聚焦防空预警雷达主业，不断扩展军贸及其他应用市场。公司聚焦防空预警雷达主业，在加大雷达整机国内市场开拓力度同时，在军贸市场也有较多布局，公司有多个军贸产品型号在售，目前军贸业务在手订单比较充足。另一方面，积极响应用户需求，加大雷达防护设备、雷达测试设备等配套装备产品的研发和生产，某型训练评估系统成功拓展新用户市场，中标某用户空管雷达配套设备研制项目，迈入空管领域。The company released the third quarter report of 2023, with operating income of 145 million yuan, an increase of 156.97% over the same period last year, and net profit of 11 million yuan, an increase of 150.42% over the same period last year.
The scarce active phased array radar platform has significantly improved its performance in the third quarter of 23. The company realized operating income of 145 million yuan, an increase of 156.97% over the same period last year, and a net profit of 11 million yuan, an increase of 150.42% over the same period last year. Revenue in the first three quarters of 2023 was 506 million, up 114.06% from the same period last year, and the net profit was 41 million yuan, an increase of 204.25% over the same period last year.
The rate of expenses for the three items has dropped sharply, and profitability has continued to improve. In terms of profitability, the company's gross profit margin on sales in the first three quarters of 2023 was 27.83%, an increase of 2.21 pct over the same period last year, and the net profit margin on sales was 8.09%, an increase in 24.7pct over last year. During the period, the company incurred sales expenses (6 million, 12.00%; administrative expenses (41 million, + 8.30%); and financial expenses (- 22 million, compared with-7 million for the same period last year). Research and development expenses (100 million, + 16.82%).
Focus on the main business of air defense early warning radar, and constantly expand the arms trade and other application markets. The company focuses on the main business of air defense early warning radar. While strengthening the development of the domestic market of the whole radar, it also has more layout in the military trade market. The company has a number of military trade product models for sale. At present, the arms trade business has relatively sufficient orders on hand. On the other hand, actively respond to the needs of users, increase the research and development and production of radar protection equipment, radar testing equipment and other supporting equipment products, a certain type of training and evaluation system has successfully expanded the new user market, won the bid for a user ATC radar supporting equipment development project, and entered the field of air traffic control.
Technical advantages cast a solid moat, stable orders to ensure the sustainability of performance. As a listed company of Beijing Radio Institute, the technical strength of air defense early warning radar is in the leading position in the world, and it undertakes the task of early warning detection, surveillance and control of air targets. it is a kind of important electronic equipment in modern warfare. it has an extremely important strategic position in the field of national defense. In recent years, the company has participated in the bidding of scientific research projects in 25 countries, the military and other channels, and won 16 projects. After the completion of some projects, it is expected to obtain continuous orders in a certain period of time in the future, and the company's domestic performance may maintain steady growth.
Profit forecast: the company is expected to have a net profit of 1.87,2.50 and 340 million yuan in 2025, corresponding to a valuation of 41, 31 and 23 times, and maintain a "highly recommended" rating.
Risk tips: military customers to make up for price differences changes, military trade development is not timely, new products into mass production is not as expected.
