BNCT(SH:688282) China Post Securities·2025-06-17 02:09Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has seen significant growth in its traditional model projects, with a 5021% year-on-year increase in revenue from inertial navigation systems, amounting to 1.02 billion yuan in 2024 [5]. - The company is actively expanding into new markets, particularly in the aviation sector, with multiple projects progressing well and a focus on commercial aerospace and robotics to increase its share in the civilian market [6]. - The acquisition of control over Yuxun Electronics and Haiwei Technology is expected to enhance the company's position in the specialized military market, with performance recovery anticipated in the coming years [7]. - Forecasts predict substantial growth in net profit for 2025-2027, with expected figures of 0.50 billion, 1.49 billion, and 3.01 billion yuan respectively, reflecting year-on-year growth rates of 1212%, 197%, and 102% [8]. Company Overview - The latest closing price of the company's stock is 40.80 yuan, with a total market capitalization of 3.6 billion yuan and a circulating market value of 1.5 billion yuan [3]. - The company has a debt-to-asset ratio of 14.7% and a current P/E ratio of -816.00, indicating a challenging profitability situation at present [3].