微波固态器件受益于有源相控阵雷达发展，市场空间广阔。公司微波固态器件主要包括开关网络、变频组件、射频前端、功放等微波器件、多功能组件及微波分机，能够根据用户的不同需求提供高集成度、定制化的方案，目前已为部分重点工程提供长期配套。有源相控阵雷达是微波固态器件的重要应用场景，根据中国产业信息研究院数据，预计我国2025 年有源相控阵雷达的市场规模约141.3 亿元，按照有源相控阵雷达天线系统价值量占比70%-80%，天线系统中T/R 组件占比80%测算，2025 年我国T/R 组件市场规模将达79.1-90.4 亿元，微波固态器件行业市场空间巨大。Summary of the report:
The product number of electric vacuum devices is perfect, and the technology occupies a leading position in China. The company's microwave device products include microwave vacuum devices and microwave solid-state devices. It is the first company in China to develop and produce both electric vacuum and solid-state microwave devices. The company's microwave vacuum devices mainly include traveling wave tubes, magnetrons, inflatable microwave switches, etc. In recent years, we have provided tens of thousands of microwave tubes for nearly 200 kinds of weapons and key projects, such as ground, vehicle, shipboard, airborne, missile and so on.
With the continuous increase of China's national defense expenditure, the continuous growth of the demand for radar and other military electronic equipment, and the steady progress of the construction of low-orbit broadband communication satellite system, the market demand for the company's core products is expected to maintain rapid growth.
Microwave solid-state devices benefit from the development of active phased array radar and have a broad market. The company's microwave solid-state devices mainly include switching networks, frequency conversion components, RF front-ends, power amplifiers and other microwave devices, multi-function components and microwave extensions, which can provide highly integrated and customized solutions according to the different needs of users. at present, it has provided long-term support for some key projects. Active phased array radar is an important application scene of microwave solid-state devices. According to the data of China Industrial Information Research Institute, it is estimated that the market size of active phased array radar in 2025 is about 14.13 billion yuan. According to the value of active phased array radar antenna system accounting for 70% Mel 80%, and the proportion of Tmax R module in antenna system accounting for 80%, the market size of Tmax R module in China will reach 79.1-9.04 billion yuan in 2025. The market space of microwave solid-state devices industry is huge.
The scale of "artificial sun" is huge, and the development prospect of equipment and components in the nuclear industry is highly prosperous. Under the background of global low-carbon and green development, the demand for clean energy continues to grow, and controlled nuclear fusion has the advantages of sufficient raw materials, excellent economic performance, safety and reliability, no environmental pollution and so on. it has become one of the largest and most far-reaching international scientific research cooperation projects in the world. The special metal pumps and valves developed by the company in the nuclear industry fusion field have realized the localization of the core components, filled the domestic gap, and demonstrated good competitiveness in the competition with similar products abroad. It is expected to scale up in the context of the development of the national nuclear energy strategy.
Investment suggestion: we estimate that the company's revenue in 2023-2025 will be 1.274Universe 1.551 billion yuan, the net profit of homing mother will be 1.75Universe 2.34pm 293 million, corresponding to EPS 2.162.7 yuan, corresponding to PE53.03/39.58/31.66X, we are optimistic about the performance growth potential brought by the company's high technical barriers and downstream high scene demeanor, covering it for the first time and giving it a "buy" rating.
Risk hints: new business progress falls short of expectations, competition intensifies, profit forecasts and valuations fall short of expectations