Tianyin Electromechanical(300342) Huajin Securities·2024-04-11 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][7]. Core Views - The company is expected to benefit from the accelerated construction of domestic satellite internet, supported by its leading technological innovation capabilities in radar and avionics [2][8]. - The revenue forecast for 2024-2026 is adjusted to 1.307 billion, 1.628 billion, and 2.004 billion yuan, reflecting year-on-year growth of 25.5%, 24.6%, and 23.1% respectively [2][3]. - The net profit attributable to shareholders is projected to be 61 million, 98 million, and 149 million yuan for the same period, with significant year-on-year growth rates of 85.8%, 61.5%, and 51.5% [2][3]. Financial Summary - The company achieved a revenue of 1.041 billion yuan in 2023, a year-on-year increase of 24.07%, and a net profit of 33 million yuan, up 319.1% from the previous year [7][8]. - The gross profit margin is expected to improve from 24.0% in 2023 to 30.4% by 2026, indicating enhanced profitability [3][11]. - Earnings per share (EPS) are projected to rise from 0.08 yuan in 2023 to 0.35 yuan in 2026, reflecting strong growth potential [3][11]. Business Segments - The radar and aerospace electronics business saw a significant revenue increase of 121.62% in 2023, driven by strong order growth and project delivery acceleration [7][8]. - The company's subsidiary, Huqing Ruida, reported a substantial increase in new orders, indicating a robust demand for its radar target and environment simulators [7][8]. - The refrigerator compressor parts business experienced a decline in revenue, but the overall market is expected to benefit from government policies promoting appliance upgrades [7][8].