国科军工：业绩高增长，聚焦主营业务发展及核心技术研发

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue growth of 20.57% year-on-year, achieving a total revenue of 482 million yuan in the first half of 2024, while the net profit attributable to shareholders increased by 84.09% to 80 million yuan [2] - The company continues to focus on the development of its core business and technology research, enhancing its capabilities to ensure smooth product delivery and maintaining a good growth trend [2] - The company has completed multiple product research trials and has secured one new bidding project, with a total of 38 existing model projects [2] - The company is investing in capacity expansion projects, which are expected to become new profit growth points in the future [2] Financial Performance Summary - The projected net profits for 2024-2026 are 188 million yuan, 245 million yuan, and 297 million yuan, with year-on-year growth rates of 33.5%, 30.2%, and 21.4% respectively [3] - The corresponding price-to-earnings (P/E) ratios for these years are 36.09, 27.72, and 22.83 [3] - Key financial indicators for 2024E include revenue of 1,396 million yuan, net profit of 188 million yuan, and a gross margin of 32.1% [5]