同时水声装备具有“耗材”属性，使用环境恶劣，使用频率较高，维修较频繁且潜在更换需求较大；（3）非水声业务应用领域广阔，有望受益下游产业空间扩展。公司非水声产品涵盖特装电子、智能制造。电子信息等领域，应用场景覆盖广泛，受益新能源汽车、相控阵雷达、卫星导航、智慧城市等下游空间扩展，公司非水声业务有望实现持续稳健增长。（4）我国水下电子信息产业起步较晚，参与企业多为军工科研院所及军工集团。公司背靠我国海军装备业务涵盖面最广泛的大型综合性企业集团，注重关键技术升级和产业化应用，在电子防务装备领域拥有水声电子行业方向上全体系科研生产能力；战略性新兴产业的部分领域也具有一定技术优势和市场地位。Core views:
The company is a core supplier of domestic hydroacoustic electronic defense equipment integrating R&D, manufacturing, system integration, sales and service of electronic defense and information equipment. Backed by China Shipbuilding Heavy Industries Group, two asset restructurings obtained assets and development capabilities related to the underwater electronic information business. The company has a stable leading position in the field of hydroacoustic electronic defense. It has scientific research and production capabilities in all fields of hydroacoustic electronic defense equipment and the entire industry chain. The products are widely used in various types of marine defense equipment such as ships. At the same time, the company accelerated the deployment of strategic emerging industries such as smart cities and satellite navigation, creating a second growth curve.
Core investment logic: (1) leading hydroacoustic electronic defense equipment, benefiting from the modernization of naval equipment and the acceleration of informatization construction, while underwater defense in new fields will be in a strategic development period for a long time; (2) Reviewing the US, the construction of underwater offensive and defensive countermeasures systems is expected to support the development of hydroacoustic electronic equipment for a long time.
At the same time, hydroacoustic equipment has the properties of “consumables”, the usage environment is poor, the frequency of use is high, maintenance is frequent, and there is a high potential replacement demand; (3) Non-hydroacoustic business applications are broad, and it is expected to benefit from the expansion of downstream industrial space. The company's non-underwater acoustic products cover specially equipped electronics and intelligent manufacturing. In fields such as electronic information, the application scenarios cover a wide range of applications. Benefiting from the expansion of downstream spaces such as new energy vehicles, phased array radars, satellite navigation, and smart cities, the company's non-hydroacoustic business is expected to achieve continuous steady growth. (4) China's underwater electronic information industry started late. Most of the participating enterprises were military research institutes and military industry groups. The company is backed by the largest comprehensive enterprise group covering the most extensive naval equipment business in China, focusing on key technology upgrades and industrial applications. It has all scientific research and production capabilities in the field of electronic defense equipment in the field of hydroacoustic electronics; it also has certain technical advantages and market positions in some fields of strategic emerging industries.
Profit forecast and investment advice: EPS is expected to be 0.48/0.70/0.99 yuan/share for 24-26, respectively. The company is expected to benefit from defense informatization, the construction of an underwater offensive and defensive counterattack system, and the expansion of downstream applications in the non-underwater sound business. Referring to the historical valuation levels of comparable companies and companies, the company will be given a PE valuation of 25 times 30 times, corresponding to a reasonable value of 20.94 yuan/share, and maintain an “gain” rating.
Risk warning: listing and delivery falling short of expectations; risk of policy adjustments; market development falling short of expectations.