国科军工（688543）：2024年年报点评：24年业绩增长41%，业务拓展打开成长空间

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its competitive advantages and growth potential in the ammunition and solid engine sectors [3][6]. Core Insights - The company achieved a revenue of 1.2 billion yuan in 2024, representing a year-over-year growth of 15.8%, with a net profit of 199 million yuan, up 41.3% year-over-year [1]. - The growth in 2024 was supported by strong business development capabilities and market demand, with a notable increase in the gross margin to 34.4% and net margin to 17.1% [1][2]. - The company is focusing on R&D, increasing its R&D expenses by 26% to 90 million yuan, which is expected to drive long-term growth and business expansion [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 440 million yuan, a year-over-year increase of 21.6%, and a net profit of 49 million yuan, up 2.9% year-over-year [1]. - The total accounts receivable increased by 141% to 600 million yuan, leading to a credit impairment loss of 24.24 million yuan [1]. Product Segmentation - The ammunition business grew steadily, with revenue from special products reaching 1.17 billion yuan, a 17.3% increase year-over-year, while the civil products segment remains small at 29 million yuan [2]. - The solid engine power module segment saw significant growth, with revenue increasing by 71.5% to 380 million yuan, and profit soaring by 90% to 112 million yuan [2]. R&D and Future Outlook - The company has 95 ongoing R&D projects, up from 83 the previous year, indicating a strong commitment to innovation [3]. - Future profit projections estimate net profits of 272 million yuan, 348 million yuan, and 425 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 33x, 26x, and 21x [3][5].