Investment Rating - The report maintains a "Buy" rating for the company [8][14]. Core Insights - The HX-A200 domestically produced core processing chip and the high-performance data computing platform have completed development and testing, with bulk orders expected this year [5][6]. - The inclusion of deep-sea technology in the 2025 Government Work Report highlights its strategic importance, with underwater combat equipment set to participate in the September 3 parade, indicating strong government support for sonar equipment, which is crucial for deep-sea exploration [7]. - The company is anticipated to reach a performance turning point, with a projected revenue of 3.23 billion yuan in 2023, marking a record high since its listing, despite a one-time revenue adjustment of 159 million yuan [7]. - Forecasted net profits for 2025-2027 are expected to be 51.37 million, 85.08 million, and 122.67 million yuan, representing year-on-year growth rates of 297%, 66%, and 44% respectively, with corresponding P/E ratios of 115, 69, and 48 [8][10]. Financial Projections - Revenue projections for 2024-2027 are 240 million, 425 million, 626 million, and 855 million yuan, with growth rates of 45.65%, 77.40%, 47.26%, and 36.52% respectively [10][13]. - The company is expected to achieve a gross margin of 27.4% in 2024, increasing to 33.8% by 2027, indicating improving profitability [13]. - The projected net profit margin is expected to turn positive in 2025, reaching 12.1% and continuing to improve in subsequent years [13].

Group 1: Company Overview - The company focuses on the research, production, and sales of sonar equipment in the national special electronic information industry [2][3] - Key products include signal processing platforms, sonar systems, underwater big data, simulation training systems, unmanned detection systems, and data computing centers [3] Group 2: Signal Processing Platform - The signal processing platform is the main information processing unit for sonar equipment, enabling real-time digital signal processing, multi-channel signal acquisition, and data communication [4] - Main customers include national special departments and large state-owned enterprises, with a focus on supporting sales to research institutions [5] Group 3: Market Trends and Development - The company anticipates a new round of development opportunities due to increased national defense investment and the growing demand for domestic products [6] - The order volume for the third-generation domestic underwater signal processing platform is steadily increasing, with significant revenue growth expected in 2024 compared to the previous year [6][7] Group 4: Competitive Advantages - The company has established long-term stable relationships with quality customers and possesses comprehensive industry qualifications and technical expertise [8] - Strong engineering design capabilities and experience allow the company to meet high reliability and compatibility requirements in harsh environments [8] Group 5: Simulation Training Systems - The sonar simulation technology is used for real-time or non-real-time simulation of sonar systems and underwater applications, primarily for training, decision-making support, and scenario simulation [9] - The company has developed a series of simulation training products, including a simulation evaluation platform and a simulation deduction system, which have been delivered [10] Group 6: Future Planning - The company plans to leverage its leading advantages in sonar equipment to expand applications in the deep-sea technology sector, which has been identified as a strategic emerging industry [11] - Collaboration with large domestic groups in technology, research, and services is planned to promote mutual development in the sonar equipment field [11]