CEC CoreCast(600764) 东吴证券·2024-04-29 23:30Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company's operations are currently under pressure, with revenue and net profit declining year-on-year. In 2023, revenue was 3.592 billion yuan, down 16.31%, and net profit was 309 million yuan, down 47.23%. The first quarter of 2024 also saw a revenue decline of 17.97% [2][3]. - The defense sector serves as a stabilizing force for the company's development, with defense-related revenue accounting for 64.31% of total revenue in 2023. The underwater acoustic defense business achieved a revenue of 1.3 billion yuan, growing by 3.34% [3]. - Emerging industries are flourishing, with the company focusing on strategic emerging industries such as new information technology, high-end equipment manufacturing, and renewable energy. Notably, the company secured a significant project in smart transportation worth 155 million yuan [4]. Financial Summary - The company's total revenue for 2023 was 3.592 billion yuan, with a projected increase to 4.492 billion yuan in 2024, representing a year-on-year growth of 25.08% [2]. - The net profit for 2023 was 309 million yuan, with forecasts of 555 million yuan for 2024 and 615 million yuan for 2025, indicating a recovery trend [6]. - The earnings per share (EPS) for 2023 was 0.43 yuan, expected to rise to 0.78 yuan in 2024 and 0.87 yuan in 2025 [2][6].