On November 11, Guolonghui | swhy's research pointed out that China Aerospace Times Electronics (600879.SH), as one of the few domestic enterprises with the qualification and capability to undertake various aerospace and model product supporting production tasks, core benefits from the downstream demand release of the aerospace electronics information industry. The company deeply cultivates the aerospace electronics main business, always maintaining a leading position in the related industry, while actively expanding unmanned system equipment and developing multiple fields in depth. It is expected that the company's net income attributable to the parent company for the years 2024-2026E will be 0.62, 0.75, and 0.93 billion yuan respectively, with corresponding PE ratios for the years 2024-2026E at 56/46/37 times. Selecting Guangzhou Haige Communications Group Incorporated (satellite communication, satellite navigation), Xindonglianke (inertial navigation), Chengdu Spaceon Electronics (satellite navigation), Guobodianzi (satellite communication) and other representative companies with navigation and communication products as their main business for comparison, the average PE ratios of comparable companies for the years 2024-2026E are 70/51/39 times, with the company's PE valuation in 2024 below the industry average. Considering the steady increase in demand for aerospace military products and 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, a "buy" rating is given.