Investment Rating - The investment rating for the company is "Buy" (first coverage) [1] Core Views - The demand for stealth materials is on the rise, supported by the growth in defense budgets and the upgrading of military equipment, which is expected to drive the company's revenue growth [5][6] - The company has established a complete closed-loop system from preparation to engineering application in the electromagnetic functional materials and structures (EMMS) field, with significant advantages in core technologies [4][5] - The company is expected to achieve a compound annual growth rate (CAGR) of over 30% in stealth materials revenue from 2024 to 2027 [5][51] Financial Summary and Valuation Indicators - The company's revenue is projected to grow from 9.81 billion yuan in 2023 to 22.56 billion yuan in 2027, with a CAGR of 43.96% from 2019 to 2024 [7][20] - The net profit attributable to the parent company is expected to increase from 564 million yuan in 2023 to 964 million yuan in 2027, with a CAGR of 47.34% from 2019 to 2024 [7][20] - The company's gross margin is expected to remain above 70%, with a slight decline from 76.9% in 2023 to 73.4% in 2027 [7][25] - The earnings per share (EPS) are projected to rise from 1.41 yuan in 2023 to 2.41 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 47.9 in 2023 and 28.0 in 2027 [7][4] Business Overview - The company focuses on stealth functional materials and electromagnetic compatibility materials, with a significant portion of revenue derived from stealth coating materials and structural components [19][21] - The company is expanding its business boundaries by developing new-generation electromagnetic measurement and control services, aiming to evolve into an integrated platform enterprise [4][19] - The company has a stable supply chain and pricing mechanism that helps maintain high gross margins [6][60] Market Dynamics - The stealth materials market is expected to grow significantly due to the increasing demand for military aircraft and the modernization of defense capabilities [5][42] - The company is well-positioned to benefit from the high demand for stealth materials driven by the upgrading of military equipment and the need for maintenance in the aftermarket [46][48] - The competitive landscape in the stealth materials market is characterized by high barriers to entry, with established players like the company maintaining a strong market position [48][50]
佳驰科技（688708）：公司首次覆盖报告：隐身材料需求上行，新老业务共筑高毛利壁垒