Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The defense sector is showing signs of recovery, and the commercial aerospace outlook is promising. The company has faced significant revenue declines due to market conditions and project delays but is positioned to benefit from improving demand in the defense industry and expanding opportunities in commercial aerospace [5][6][7]. Company Overview - The latest closing price is 54.09 yuan, with a total market capitalization of 5.8 billion yuan and a circulating market value of 2.3 billion yuan. The company has a debt-to-asset ratio of 36.5% and a price-to-earnings ratio of 125.30 [4]. Financial Performance - In 2024, the company reported revenues of 630 million yuan, a 26% decrease year-on-year, and a net profit of 47 million yuan, down 41% year-on-year. For Q1 2025, revenues fell to 86 million yuan, a 53% decline, with a net loss of 18 million yuan, representing a 283% decrease [5][6]. Future Projections - The company anticipates a rebound in net profits from 81 million yuan in 2025 to 166 million yuan in 2027, with corresponding growth rates of 74%, 52%, and 35%. The projected price-to-earnings ratios for these years are 72, 47, and 35, respectively [7][9].
陕西华达：防务需求逐步回暖，商业航天前景广阔-20250609