中科海讯（300810）：预中标1.6亿元订单，业绩有望迎来拐点

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has pre-won an order for an information processing subsystem with a value of approximately 160 million yuan, which represents 97% of the company's audited revenue for 2023, providing clear support for performance [5][6] - The development of underwater offensive and defensive equipment is expected to accelerate due to increasing maritime security concerns, with the government emphasizing the need for enhanced capabilities in this area [6] - The integration of artificial intelligence with underwater acoustic equipment is ongoing, with the company developing high-performance computing platforms and data analysis equipment based on GPU chips [6] - The company is anticipated to reach a performance turning point in 2025, with projected revenues of 3.23 billion yuan if not considering one-off adjustments [7] - Forecasted net profits for 2024-2026 are -17 million, 95 million, and 145 million yuan respectively, with significant growth rates of 89%, 658%, and 53% [7] Financial Summary - The latest closing price is 34.57 yuan, with a total market capitalization of 4.1 billion yuan [4] - The company’s revenue for 2023 is reported at 165 million yuan, with a projected increase to 371 million yuan in 2024, representing a growth rate of 125.23% [10] - The projected EBITDA for 2025 is 122.88 million yuan, with a net profit forecast of 95.09 million yuan [10] - The company’s PE ratio is projected to be -240 in 2024 and 28 in 2026, indicating a significant turnaround in profitability [10][11]