the modernization of military aircraft, with the company filling a market gap in high-speed network communication components [2][3]
北交所信息更新：填补网络总线市场空白、LED球幕视景打破依赖，预计2024归母净利润+11.30%