Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Insights - The company is expected to achieve revenues of 1.215 billion, 1.659 billion, and 2.080 billion yuan from 2024 to 2026, with corresponding net profits of 507 million, 671 million, and 858 million yuan, respectively. The EPS is projected to be 3.64, 4.83, and 6.17 yuan, with PE ratios of 37.8X, 28.5X, and 22.3X [3][6]. - The company has a significant first-mover advantage, with an increasing number of production certifications and an active expansion of its product matrix around its core business, indicating a promising growth trajectory [3][6]. Summary by Sections Business Model - The company focuses on customized and exclusive supply chains, enhancing the unit value through functional compatibility of new products [51]. Industry Drivers & Space - The demand for stealth equipment is confirmed, expanding from a single military branch to multiple branches [9]. - The company is positioned to benefit from the increasing deployment of domestic stealth equipment, with its core products transitioning to mass production [5][6]. Main Business Landscape - The company has a clear first-mover advantage in the aerospace materials sector, with ongoing efforts to expand its product categories to create new growth drivers [5][6]. First-Mover Barriers - The competitive landscape differs domestically and internationally, with a strong R&D foundation establishing a first-mover advantage in high-temperature materials [5][6]. Scale Effects - The core technologies are gradually being industrialized, and scale effects are expected to become evident [5][6]. Financial Analysis - The company is projected to maintain high growth rates in its specialty functional materials segment, with revenue growth rates of 32.3%, 36.8%, and 25.2% from 2024 to 2026, and gross margins of 58.5%, 58.0%, and 57.5% [5][6].
耐温隐身龙头先发优势明显,新材料旗舰战略布局初步成型