国科军工：业绩稳健增长，持续加大核心产品研发

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 764 million yuan for the first three quarters of 2024, representing a year-on-year growth of 12.70%, and a net profit attributable to shareholders of 149 million yuan, which is a year-on-year increase of 61.20% [2][3] - The main driver for profit growth is attributed to the rapid increase in revenue from solid rocket engine power modules, increased cash management income, and a decrease in interest expenses [3] - The company continues to increase its investment in core product research and development, focusing on solid rocket engine power modules and intelligent new-type ammunition equipment [3] Financial Summary - The projected net profits for 2024, 2025, and 2026 are 188 million yuan, 245 million yuan, and 297 million yuan, respectively, with year-on-year growth rates of 33.5%, 30.2%, and 21.4% [4] - The corresponding price-to-earnings (P/E) ratios for these years are expected to be 52.11, 40.02, and 32.96 [4] - The company’s revenue for 2024 is projected to be 1.396 billion yuan, with a year-on-year growth of 34.2% [6]