迈信林：布局多项算力新业务，航空核心零部件厂商再起航

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a core aerospace component manufacturer expanding into civilian industries, with a dual focus on aerospace and civilian precision components [2] - It has partnered with Photon Computing to enter the domestic computing power market, leveraging photonic computing chips that offer significant performance advantages over traditional electronic chips [2] - Collaboration with Suzhou State-Owned Assets has enabled the company to enter the computing power leasing and scheduling business, with plans to build 8000P of computing power [2] - The company is expected to achieve significant revenue growth, with projected operating income of 598 39 million yuan in 2024, 912 96 million yuan in 2025, and 1,301 38 million yuan in 2026 [1] Business Overview - The company specializes in aerospace component manufacturing, with a focus on complex and high-precision products such as integrated structural components and aircraft assembly tooling [13] - It has expanded into civilian industries, offering precision components for electronics, semiconductors, and other sectors [13] - The company has a diversified product portfolio, including aerospace components, civilian precision parts, and electronic control products [13] Computing Power Business - The company has partnered with Photon Computing to develop photonic computing chips, which offer superior performance in terms of computing power, power consumption, and latency compared to traditional electronic chips [29] - Photonic computing chips are expected to address the limitations of electronic chips, with potential applications in data centers and specialized scenarios [29] - The company has collaborated with Suzhou State-Owned Assets to establish a computing power leasing and scheduling business, with plans to build 8000P of computing power [2] - The computing power scheduling market in China is projected to reach 444-887 billion yuan by 2025, depending on the scenario [2] Financial Projections - The company's operating income is expected to grow significantly, with projected revenue of 598 39 million yuan in 2024, 912 96 million yuan in 2025, and 1,301 38 million yuan in 2026 [1] - Net profit attributable to the parent company is forecasted to be 67 95 million yuan in 2024, 131 43 million yuan in 2025, and 210 61 million yuan in 2026 [1] - The company's EPS is expected to increase from 0 47 yuan per share in 2024 to 1 45 yuan per share in 2026 [1] Valuation - The company's 2024 PE ratio is 80 21x, lower than the average PE ratio of 102x for comparable companies [51] - The company's valuation is expected to benefit from its new computing power business, which could open up a significant market opportunity [51]