NNCC(SH:600435) Shanxi Securities·2025-08-29 06:10Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1][6] Core Views - The company has significantly improved its revenue and net profit, benefiting from the high demand for long-range artillery [1][4] - The company reported a revenue of 1.703 billion yuan in the first half of 2025, a year-on-year increase of 481.19%, and a net profit of 116 million yuan, up 256.59% year-on-year [2][4] - The company is expected to continue benefiting from the high demand for long-range artillery systems, which are seen as a primary tool for firepower in joint military operations [4][5] Financial Performance - In the first half of 2025, the company's R&D investment reached 140 million yuan, with an R&D expense intensity of 8.22% [4] - The total liabilities of the company amounted to 4.384 billion yuan, a year-on-year increase of 54.25% [2] - The company’s cash and cash equivalents decreased by 24.24% year-on-year to 636 million yuan [2] Earnings Forecast - The expected EPS for the company for 2025, 2026, and 2027 are 0.18 yuan, 0.24 yuan, and 0.32 yuan respectively, with corresponding PE ratios of 89.9, 65.4, and 49.8 [6][8]