Sichuan Jiuzhou Electronic (SZ:000801) Huachuang Securities·2025-12-21 15:24Investment Rating - The report maintains a "Recommendation" rating for Sichuan Jiuzhou (000801) [1] Core Insights - The company plans to acquire a radio frequency business asset group from its controlling shareholder, aiming to optimize its industrial layout and enhance its supply chain [1][3] - This acquisition is expected to improve the company's competitiveness and industry position in the radio frequency sector, which primarily serves military markets [2] - The transaction aligns with the company's strategic goal of extending its capabilities from radio frequency modules to integrated solutions, thereby strengthening its market position [2][3] Financial Summary - Projected total revenue for 2024 is 4,178 million, with a year-on-year growth rate of 9.0%. For 2025, revenue is expected to reach 4,335 million, reflecting a growth rate of 3.7% [4] - The net profit attributable to the parent company for 2024 is forecasted at 194 million, with a decline of 3.0% year-on-year. By 2025, the net profit is expected to decrease further to 175 million, a drop of 10.1% [4] - Earnings per share (EPS) for 2024 is projected at 0.19 yuan, with a price-to-earnings (P/E) ratio of 90 [4] Business Impact - The acquisition is anticipated to contribute positively to the company's performance, with the radio frequency business expected to account for 14% of the company's revenue and 8% of its profit in 2024 [2] - In the first three quarters of 2025, the contribution is expected to rise to 18% of revenue and 44% of profit [2] - The transaction is seen as a significant step in the context of state-owned enterprise reform, indicating strong support from the group for the listed company [3]