Sichuan Jiuzhou Electronic (000801) 东吴证券·2024-03-30 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6][7]. Core Insights - The company achieved a total revenue of 3.832 billion yuan in 2023, a slight decrease of 1.36% year-on-year, while the net profit attributable to shareholders was 200 million yuan, reflecting a growth of 1.23% [2][6]. - The company is focusing on optimizing its business structure, with significant growth in its three main business areas: smart terminals, air traffic control products, and microwave RF, which collectively accounted for 92.8% of total revenue, an increase of 12.92 percentage points from the previous year [2][3]. - The company is positioned to benefit from the low-altitude economy, with expectations of steady growth in military and civilian demand supporting its performance [3][6]. Financial Performance and Forecast - Revenue projections for the company are as follows: 4.683 billion yuan in 2024 (up 22.23% year-on-year), 5.366 billion yuan in 2025 (up 14.58%), and 5.870 billion yuan in 2026 (up 9.38%) [2][7]. - The net profit forecasts are 330 million yuan for 2024 (up 64.90%), 452 million yuan for 2025 (up 36.79%), and 550 million yuan for 2026 (up 21.73%) [2][7]. - The report highlights an increase in R&D investment to 356 million yuan in 2023, a growth of 9.43%, with a focus on enhancing the company's technological capabilities [2][6]. Strategic Developments - The company announced the acquisition of Shanghai Zhiliang Electronics, which will enhance its military electronic warfare capabilities and strengthen its position in the military supply chain [6][7]. - The integration of Shanghai Zhiliang Electronics is expected to create synergies with the company's existing microwave RF business, further enhancing its competitive edge in the market [6][7].