国力股份：25年迎业绩拐点，军品、半导体有望翻倍-20250508

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 experiencing 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 advancing the development of a new generation of high-power control boxes [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 has led to small-batch production, and high-performance vacuum capacitors have gained recognition from high-end domestic semiconductor clients [7] New Energy Segment - The new energy segment is expected to benefit from both domestic and international demand, with the company developing new high-voltage DC contactors for electric vehicles and energy storage systems [8] - The company has received project notifications from a well-known foreign automotive manufacturer for supplying modular lightweight distribution devices, with a total contract value of approximately 160 million euros [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] - The company has achieved import substitution for key components in large scientific devices, with its TWTs meeting international advanced standards [9] Financial Forecast and Valuation - 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 [11] - The net profit attributable to shareholders is expected to be 125 million yuan, 207 million yuan, and 302 million yuan for the same years [11] - The earnings per share (EPS) are forecasted to be 1.32 yuan, 2.17 yuan, and 3.17 yuan for 2025, 2026, and 2027, respectively [11]