建设工业（002265）：主营业务保持稳定，“一核两翼”向新发展

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 21.00, compared to the last closing price of 20.44 [1]. Core Insights - The company's main business remains stable, and it is advancing its "one core and two wings" development strategy. The focus is on enhancing its weaponry supply system and transitioning its automotive parts business towards electric and integrated solutions [4][5]. - The company has significantly increased its R&D investment, reaching 2.79 billion in 2024, a 36.29% increase year-on-year, indicating a strong commitment to technological innovation [5]. - The financial forecast predicts net profits of 2.67 billion, 2.69 billion, and 2.73 billion for 2025-2027, with corresponding EPS of 0.26 for each year, reflecting a stable growth outlook [5][7]. Financial Performance - In 2024, the company achieved a revenue of 43.55 billion, a 2.32% increase from the previous year, while net profit decreased by 10.70% to 2.60 billion [3][4]. - The projected revenue growth rates for the next three years are 0.50%, 1.50%, and 2.50%, indicating a gradual increase in sales [7]. - The company holds a total market capitalization of 211.15 billion, with a total share capital of 10.33 billion shares [3].