国科军工：弹药业务稳定增长，固体发动机业务实现快速增长-20250422

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - In 2024, the company achieved operating revenue of 1.204 billion yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 199 million yuan, up 41% year-on-year [5][6]. - The ammunition business has shown stable growth, while the solid rocket engine segment has experienced rapid expansion, contributing to a 17% increase in military product revenue [6][7]. - The company is advancing in the ammunition sector, particularly in medium-caliber and rocket ammunition, and has made significant progress in military trade [6][7]. - The solid rocket engine segment saw substantial growth, with a subsidiary achieving revenue of 376 million yuan, a 72% increase, and a net profit of 112 million yuan, up 90% [7]. - A stock incentive plan was completed in December 2024, with performance targets set for 2025-2027, aiming for a compound annual growth rate of no less than 15% [7]. - Forecasts for net profit attributable to shareholders for 2025-2027 are 247 million, 331 million, and 427 million yuan, representing year-on-year growth rates of 24%, 34%, and 29% respectively [7]. Financial Summary - For 2024, the company reported operating revenue of 1.204 billion yuan and a net profit of 199 million yuan [9]. - Projected operating revenues for 2025, 2026, and 2027 are 1.466 billion, 1.831 billion, and 2.255 billion yuan, with respective growth rates of 21.74%, 24.85%, and 23.17% [9][12]. - The projected net profit for 2025, 2026, and 2027 is 247 million, 331 million, and 427 million yuan, with growth rates of 24.16%, 34.09%, and 29.12% respectively [9][12]. - The company's price-to-earnings ratio (P/E) is projected to decrease from 47.30 in 2024 to 22.00 by 2027 [9][12].