Naruida(SH:688522) Soochow Securities·2025-10-28 08:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue reaching 254 million yuan, a year-on-year increase of 86.50%, and net profit attributable to shareholders of 73.16 million yuan, a year-on-year increase of 181.28% [1][7] - The strong performance is attributed to accelerated delivery of radar products and an increase in the proportion of high-margin projects, with a gross profit margin of 70.06% [7] - The company's financial structure remains robust, with a low debt ratio of 13.57% and no short-term or long-term borrowings, indicating minimal financial risk [7] - Cash flow from operating activities showed a substantial increase, reaching 77 million yuan, which is 470.44% higher than the same period last year, reflecting strong cash conversion from profits [7] Financial Performance Summary - For 2023, total revenue is projected at 2.12 billion yuan, with a net profit of 631 million yuan, and an EPS of 0.21 yuan per share [1][8] - The company expects to achieve a net profit of 2.12 billion yuan in 2025, corresponding to a P/E ratio of 57.33 [1][8] - The sales net profit margin improved from 19.10% to 28.80%, indicating effective cost control measures [7] - The company's contract liabilities increased by 71.98% year-on-year to 206 million yuan, suggesting a strong order backlog and revenue visibility [7]