国科军工：利润显著增长，激励机制逐步完善

Investment Rating - The investment rating for the company is "Accumulate" [1][25]. Core Views - The company reported significant profit growth, with a 20.57% year-on-year increase in revenue to 482 million yuan and an 84.09% increase in net profit attributable to shareholders to 80 million yuan in the first half of 2024 [3][5][6]. - The company continues to enhance its research and development efforts, with R&D expenses increasing by 65.98% year-on-year, reflecting a commitment to innovation in core products [3][12]. - The company has implemented a stock incentive plan aimed at aligning employee interests with company performance, which includes granting 3.6 million restricted shares [19][22]. Financial Performance - For the first half of 2024, the company achieved a revenue of 482 million yuan, a 20.57% increase year-on-year, and a net profit of 80 million yuan, up 84.09% year-on-year [3][5]. - The gross profit margin for the first half of 2024 was 36.16%, an increase of 2.06 percentage points year-on-year [11][12]. - The company expects net profits for 2024, 2025, and 2026 to be 181 million, 222 million, and 289 million yuan respectively, with corresponding EPS of 1.03, 1.26, and 1.64 yuan per share [25]. Business Segmentation - The military products segment generated 460 million yuan in revenue in the first half of 2024, a 26.15% increase year-on-year, accounting for 95.42% of total revenue [9][11]. - The civilian products segment saw a decline in revenue to 19 million yuan, down 36.84% year-on-year, representing 3.98% of total revenue [9][11]. - The company’s subsidiary, Pioneer Company, reported a revenue of 119 million yuan, a 20.07% increase year-on-year, while another subsidiary, Jiujiang Guoke, experienced a revenue decline of 28.90% [16][18]. Research and Development - The company has increased its R&D personnel to 192, a 20% increase year-on-year, with R&D expenses accounting for 8.84% of total revenue [12][13]. - The company aims to maintain a research and development intensity of no less than 7% from 2025 to 2027 as part of its incentive plan [22][24]. Incentive Mechanism - The company announced a stock incentive plan on July 3, 2024, targeting 200 employees, which represents 23.26% of the total workforce [19][22]. - The plan includes performance targets for net asset return rates and net profit growth, ensuring alignment with long-term company goals [22][24].