Naruida(SH:688522) Soochow Securities·2024-04-22 16:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Insights - The company successfully went public on March 1, 2023, enhancing its brand influence and providing funding for production expansion and new technology development. In 2023, the company launched new products such as phased array rain radar, increasing its product line and market competitiveness. R&D expenses grew by 35.27% year-on-year, with 13 new patents obtained [1][22] - The company possesses key core technologies in phased array radar and has been a pioneer in the industrialization of dual-polarization active phased array radar. Its products are primarily X-band dual-polarization phased array radars, widely used in meteorological detection and water resource monitoring, with gradual market expansion into civil aviation, marine monitoring, and public safety [2] Financial Performance - In 2023, the company reported total revenue of 212.49 million yuan, a year-on-year increase of 1.18%, while net profit attributable to shareholders was 63.30 million yuan, a decline of 40.25%. The decrease in net profit was attributed to increased R&D investments, higher sales expenses due to market expansion, a slight decline in gross margin, reduced government subsidies, and slower collection of receivables leading to increased bad debt provisions [9][10][26] - The company's total assets at the end of 2023 reached 2.35 billion yuan, a year-on-year increase of 246.93%, and net assets attributable to shareholders were 2.19 billion yuan, up 300.87%, primarily due to funds raised from the IPO [9] Earnings Forecast and Valuation - The earnings forecast for 2024-2025 has been adjusted, with net profit estimates of 229.09 million yuan and 413.58 million yuan respectively. A new forecast for 2026 projects net profit of 540 million yuan, corresponding to P/E ratios of 43, 24, and 18 times [10]