TORCH ELECTRON(603678) 天风证券·2025-03-12 10:23Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [5]. Core Views - The employee stock ownership plan reflects the company's confidence in its development, with performance targets set for 2025, including a revenue goal of at least 4 billion yuan and a net profit of at least 500 million yuan [1]. - The company is expected to benefit from a recovery in orders for self-produced components, with a new round of stocking cycles anticipated due to the military's deepening informationization process [1][2]. - The new materials business is projected to maintain rapid growth, supported by the increasing demand for ceramic materials in next-generation aerospace equipment [2]. - The company is actively expanding its production capacity and acquiring stakes in other companies, which signals positive growth potential in its supply chain and high-end product offerings [2]. Financial Data and Forecast - Revenue is forecasted to decline from 3,558.72 million yuan in 2022 to 3,365.37 million yuan in 2024, before rebounding to 3,998.86 million yuan in 2025 and reaching 4,901.83 million yuan in 2026, reflecting a growth rate of 22.58% [4]. - The net profit attributable to the parent company is expected to decrease from 801.45 million yuan in 2022 to 309.14 million yuan in 2024, before increasing to 506.79 million yuan in 2025 and 722.30 million yuan in 2026 [4]. - The company's earnings per share (EPS) is projected to be 0.67 yuan in 2024, increasing to 1.11 yuan in 2025 and 1.58 yuan in 2026 [4]. Market Position and Strategy - The company is positioned as a core supplier in the ceramic materials market, which is expected to see significant growth due to its applications in new generation equipment [2]. - The company has multiple product lines, including thin-film circuits and resistors, which are anticipated to open new revenue streams in the self-produced components sector [1]. - The ongoing construction of new facilities and projects indicates a commitment to enhancing production capabilities and expanding into high-end markets [2].