Transcom Instruments(BJ:831961) Hua Yuan Zheng Quan·2025-08-19 14:36Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue growth of 18% year-on-year in H1 2025, supported by high R&D investment to enhance competitiveness in low-altitude and satellite technologies [5] - The projected net profits for the company from 2025 to 2027 are estimated to be 0.19 billion, 0.34 billion, and 0.49 billion respectively, corresponding to current price-to-earnings ratios of 181.0, 104.2, and 71.4 times [6] - The company is focusing on increasing investments in core markets such as 5G/6G, vehicle networking communication testing, and low-orbit, low-altitude sectors, which are expected to provide new growth opportunities [6] Financial Performance Summary - In H1 2025, the company reported a revenue of 1.11 billion (yoy +18%) and a net profit of 6.32 million (yoy +354%), with a significant improvement in cash flow from operating activities [9] - The revenue from electronic testing and measurement instruments increased by 19% year-on-year, with a gross margin of 55.73% [9] - The R&D expenditure accounted for 65.72% of revenue in H1 2025, indicating a strong commitment to product development and innovation [9] - The company has applied for a total of 536 patents, including 370 invention patents, showcasing its focus on technological advancement [9] Earnings Forecast and Valuation - The company's projected revenues for 2025, 2026, and 2027 are 2.69 billion, 3.17 billion, and 3.80 billion respectively, with year-on-year growth rates of 15.51%, 18.11%, and 19.85% [8] - The expected net profit for 2025 is 0.19 billion, with a significant increase in profitability anticipated in the following years [8] - The company is expected to maintain a gross margin of around 51.67% to 52.03% over the forecast period [10]