国科军工(688543)：归母净利润同比增长 研发投入推动业务发展

Core Insights - The company reported a revenue of 1.204 billion yuan for 2024, representing a year-on-year growth of 15.78%, and a net profit attributable to shareholders of 199 million yuan, up 41.25% year-on-year [1] - The company continues to focus on research and development, with R&D investment increasing by 25.95% in 2024, leading to multiple patents that support product upgrades and new business expansion [2] - The company has adjusted its revenue forecasts for 2025 to 2027, expecting net profits of 245 million, 297 million, and 360 million yuan respectively, with year-on-year growth rates of 23.1%, 21.4%, and 21.2% [3] Revenue and Profit Growth - The company achieved a revenue of 1.204 billion yuan in 2024, marking a 15.78% increase compared to the previous year [1] - The net profit attributable to shareholders reached 199 million yuan, reflecting a significant year-on-year growth of 41.25% [1] Business Operations and R&D Focus - The ammunition equipment segment remains a traditional strength, with improvements in production efficiency and cost reduction through lean management and strict quality control [1] - The solid engine power module segment for missiles (rockets) saw a substantial increase in product delivery due to advanced technology and high-quality products [1] - R&D investment for 2024 was 25.95% higher than the previous year, supporting technological innovation and attracting new customers [2] Future Profit Projections - The company has revised its profit forecasts for 2025 to 2027, with expected net profits of 245 million, 297 million, and 360 million yuan, indicating strong growth potential [3] - Corresponding price-to-earnings ratios for these years are projected to be 36.00, 29.65, and 24.47 times [3]