The company expects to achieve an annual operating income of 485-518 million yuan in 2024, an increase of 65.15%-76.39% over the previous year; The company expects that the net profit attributable to the owners of the parent company in 2024 will be 0.40-60 million yuan, a year-on-year increase of 163.55%-295.40%. The year-on-year increase in revenue was mainly due to the introduction of new customers in the company's related precision parts business and the continuous growth of the business volume of the original existing customers; At the same time, the company added computing power services and sales business, and sales revenue increased. The year-on-year increase in net profit was mainly due to the increase in revenue scale and the income from new computing power services.

One body, two wings, aviation parts sector military & civilian products two-line development company has been committed to the aviation parts sector for more than ten years, military & civilian products two-line development. Founded in 2010, the company has always focused on the process research and development and processing and manufacturing of aerospace parts, and its main business can be divided into two major sectors: aerospace parts and tooling, and civilian multi-industry precision parts. At present, the company has undertaken the process design and processing and manufacturing of various types of aerospace parts, involving aircraft fuselage, wings, tail, engine, landing gear, electromechanical systems, avionics systems, etc., and is a private aerospace parts manufacturer with comprehensive processing capabilities of airframe parts, engine parts and airborne equipment parts. Since 2019, the company has focused on expanding its business in the fields of aero engines and aircraft landing gear. Relying on independent research and development, the company has mastered the processing and manufacturing capabilities of aero engine parts such as receivers and integral turbine discs and the main frame of the landing gear.

In September 2024, in order to further expand its business area, the company introduced strategic investors Mr. Bai Bing and Mr. Xu Yinghui. Photon Computing (Beijing) Technology Co., Ltd., founded by Mr. Bai Bing, focuses on the construction, delivery and operation of optical interconnection computing power cluster system, and Mr. Xu Yinghui and his team have great advantages in the construction of domestic computing center computer room, supporting procurement and customer service. The two parties agreed to cooperate through the transfer of 10.00% equity by Mr. Zhang Youzhi, the controlling shareholder and actual controller, and the transfer of 5.00% equity by Mr. Bai Bing and Mr. Xu Yinghui, to jointly promote the strategic development of the listed company.

In addition, on November 25, 2024, Ruiying Intelligent Computing and Beijing Urban Construction Intelligent Control Technology Co., Ltd. signed a contract service with an amount of approximately RMB240 million, including computing resources and computing power network, and Rockchip signed a contract service with Beijing Urban Construction with an amount of approximately RMB120 million, including computing resources and computing network. If the sales contract signed this time is successfully executed, it is expected to have a positive impact on the company's 2024-2025 annual performance, which is conducive to enhancing the company's sustainable profitability and core competitiveness.

Profit forecast

Relying on independent research and development capabilities, the company has gathered momentum and improved the quality of the traditional aviation parts business, and further empowered and upgraded the construction of computing power business. Among them, the computing power business will grow rapidly in the future, and new strategic investors will continue to help the company's computing business develop steadily. We predict that the company's revenue in 2024-2026 will be 4.87, 2.556 and 3.471 billion yuan respectively, EPS will be 0.41, 1.34 and 2.04 yuan respectively, and the corresponding PE of the current stock price will be 90.0, 27.5 and 18.0 times respectively, giving a "buy" investment rating.

Risk Warning:

Market expansion is less than expected, new product development is less than expected, and downstream market recovery is less than expected.