Naruida(SH:688522) Guohai Securities·2024-04-22 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10][22] Core Views - The company is expected to benefit from the increasing demand for radar systems in the low-altitude economy and meteorological sectors, with significant growth projected in revenue and net profit over the next few years [3][10][22] - The company has a strong focus on research and development, with a notable increase in R&D expenses, indicating a commitment to enhancing its core competitiveness and expanding into new markets [6][19][22] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 212 million yuan, a year-on-year increase of 1.18%, with a net profit of 63 million yuan, down 40% year-on-year [19][20] - For Q1 2024, the company reported operating revenue of 31.49 million yuan, a decrease of 10.34% year-on-year, and a net profit of 0.34 million yuan, down 56.10% year-on-year [19][20] Market Opportunities - The low-altitude economy is expected to drive demand for radar deployment, with the company’s technology being positioned to address various monitoring and detection needs [3][10] - The company is actively participating in government-led projects, including the procurement of weather radar systems, which is anticipated to enhance revenue streams [9][10] Growth Projections - Revenue forecasts for 2024-2026 are set at 584 million, 990 million, and 1.388 billion yuan, with year-on-year growth rates of 175%, 70%, and 40% respectively [22][24] - Net profit projections for the same period are 233 million, 433 million, and 647 million yuan, with growth rates of 268%, 86%, and 49% respectively [22][24] Competitive Position - The company maintains a high gross margin, with 2023 gross margin at 76.30%, and Q1 2024 gross margin at 80.84%, indicating strong pricing power despite competitive pressures [20][22] - The company’s core technology and market positioning suggest a robust long-term growth potential, supported by ongoing R&D efforts [10][22]