casinonodepositbonustoday|普源精电(688337)：持续加大研发投入 高端化与差异化助力长期发展

The company releases the quarterly report of 2024. The company releases the quarterly report of 2024. Q1 company achieves revenue 1 in 2024.Casinonodepositbonustoday5.1 billion yuan (- 3.54%), net profit 6 million yuan (- 72.75%), net profit after deducting non-return mother is-7 million yuan (- 151.38%), net cash flow of operating activities is-26 million yuan, weighted average return on net assets is 0.22%. The company has a gross sales margin of 54.81% and a net sales margin of 6.31%. Continue to increase investment in R & D, the release of the 2024 draft equity incentive plan shows that the company has always attached great importance to independent research and development and differential competition, and strive to build strong competitiveness. In the first quarter of 2024, the company continued to invest in the construction of R & D centers in Xi'an and Shanghai, and increased its commitment to new products.CasinonodepositbonustodayThe total R & D cost is 43 million yuan (+ 41.57%), and the R & D expenditure rate is 28.52%. We believe that the electronic measuring instrument industry has a long slope and thick snow, and strong R & D is a necessary condition to achieve high-end products. in the future, with the mass production of products and the emergence of scale effects, the company's R & D expense rate is expected to be reduced. The company issued a draft equity incentive plan for 2024. The number of restricted shares to be granted to the incentive target is 2.8 million shares, with a total of 80 people. The performance evaluation target set in the draft equity incentive is to take 2023 as the base, with revenue / net profit growth of not less than 30% and 20% year-on-year in 2024, and revenue / net profit growth of no less than 30% and 20% in 2025 on the basis of 2024. The release of the equity incentive plan can not only improve the company's long-term incentive and restraint mechanism, effectively enhance the cohesion of the core team and the core competitiveness of the enterprise, but also demonstrate the company's confidence in achieving high-quality development in the future. In the frontier fields of M & An and forward-looking layout of quantum computing, according to the company announcement, it is proposed to purchase 100% stake in Nashi Electronics by issuing shares and paying cash. Based on digital array technology, digital electronics has rich experience in integrated solutions in the downstream application fields of RF engineering systems and measurement and control systems. Its products include digital array systems and array measurement and control instruments. Most of the downstream customers are domestic leading scientific research institutes, science and technology enterprises and so on. From a business point of view, the merger and acquisition will help the company to develop its efforts in specific areas such as remote sensing, quantum information, radio astronomy, microwave communications, and so on; from the perspective of the company's positioning, through this merger and acquisition, the company can enhance the overall solution capability through endurance, and achieve the transformation from a hardware supplier to an overall solution provider. It is suggested that we are optimistic about the long-term development of Puyuan Fine Power, and that driven by the equipment renewal policy, domestic brands are expected to fully benefit, considering the high performance and market recognition of the company's products, we believe that the university-end instrument market is expected to usher in high growth. To sum up, we maintain our previous profit forecast: from 2024 to 2026, the company is expected to achieve an income of 8.80x1095,000,000 yuan respectively, an increase of 31%, 24%, 22%, and a year-on-year net profit of 1.491.98%, 258 million yuan, an increase of 38%, 33%, 30%, and a corresponding EPS of 0.81, 107, and 1.39 in 2024-2026. The company's current share price corresponds to a PE of 44-33-25, maintaining a "buy" investment rating. Risk tips 1) market volatility risk; 2) R & D progress is not as expected; 3) exchange rate risk; 4) accounts receivable recovery risk; 5) loss of core technical personnel. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.