Bangyan Technology (688132) 中国银河·2024-12-04 06:38Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company plans to acquire 100% of Xingwang Xintong at a price of 13.94 CNY per share, which will help expand its civilian product business matrix, increasing the revenue contribution from civilian products to over 50% [2][3]. - The acquisition is expected to significantly enhance the company's profits, with Xingwang Xintong projected to generate revenue of 632 million CNY in 2023, a year-on-year increase of 20.9%, and a net profit of 47 million CNY, a year-on-year increase of 31.9% [3]. - The integration of resources and technology between the company and Xingwang Xintong is anticipated to create a synergistic effect, enhancing product and service innovation [4]. Financial Forecast - The company’s revenue is projected to grow from 181 million CNY in 2023 to 743 million CNY in 2026, with a compound annual growth rate (CAGR) of approximately 85.03% from 2023 to 2024 [11][16]. - The net profit is expected to turn positive by 2025, reaching 83 million CNY, and further increasing to 147 million CNY by 2026 [11][16]. - The earnings per share (EPS) is forecasted to improve from -0.34 CNY in 2023 to 0.97 CNY in 2026 [11][16].