SACO(002025) 东北证券·2025-04-03 02:09Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][11]. Core Views - The defense business is expected to recover, and breakthroughs in emerging key markets are anticipated to lead to a rebound in the company's performance [3][4]. - Revenue projections for 2025-2027 are estimated at 64.00 billion, 78.65 billion, and 93.07 billion respectively, with corresponding net profits of 6.70 billion, 9.08 billion, and 11.56 billion [3][4]. Financial Summary - For 2024, the company is projected to achieve revenue of 50.25 billion, a decrease of 19.08% year-on-year, and a net profit of 3.47 billion, down 53.75% year-on-year [7]. - Earnings per share (EPS) for 2024 is expected to be 0.76 yuan, with a price-to-earnings (P/E) ratio of 63.89 [2][3]. - The gross margin for 2024 is projected at 38.34%, reflecting a slight increase of 0.90 percentage points year-on-year [5][6]. Revenue and Profit Forecast - The company anticipates a significant recovery in revenue and net profit from 2025 onwards, with net profit expected to grow by 92.97% in 2025 and 35.54% in 2026 [2][3]. - The projected EPS for 2025 and 2026 are 1.47 yuan and 1.99 yuan respectively, with corresponding P/E ratios of 37.55 and 27.70 [2][3]. Market Position and Strategy - The company is focusing on increasing investment in technological innovation and new product development, particularly in emerging industries such as telecommunications, commercial aerospace, and new energy [4][5]. - The report highlights the company's efforts to optimize its industrial structure and improve market share in strategic new industries [4].