天秦装备（300922）：深耕装备防护领域，受益弹药产业链高景气

Investment Rating - The report maintains a "Buy" rating for Tianqin Equipment (300922) with a target price of 42.00, compared to the last closing price of 27.62 [1]. Core Viewpoints - Tianqin Equipment is a leading domestic company in the equipment protection field, benefiting from the high prosperity of the ammunition industry chain [5][11]. - The company has a strong technical foundation and has been focusing on the research and production of specialized protective devices and equipment components for over 20 years [12][15]. - The company has established long-term cooperative relationships with major military groups, ensuring a steady stream of product orders due to the long service life of the equipment it supports [5][55]. Summary by Sections Company Overview - Tianqin Equipment specializes in the research, production, and sales of protective devices and equipment components, utilizing advanced polymer materials and composite materials [11][12]. - The company has developed a range of products that serve various military branches, including the Army, Navy, Air Force, and Rocket Force [11][12]. Product Development - The company has continuously expanded its product range from single-function protective devices to comprehensive protective products and equipment components [6][28]. - There is a robust pipeline of projects under development, which is expected to contribute to future revenue growth as new products are launched [6][28]. Financial Forecast - The projected net profits for 2025-2027 are 0.83 billion, 1.44 billion, and 2.08 billion respectively, with corresponding EPS of 0.52, 0.91, and 1.31 [6][8]. - The company anticipates significant revenue growth, with a forecasted increase in operating income from 230.54 million in 2024 to 1,012.04 million in 2027 [8][25]. Market Dynamics - The global military expenditure is expected to rise significantly due to ongoing geopolitical tensions, which will drive demand for ammunition and related protective equipment [47][54]. - The company is well-positioned to benefit from this trend, as it supplies essential protective devices for key military equipment [55][59].