Transcom Instruments(BJ:831961) KAIYUAN SECURITIES·2025-06-25 07:42Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company completed two national research projects, leading to a significant increase in net profit for Q1 2025, which grew by 245% year-on-year [3] - The company reported a revenue of 60.91 million yuan for Q1 2025, representing a year-on-year growth of 27.47%, while the net profit reached 5.66 million yuan, marking a 244.81% increase [3] - Despite a decline in revenue and net profit for the year 2024, the company is optimistic about future growth opportunities driven by its R&D capabilities and the commercialization of 5G-A technology [3] Financial Summary - In 2024, the company achieved a revenue of 233 million yuan, down 13.93% year-on-year, and a net profit of 12 million yuan, down 62.90% year-on-year [3] - The projected net profits for 2025, 2026, and 2027 are 19 million yuan, 33 million yuan, and 49 million yuan respectively, with corresponding EPS of 0.14, 0.23, and 0.35 yuan [3] - The current stock price corresponds to P/E ratios of 165.3, 96.4, and 64.6 for the years 2025, 2026, and 2027 respectively [3] R&D and Market Activities - In 2024, the company participated in 22 market activities, including major conferences like MWC and the Global 6G Development Conference [4] - The company invested 103.86 million yuan in R&D in 2024, accounting for 44.63% of its revenue, and has been actively pursuing overseas intellectual property strategies [5] - The company has applied for a total of 512 patents, with 68.75% being invention patents, and has successfully obtained 300 authorized patents [5]