Investment Rating - The report assigns a "Buy" rating, indicating an expected investment return exceeding 10% relative to the CSI 300 index over the next six months [14]. Core Views - The company is projected to achieve revenues of 888 million, 1.07 billion, and 1.27 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 126 million, 153 million, and 184 million yuan [6][64]. - The company completed its listing on the Sci-Tech Innovation Board in 2023, with fundraising projects aimed at enhancing production capacity and core competitiveness in air defense radar products [6][64]. - The company is actively expanding its overseas military trade business, which is expected to further increase market opportunities and revenue potential [16][88]. Summary by Sections Revenue and Profitability - In 2023, the company experienced a decline in revenue and profitability due to market demand fluctuations and changes in product sales structure. However, strong downstream demand is expected to lead to a rebound in 2024 [16][64]. - The company’s revenue for 2023 was 725.69 million yuan, a decrease of 23.85% year-on-year, with a net profit of 102.46 million yuan, down 34.66% [21][64]. Business Forecast - The forecast for 2024-2026 includes revenues of 888.32 million, 1.07 billion, and 1.27 billion yuan, with corresponding net profits of 126.65 million, 153.81 million, and 184.35 million yuan [6][64]. - The earnings per share (EPS) are projected to be 0.38 yuan, 0.46 yuan, and 0.55 yuan for the years 2024, 2025, and 2026 respectively [6][64]. Strategic Developments - The company is strategically expanding into the radar supply chain, including military air traffic control radar applications, and is establishing a low-altitude division to promote diversified development [16][64]. - The company is focusing on intelligent production upgrades and the construction of a research and testing base, which is expected to create new growth opportunities [87][88].
收入与净利润出现阶段性波动，军贸与低空产业布局构筑未来多元增长曲线