聚焦国防电力铁路三大领域，外延并购提升核心竞争力

Investment Rating - The report assigns an "Accumulate-B" rating for the company, indicating a positive outlook for investment over the next six months [19][9]. Core Views - The company is expected to maintain high growth potential due to its strategic focus on defense, power, and railway sectors, alongside its technological capabilities [19]. - Revenue projections for 2024-2026 are estimated at 600 million, 810 million, and 1.101 billion yuan, with year-on-year growth rates of 33.0%, 35.0%, and 36.0% respectively [19][20]. - The company’s net profit attributable to shareholders is forecasted to be 85 million, 102 million, and 139 million yuan for the same period, reflecting growth rates of 38.3%, 20.2%, and 37.0% [19][20]. Revenue and Profit Forecast - The company’s revenue is projected to grow from 383 million yuan in 2022 to 1.101 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 36.0% [20][34]. - The gross profit margin is expected to improve from 57.8% in 2022 to 52.0% in 2026 [20][34]. - The earnings per share (EPS) are anticipated to increase from 0.20 yuan in 2022 to 0.56 yuan in 2026 [20][34]. Business Segments - Defense business revenue is projected to reach 2.93 billion, 3.81 billion, and 5.07 billion yuan from 2024 to 2026, with gross margins of 41.0%, 42.0%, and 42.3% respectively [5][34]. - The power sector is expected to generate revenue of 2.64 billion, 3.38 billion, and 4.39 billion yuan during the same period, with gross margins of 61.0%, 60.5%, and 60.4% [5][34]. - The railway segment, a new area for the company, is forecasted to achieve revenue of 0.43 billion, 0.91 billion, and 1.55 billion yuan, with gross margins of 57.81%, 56.09%, and 59.92% [5][34]. Comparable Company Analysis - The report compares the company with peers such as Qiyi (military command systems), Hainengda (private networks), and Jiaxun Feihong (railway private networks), highlighting the company's diversified growth across defense, power, and railway sectors [34].