航天南湖（688552）：业绩拐点已到，航天科工集团旗下主机厂上市平台多领域市场爆发

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company has reached an inflection point in its performance, with a significant increase in revenue and net profit in Q1 2025 compared to the previous year [6][7] - The company is backed by the Beijing Institute of Radio Measurement, which provides a strong technological advantage in the defense radar sector [6] - The company is actively expanding into foreign trade and low-altitude economy sectors, aiming to establish a second growth curve [6] Financial Performance Summary - In 2024, the company reported total revenue of 218 million, a decrease of 69.98% year-on-year, and a net loss of 78.23 million, down 176.36% year-on-year [6][9] - For Q1 2025, the company achieved revenue of 358 million, a year-on-year increase of 1201.58%, and a net profit of 56.60 million, up 450.48% year-on-year [6][9] - The company expects revenues of 1.23 billion, 1.69 billion, and 2.14 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 172 million, 217 million, and 257 million [2][9] Order Backlog and Market Position - As of the end of 2024, the company had an order backlog of approximately 1.4 billion [6] - The company is focusing on expanding its military trade business and developing new products for international markets [6] Key Financial Ratios - The company’s asset-liability ratio is projected to increase from 18.4% in 2023 to 68.1% in 2027 [10] - The return on equity (ROE) is expected to improve from -3.0% in 2024 to 8.6% in 2027 [10] - The company’s earnings per share (EPS) is projected to recover from -0.23 in 2024 to 0.76 in 2027 [10]