NNCC(SH:600435) Soochow Securities·2025-04-25 04:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.748 billion yuan in 2024, a decrease of 22.91% year-on-year, and a net profit attributable to shareholders of 59.04 million yuan, down 69.29% year-on-year [1][7] - Despite the current performance pressure, the recovery of downstream demand is anticipated, and as a leading domestic guided control platform enterprise, the company's operational situation is expected to improve significantly with the release of long-range fire orders [7] Financial Summary - Revenue and Profit Forecasts: - 2023A: Total revenue of 3.565 billion yuan, net profit of 192.23 million yuan - 2024A: Total revenue of 2.748 billion yuan, net profit of 59.04 million yuan - 2025E: Total revenue of 4.828 billion yuan, net profit of 199.24 million yuan - 2026E: Total revenue of 5.675 billion yuan, net profit of 252.54 million yuan - 2027E: Total revenue of 6.835 billion yuan, net profit of 317.54 million yuan [1][8] - Earnings Per Share (EPS): - 2024A: 0.04 yuan - 2025E: 0.13 yuan - 2026E: 0.17 yuan - 2027E: 0.21 yuan [1][8] - Price-to-Earnings (P/E) Ratios: - 2024A: 281.31 - 2025E: 83.36 - 2026E: 65.76 - 2027E: 52.30 [1][8] - Research and Development Investment: - R&D investment in 2024 increased by 10.19% year-on-year, totaling 280 million yuan, which has impacted profit margins [7] - Market Position and Innovations: - The company has made significant progress in core technology areas, applying for 36 patents, including 31 invention patents, which enhance product competitiveness [7]