Sirui(SH:688102) Shenwan Hongyuan Securities·2025-06-25 04:38Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [8] Core Views - The company is a leading enterprise in high-end copper-based alloys, with continuous revenue and performance growth. It focuses on the preparation technology of copper-based special materials and has diversified into multiple sectors, including aerospace, medical imaging, and optical communication [7][22] - The company has established a solid technological advantage in high-strength and high-conductivity copper alloy materials, which are primarily supplied to the aerospace and new energy vehicle markets. The demand for these materials is expected to expand due to the ongoing development of rail transit and the new energy vehicle market [7][22] - The company is actively expanding into high-value emerging fields, including medical imaging components and liquid rocket engine materials, which are expected to drive future growth [7][22] Summary by Sections 1. Leading Enterprise in Copper-Based Special Materials - The company has a significant technological advantage and is actively exploring new fields. It has developed high-strength and high-conductivity copper alloys, which are crucial for high-end applications [16][21] - The company has achieved stable revenue growth, with projected revenue of 1.33 billion yuan in 2024, a year-on-year increase of 12.73%, and a net profit of 114 million yuan, up 16.17% [5][6] 2. Core Advantage Industries - High-strength and high-conductivity copper alloys are the main revenue sources, accounting for approximately 70% of total revenue. The company has established a complete industrial chain for these products [31][42] - The company is positioned upstream in the medium and high-voltage electrical contact materials industry, with products used in various electrical equipment, benefiting from the expansion of the power grid [7][22] 3. Emerging Industries - The company is making significant strides in the medical imaging sector, providing components for CT and DR equipment, and is a major supplier in the domestic market [7][22] - The company has developed high-temperature copper alloys for liquid rocket engines, which have been validated by customers and are used in actual launches, indicating strong demand in the commercial aerospace sector [7][22] 4. Financial Forecast and Valuation - The company is expected to achieve net profits of 154 million yuan, 200 million yuan, and 250 million yuan from 2025 to 2027, with corresponding PE ratios of 63, 48, and 38 [6][8] - The report compares the company's valuation with peers, indicating that the company's 2025 PE is lower than the average of comparable companies, suggesting potential for valuation expansion [8]