Guobo Electronics (688375) 华安证券·2025-04-23 12:14Investment Rating - The investment rating for Guobo Electronics is maintained at "Buy" [1] Core Views - The company reported a significant decline in revenue and net profit for Q1 2025, with revenue at 350 million yuan, down 49.51% year-on-year, and net profit at 58 million yuan, down 52.37% year-on-year [4] - Guobo Electronics has established a presence in the commercial aerospace and low-altitude economy sectors, with key products being integrated into 5G-A sensing base stations and multiple T/R component products delivered to customers in the commercial aerospace field [5] - The forecast for net profit from 2025 to 2027 is 595 million yuan, 744 million yuan, and 938 million yuan, representing year-on-year growth rates of 22.7%, 25.1%, and 26.1% respectively, with corresponding P/E ratios of 50.30, 40.20, and 31.89 [6] Financial Summary - For 2024A, the company expects revenue of 2,591 million yuan, with a year-on-year decline of 27.4%, and net profit of 485 million yuan, down 20.1% [8] - The projected revenue for 2025E is 3,162 million yuan, with a year-on-year growth of 22.1%, and net profit of 595 million yuan, reflecting a growth of 22.7% [8] - The gross margin is expected to remain stable at around 38.6% for 2025E, with ROE increasing from 7.8% in 2024A to 8.8% in 2025E [8]