国力股份（688103）：25年迎业绩拐点，军品、半导体有望翻倍

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to reach an inflection point in performance in 2025, with significant growth anticipated in its high-margin military and semiconductor businesses [3] - The company reported a revenue of 792 million yuan in 2024, a year-on-year increase of 14.46%, while the net profit attributable to shareholders decreased by 52.89% to 30 million yuan [2] - For Q1 2025, the company achieved a revenue of 230 million yuan, representing a year-on-year growth of 59.41%, and a net profit of 12 million yuan, up 183.46% year-on-year [2] Business Segment Summaries Military Segment - The military segment is showing a clear recovery in demand, with the company being an early entrant in the domestic military vacuum relay market and expanding into military DC contactors [4] - The company has completed the wireless integrated high-voltage control box project and is progressing well with the high-power DC intelligent distribution system project [4] - The delivery of special control box products began in June 2024, with optimistic customer demand across major business segments [4] Semiconductor Segment - The company is one of the early suppliers of semiconductor equipment electronic components in China, with products used in plasma etching and other equipment [5] - The successful development of high-voltage RF fast relays and high-performance vacuum capacitors has led to batch deliveries to high-end domestic semiconductor customers [7] New Energy Segment - The company has developed a new generation of high-voltage DC contactors and has begun mass delivery in the new energy sector [8] - The company is actively expanding into the eVTOL market, which is expected to grow significantly, and has received project notifications from well-known foreign automotive manufacturers [8] Large Scientific Devices Segment - The company has signed a new order worth 566 million yuan for the procurement of high-power TWTs for large scientific devices, indicating a growing demand in this area [9][10] Financial Forecasts - The company is projected to achieve revenues of 1.173 billion yuan, 1.529 billion yuan, and 1.916 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 125 million yuan, 207 million yuan, and 302 million yuan [11][14] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.32 yuan, 2.17 yuan, and 3.17 yuan respectively [11][14]