Naruida(688522) China Post Securities·2025-02-27 04:59Investment Rating - The investment rating for the company is "Accumulate" and is maintained [1] Core Views - The company, Narui Radar, is expected to achieve a revenue of 320-350 million yuan in 2024, representing a year-on-year growth of 51%-65%, and a net profit attributable to shareholders of 75-90 million yuan, indicating a growth of 18%-42% [4] - The company has signed contracts for new projects worth approximately 800 million yuan, with significant growth in sales of weather radar and hydrological measurement radar [5] - The company is actively expanding into low-altitude, civil air traffic control, and overseas markets, which presents substantial growth potential [5] - The planned acquisition of 100% equity in Tianjin Sigma Microelectronics is aimed at creating a second growth curve for the company, enhancing its vertical integration strategy [6] - The projected net profits for 2024-2026 are estimated at 83.12 million yuan, 424 million yuan, and 529 million yuan, corresponding to a price-to-earnings ratio of 173, 34, and 27 times respectively, maintaining the "Accumulate" rating [6] Company Overview - The latest closing price of the company's stock is 66.50 yuan, with a total market capitalization of 14.4 billion yuan and a circulating market capitalization of 5.6 billion yuan [3] - The company has a total share capital of 2.17 billion shares, with 850 million shares in circulation [3] - The company has a debt-to-asset ratio of 6.9% and a price-to-earnings ratio of 154.65 [3]