Investment Rating - The report maintains a "Strong Buy" rating for Chengdu Huami (688709.SH) [2] Core Insights - Chengdu Huami has a strong technical accumulation in Time-Sensitive Networking (TSN) and is expected to benefit from the explosive growth of the commercial aerospace market [6][7] - The company showcased its latest TSN system-level boards and FPGA core products at the 14th "Maple Forest Forum" [6] - The company has successfully developed high-speed ADC chips, breaking through technological blockades, which will significantly benefit from the rapid development of commercial aerospace [6][7] Financial Data Summary - Current stock price is 47.18 CNY with a total market capitalization of 30 billion CNY [2] - The company’s total revenue is projected to grow from 902 million CNY in 2025 to 1.467 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 26% [7] - The net profit attributable to the parent company is expected to increase from 243 million CNY in 2025 to 402 million CNY in 2027, with corresponding PE ratios of 124X and 75X respectively [7][10] Shareholder Structure - The major shareholder is China Zhinhua Electronics Group Co., Ltd., holding a 44.84% stake in the company [2] Product Development and Market Position - Chengdu Huami's TSN R&D center has been established, with a team of industry experts contributing to the development of TSN technology standards [6] - The company is positioned as a core participant in the formulation of the "Arrow-mounted TSN Technical Specifications," enhancing its competitive edge in the market [6][7] Revenue and Profitability Forecast - Revenue is expected to recover significantly in 2025 with a forecasted growth of 49% compared to the previous year [7] - The gross margin is projected to remain stable around 72% to 76% over the forecast period [10]
成都华微（688709）：TSN技术积累深厚，或享受商业航天市场爆发