swhy's research points out that China Aerospace Times Electronics (600879.SH), as one of the few domestic enterprises qualified and capable of undertaking various aerospace and model product supporting production tasks, core benefits from the downstream demand release of the aerospace electronics information industry. The company has been deeply cultivating the aerospace electronics main business, always maintaining a leading position in related industry fields domestically, while actively expanding unmanned system equipment and developing deeply in multiple areas. It is expected that the company's net income attributable to the parent from 2024 to 2026E will be 0.62, 0.75, 0.93 billion yuan respectively, corresponding to the current stock price PE of 56/46/37 times for 2024-2026E. Selecting representative companies such as Guangzhou Haige Communications Group Incorporated (satellite communication, satellite navigation), XDLINK (inertial navigation), Chengdu Spaceon Electronics (satellite navigation), and Guobo Electronics (satellite communication) with navigation and communication products as their main business for comparison, the average PE of comparable companies for 2024-2026E is 70/51/39 times, with the company's PE valuation lower than the industry average in 2024. Considering the steady increase in demand for aerospace military products coupled with the rapid growth of the second growth curve, the company's future performance is expected to maintain rapid growth. Therefore, for the first time coverage, an initial 'buy' rating is given.