Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is expected to achieve a 2024 net profit of 50.14 million yuan, representing a year-on-year growth of 11.30%, with revenue projected at 279 million yuan, a 29.07% increase [2] - The company has a competitive edge in the market due to its innovative products, particularly in the LED ball dome visual system and network bus products, which are in high demand [2][3] - The company has secured a significant order worth 29.92 million yuan for its LED ball dome display equipment from a subsidiary of AVIC, indicating strong market demand [3] Financial Summary - Revenue is projected to grow from 216 million yuan in 2023 to 279 million yuan in 2024, with a year-on-year growth rate of 29.1% [5] - The net profit is expected to increase from 45 million yuan in 2023 to 50 million yuan in 2024, with a year-on-year growth rate of 10.5% [5] - The company's gross margin is forecasted to be 45.3% in 2024, with a net margin of 17.8% [5] - Earnings per share (EPS) are projected to rise from 0.71 yuan in 2023 to 0.78 yuan in 2024 [5] Market Position and Product Development - The company fills a market gap in network bus products, which are essential for military aircraft modernization, with a significant portion of China's second-generation aircraft still in service [2] - The LED ball dome visual system has undergone five technical iterations and has been recognized for its superiority over traditional projection technologies, reducing reliance on foreign products [3] - The company has a robust order backlog in the special display sector, further diversifying its product offerings [3]