建设工业：主营业务保持稳定，“一核两翼”向新发展-20250605

Investment Rating - The report assigns an "Accumulate" rating for 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, 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 to 2027, with corresponding EPS of 0.26 for each year, reflecting a stable outlook [5][7]. Financial Performance - In 2024, the company achieved a revenue of 4.36 billion, a 2.32% increase from the previous year, while net profit decreased by 10.70% to 2.60 billion [3][7]. - The projected revenue growth rates for the next three years are modest, with expected increases of 0.50%, 1.50%, and 2.50% from 2025 to 2027 [7]. - The company holds a total market capitalization of 211.15 billion, with a circulating market value of 82.39 billion [3].