Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 55.86 CNY [5][20]. Core Insights - The company focuses on the development, production, and service of high-reliability embedded computers, with products widely used in high-end equipment, particularly in the defense sector, which is expected to maintain strong demand [2][21]. - The projected net profit for the company from 2025 to 2027 is estimated at 1.14 billion, 1.7 billion, and 2.02 billion CNY, with corresponding EPS of 0.66, 0.98, and 1.16 CNY [14][20]. - The global military embedded systems market is expected to grow from 1.81 billion USD in 2024 to 3.23 billion USD by 2032, with a CAGR of 7.5% [10][20]. Financial Summary - Total revenue is projected to increase from 663 million CNY in 2023 to 1.208 billion CNY in 2027, with a significant growth rate of 70.7% in 2025 [4][11]. - Net profit attributable to the parent company is expected to recover from 19 million CNY in 2024 to 202 million CNY in 2027, reflecting a substantial growth trajectory [4][11]. - The company’s gross margin is anticipated to improve from 44.84% in 2025 to 50.75% in 2027, indicating effective cost control and operational efficiency [16][17]. Market Position and Growth Drivers - The company is positioned as a leader in high-reliability embedded computers, serving critical sectors such as aerospace and defense, with a focus on customized solutions [21][30]. - The demand for embedded computers in military applications is expected to rise due to the increasing complexity and technological advancement of military equipment [10][20]. - The company is actively pursuing opportunities in commercial aerospace and unmanned systems, which are projected to become significant growth areas [10][20]. Order and Revenue Growth - The company reported a significant increase in orders, with a 73.71% year-on-year growth in backlog orders, driven by rising customer demand [10][20]. - The embedded computer market for airborne and missile applications is expected to see substantial growth, with projected increases of 43.62% and 192.7% respectively from 2025 to 2027 [15][20]. Cost Management and Profitability - The company has successfully optimized its cost structure, leading to improved profitability metrics, with net profit margins expected to rise from 15.3% in 2025 to 16.7% in 2027 [16][39]. - The management has implemented effective cost control measures, resulting in a decrease in operating expenses as a percentage of revenue [39][42]. Investment and Future Outlook - The company is focusing on R&D investments to enhance its product offerings in unmanned systems and commercial aerospace, which are expected to drive future revenue growth [10][20]. - The strategic initiatives include launching fundraising projects aimed at developing embedded computing solutions for new markets, positioning the company for long-term growth [10][20].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.77 CNY, indicating an expected performance that exceeds the benchmark index by more than 15% [11][19]. Core Insights - The company plans to increase its investment in its subsidiary, China Aerospace Long March Rocket Technology Co., Ltd., by 727.5 million CNY to enhance its capabilities in aerospace electronic information and to engage in key technology research and development, aligning with the new commercial aerospace landscape [3][11]. - The investment will primarily support the production capacity of aerospace electronic information-related businesses, including telemetry and control systems, and is expected to meet the growing demand in the aerospace industry during the 14th Five-Year Plan period [11]. - The company has achieved significant technological advancements over the past two decades, positioning itself as a leader in ground measurement and control, data link networking, and space information networks, which will be further strengthened by this capital increase [11]. Financial Summary - Total revenue is projected to be 18.727 billion CNY in 2023, with a decrease to 14.280 billion CNY in 2024, followed by a recovery to 21.469 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 7.7% from 2023 to 2027 [5][12]. - Net profit attributable to shareholders is expected to grow from 525 million CNY in 2023 to 846 million CNY in 2027, with a notable increase of 39.9% in 2026 [5][12]. - The earnings per share (EPS) is forecasted to rise from 0.16 CNY in 2023 to 0.26 CNY in 2027, indicating a positive trend in profitability [5][12]. Market Data - The company's stock has a 52-week price range of 8.14 CNY to 15.82 CNY, with a current market capitalization of 52.195 billion CNY [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 99.45 in 2023 to 61.72 in 2027, suggesting an improving valuation as earnings grow [5][12]. - The company has a net asset return rate (ROE) projected to increase from 2.6% in 2023 to 3.8% in 2027, reflecting enhanced efficiency in generating profits from equity [7][12].

本报告版权属于国投期货有限公司 不可作为投资依据,转载请注明出处 1 | E Road Host | | | 责金属日报 | | --- | --- | --- | --- | | | 操作评级 | | 2025年12月16日 | | 黄金 | 白银 ★☆☆ | ★☆★ | 刘冬博 高级分析师 | | 铂 | ★☆☆ 紀 | ★☆★ | F3062795 Z0015311 | | | | | 吴江 高级分析师 | | | | | F3085524 Z0016394 | | | | | 孙芳芳 中级分析师 | | | | | F03111330 Z0018905 | | | | | 010-58747784 | | | | | gtaxinstitute@essence.com.cn | 隔夜贵金属有所回落。美联储会议后宽松交易延续，黄金逼近历史高点位置,如果实现突破则贵金属强势表 现有望延续。铂把创上市以来新高，外盘强势突破前高压力位加速上涨。金银强势背景下，相对低估值铂兜 受多头资金青睐,商业航天发展如火如荼,氢能板块用铂肥存想象空间,供应端的强刚性约束下,ધ妃中长 线多配节奏明确。今晚重点关注美国11月非 ...

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在岸、离岸人民币对美元汇率再度刷新逾一年来新高 离岸人民币对美元汇率再次击穿7.04，盘中一度升至7.04，创2024年10月4日以来新高。在岸人民币对美 元汇率盘中最高升至7.04，创下2024年10月8日以来新高。谈及近期人民币对美元汇价连续上行，东方 金诚首席宏观分析师王青认为有两个直接原因。一是12月11日美联储降息前后，美元指数持续下行，跌 破100，带动包括人民币在内的非美货币普遍升值。二是临近年底，企业结汇需求增加，带动人民币季 节性走强。而在人民币持续走强后，前期累积的结汇需求有可能加速释放。王青表示，短期内人民币将 处在偏强运行状态，接下来要重点关注美元走势、人民币中间价调控力度，以及国内稳增长政策的力度 和节奏。（中国基金报） 全年业绩抢先看 部分"优等生"率先披露全年业绩预告 钨价加速上涨 每吨突破40万元 钨市场价格今日呈现加速上行态势。据"中钨在线"统计，钨精矿每吨价格突破40万元，APT（仲钨酸 铵）价格突破每吨60万元，钨粉每公斤价格也逼近千元大关。具体来看，黑钨精矿（≥65%）报价攀升 至41.5万元／吨，白钨精矿（≥65%）报价41.4万元／吨，钨粉报价990元／公斤，APT ...

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Market Overview - Major stock indices in the Asia-Pacific region mostly declined, with the Nikkei 225 index closing down 1.56% at 49,383.29 points, the South Korean Composite Index down 2.24% at 3,999.13 points, and the Australian S&P 200 index down 0.56% at 8,598.9 points [1] - A-shares and Hong Kong stocks also saw significant declines, with the Shanghai Composite Index dropping over 1%, the ChiNext Index down over 2%, and the Hang Seng Index down over 1.5% [2] A-share Market Performance - The three major A-share indices experienced a downward trend, with the Shanghai Composite Index closing down 1.11% at 3,824.81 points, the Shenzhen Component Index down 1.51%, and the ChiNext Index down 2.1% [2] - The North China 50 Index rose 0.54% against the market trend, with total trading volume in the Shanghai and Shenzhen markets amounting to 1.7483 trillion yuan, a decrease of approximately 46 billion yuan from the previous day [2] Sector Performance - Approximately 4,300 A-shares were in the red, with technology stocks experiencing a significant drop, including a decline of over 7% for Moore Threads and nearly 5% for Tianfu Communication [3] - The retail sector was active, with several stocks hitting the daily limit, including Baida Group, which achieved a four-day limit-up streak [4][5] - The autonomous driving concept saw a strong rise, with stocks like Wanji Technology and Jiuzhiyang hitting the daily limit [8] Retail Sector Insights - The retail sector showed renewed activity, with stocks such as Yonghui Supermarket and Baida Group hitting the daily limit [4] - Baida Group has experienced a four-day limit-up streak, with the company stating that it has not identified any media reports or market rumors that could impact its stock price [5] Autonomous Driving Sector Developments - The autonomous driving concept surged, with several companies, including Wanji Technology and Jiuzhiyang, reaching the daily limit [8] - The Ministry of Industry and Information Technology announced the first batch of L3-level conditional autonomous driving vehicle approvals, marking a significant step towards commercial application [9] - The smart driving market is expected to grow significantly, with projections indicating a market size of 1.1082 trillion yuan in 2024, representing a year-on-year growth of 34% [10] Company Spotlight: Angrui Microelectronics - Angrui Microelectronics, which debuted on the STAR Market, saw its stock price rise approximately 160% to 216.05 yuan per share, with intraday highs reaching 244 yuan [11] - The company specializes in the design of RF and analog integrated circuits and is recognized as a national-level "little giant" enterprise [11]

Market Overview - Major stock indices in the Asia-Pacific region mostly declined, with Japan's Nikkei 225 down 1.56% to 49,383.29 points, South Korea's Composite Index down 2.24% to 3,999.13 points, and Australia's S&P 200 down 0.56% to 8,598.9 points [1] - A-shares and Hong Kong stocks also saw significant declines, with the Shanghai Composite Index down over 1% and the ChiNext Index down over 2% [2] Japanese Central Bank Policy - The Bank of Japan's hawkish signals have caused market fluctuations, with expectations of a potential interest rate hike of 25 basis points to 0.75% during the upcoming monetary policy meeting on December 18-19 [2] - Analysts suggest that the impact of this rate hike may be limited due to prior communication and pricing in the market [2] A-share Market Performance - In the A-share market, approximately 4,300 stocks were in the red, with technology stocks experiencing significant drops, such as Moer Thread down over 7% and Tianfu Communication down nearly 5% [3] - Conversely, the retail sector showed resilience, with stocks like Baida Group achieving a four-day limit-up streak [3][5] Retail Sector Activity - The retail sector was notably active, with several companies including Yonghui Supermarket and Baida Group hitting the daily limit-up [5][6] - Baida Group's stock has risen significantly, prompting a cautionary note regarding potential risks of a price correction [7] Autonomous Driving Sector Growth - The autonomous driving concept saw a strong rise, with stocks like Wanjitech and Jiuzhiyang hitting the daily limit-up [9] - The Ministry of Industry and Information Technology has approved the first batch of L3-level conditional autonomous driving vehicles, marking a significant step towards commercialization [11] Investment Opportunities in Autonomous Driving - The intelligent driving market is projected to grow significantly, with the industry scale expected to reach 1.1082 trillion yuan in 2024, a year-on-year increase of 34% [11] - By 2030, the industry scale is anticipated to exceed 5 trillion yuan, driven by advancements in algorithms and technology [11] New IPO Performance - The newly listed company Angrui Microelectronics saw its stock price surge approximately 160% on its debut, closing at 216.05 yuan per share, with intraday highs reaching 244 yuan [13] - Angrui Microelectronics specializes in RF and analog integrated circuit design, indicating strong market interest and potential for growth [13]