Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company achieved a revenue of 462 million yuan in 2024, representing a year-on-year growth of 10.82%, and a net profit attributable to the parent company of 19 million yuan, up 32.61% year-on-year [1]. - In Q1 2025, the company reported a revenue of 91 million yuan, a slight decline of 1.09% year-on-year, but a significant increase in net profit attributable to the parent company of 11 million yuan, up 286.74% year-on-year [1]. - The core airborne equipment business generated revenue of 402 million yuan in 2024, growing 6.03% year-on-year, while technical services and other businesses saw a substantial increase of 60.13%, contributing 59 million yuan to revenue [2]. - The company has made significant progress in its core product competitiveness, with several new models entering mass production, including a high-power actuation system that marks a successful entry into the fixed-wing aircraft electromechanical actuator market [2]. - Emerging businesses in robotics and marine equipment are developing, with the completion of the wheeled robot 1.0 version and progress in underwater propulsion motor development [3]. - The gross margin for 2024 was 25.86%, a decrease of 6.08 percentage points year-on-year, while Q1 2025 saw a gross margin of 33.13%, an increase of 8.79 percentage points year-on-year [3]. Financial Projections - Revenue projections for 2025-2027 are 543 million yuan, 624 million yuan, and 705 million yuan, respectively, with net profits of 52 million yuan, 66 million yuan, and 81 million yuan [4]. - The earnings per share (EPS) are expected to be 0.44 yuan, 0.57 yuan, and 0.69 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 77.91, 60.65, and 49.49 [4].
新兴装备（002933）：25Q1归母净利润高增，核心机载设备业务稳健增长