Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its leading position in the metal 3D printing industry and expected growth in profits [2][4]. Core Viewpoints - The company reported a revenue of 590 million yuan for 1H24, representing a year-on-year increase of 34.7%, and a net profit attributable to shareholders of 88 million yuan, up 398% year-on-year [2]. - The growth in revenue and net profit is attributed to the balanced development across the entire 3D printing industry chain, with significant growth in the aerospace sector [2]. - The company is increasing its research and development efforts and preparing for strong downstream demand, with a notable reduction in expense ratios [2]. Financial Performance Summary - For 1H24, the company achieved a gross margin of 46.0%, a slight decrease of 2.2 percentage points year-on-year, while the net profit margin increased by 10.9 percentage points to 14.9% [2]. - In 2Q24, revenue reached 385 million yuan, a year-on-year increase of 26.0%, with a net profit of 87 million yuan, up 88.0% year-on-year [2]. - The company’s revenue from customized 3D printing products was 320 million yuan, growing 37.0% year-on-year, while revenue from 3D printing equipment was 170 million yuan, up 33.8% year-on-year [2]. Future Projections - The company is projected to achieve net profits of 300 million yuan, 440 million yuan, and 600 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 42, 29, and 21 times [2][5]. - Revenue is expected to grow at rates of 34.2%, 42.8%, 38.1%, and 32.7% for the years 2024 to 2026 [5]. Industry Position - The company is recognized as a leader in providing comprehensive solutions for metal 3D printing, having established a complete industry chain that includes raw materials, equipment, and printing services [2].

证券代码：688333 证券简称：铂力特 公告编号：2024-033 西安铂力特增材技术股份有限公司 二、监事会会议审议情况 经与会监事认真讨论，审议并通过如下事项： （一）审议通过了《关于公司 2024 年半年度报告及摘要的议案》 监事会认为：公司《2024 年半年度报告》及摘要的编制和审核程序符合相关 规定，报告内容真实、准确、完整，包含的信息公允、全面，真实地反映了公司 2024 年半年度的财务状况和经营成果等事项。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《西安铂力特增材技术股份有限公司 2024 年半年度报告》及《西安铂力特增材技 术股份有限公司 2024 年半年度报告摘要》。 第三届监事会第九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 监事会会议召开情况 西安铂力特增材技术股份有限公司（以下简称"公司"）第三届监事会第九次 会议于 2024 年 8 月 29 日以现场结合通讯方式召开。本次会 ...

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a 20% increase compared to the same period last year[16]. - The company achieved operating revenue of CNY 590.93 million, an increase of 34.68% compared to the same period last year[21]. - The net profit attributable to shareholders reached CNY 88.19 million, representing a growth of 398.07% year-on-year[24]. - The basic earnings per share were CNY 0.32, up 190.91% from CNY 0.11 in the same period last year[23]. - The gross profit margin improved to 35%, up from 30% in the previous year, reflecting better cost management[16]. - The company reported a revenue increase of 25% year-over-year, reaching $500 million in the latest quarter[145]. - The company reported a revenue of 1.5 billion in Q2 2024, representing a 15% increase year-over-year[150]. - The operating profit was CNY 81.14 million, up CNY 6.70 million from the previous year[96]. - The gross margin improved to 60%, up from 55% in the previous quarter, indicating better cost management[145]. User Growth and Market Expansion - User data indicates a growth in active users by 15%, reaching a total of 1.2 million users[16]. - The company expects a revenue growth forecast of 25% for the second half of 2024, driven by new product launches and market expansion strategies[16]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[16]. - Market expansion plans include entering three new countries by the end of the fiscal year, targeting a potential market of 5 million users[145]. - User data showed a growth of 20% in active users, reaching 10 million by the end of Q2 2024[150]. Research and Development - Research and development expenses increased by 30%, totaling RMB 50 million, focusing on new additive manufacturing technologies[16]. - The total R&D investment for the reporting period reached CNY 107.92 million, an increase of 28.60% compared to the same period last year[67]. - The company has developed various metal 3D printing equipment, including Selective Laser Melting (SLM) and Wire Arc Additive Manufacturing (WAAM), enhancing manufacturing efficiency and reducing costs[36][38]. - The company has achieved significant advancements in the development of self-researched software for 3D printing, enhancing its technological capabilities[33]. - The company has filed 616 patents, with 343 granted, including 98 invention patents, showcasing its strong innovation capabilities in the field of additive manufacturing[46]. Strategic Initiatives - A strategic acquisition of a local competitor is in progress, expected to enhance production capabilities and market reach[16]. - The board has approved a share buyback program worth RMB 100 million to enhance shareholder value[16]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[145]. - The company is actively exploring new applications and industries for additive manufacturing technology[94]. Environmental and Compliance - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period[127]. - The company is not classified as a major pollutant enterprise and generates minimal pollutants[131]. - The company has established a rainwater and sewage diversion system to ensure compliance with environmental regulations regarding wastewater discharge[133]. - The company has implemented noise control measures, ensuring that the factory's environmental noise levels meet the II class standard limits as per GB12348-2008[134]. Shareholder Information - The company has a total of 183.1498 million shares under its stock incentive plan for the third vesting period[127]. - The company has committed to not transferring or entrusting the management of shares held before the IPO for 36 months from the date of listing[138]. - The total number of shareholders as of the end of the reporting period is 7,345[173]. - The top ten shareholders hold a total of 45,041,825 shares, accounting for 16.57% of the total shares[175].

Summary of Conference Call Company/Industry Involved - The conference call is related to the securities industry, specifically focusing on the insights provided by Zheshang Securities Research Institute [1] Core Points and Arguments - The content of the call is directed towards institutional investors and invited third-party guests, emphasizing that the opinions expressed are personal and do not constitute specific investment advice regarding securities at particular price points or market conditions [1] Other Important but Possibly Overlooked Content - The call serves as a reminder that the information shared is not a definitive judgment on the performance of specific securities in the market [1]

是在推荐那个国防军工行业我们认为他最坏的时间已经过去了表的原因是一个是说从副盘来看上涨和下跌基本上是对称的时间空间也是上涨上涨涨幅和跌幅啊调整的幅度也是比较大了另外从基本面上来看呢其实现在呃导致军工权力调整的三大利空目前要么就是说反腐你就觉得进入尾声呃降价已经反映到预期里 新的订单我们觉得陆陆续续要下达另外一个我们看到全球的局势包括中国也好全球也好这个局势其实并没有缓和其实未来全球在进入一个我们认为地缘政治的地缘局势其实未来还是在朝着恶化的方向走所以整个全球都进入一个这样一个叫我们认为备战止战的一个 办战时经济的状态那么整个注印链上的这个公司我们认为就是到了最坏的时间过去了至少但什么时候起来呢我们认为首先是低空的一个催化后面是订单的催化等等所以最近你会发现最近其实是反客战明显的走强核心的逻辑那么这些系列里我们推荐的是最终的拯救是推荐的主要的原因是金正恩格局好他其实受这个价格的影响 其实其实会比较少而且他们在其实自己也在找上游的供应链降价啊当然他他也因为其他的原因他也是价格也是在降啊再往上另外一个呢几个比较关键的环节包括像类似于3D打印这种这种我们叫真材的新的技术新的加工方式竞争格局也是可以的那么像伯利特呢从上 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 公 司 更 新 报 告 本报告导读： [Table_Industry] 机械制造业/可选消费品 铂力特(688333) | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|--------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 918 | 1,232 | 1,813 | 2,614 | 3,670 | | (+/-)% | 66.3% | 34.2% | 47.1% | 44.2% | 40.4% | | 净利润（归母） | 79 | 142 | 336 | 493 | 689 | | (+/-)% | 249.1% | 78.1% | 137.0% | 47.0% | 39.7% | | 每股 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected performance to exceed the market by over 20% in the next six months [19]. Core Views - The company is projected to achieve a revenue of 615 million yuan in H1 2024, representing a year-on-year growth of 40.2%, with a net profit attributable to shareholders of 95 million yuan, reflecting a significant increase of 436.5% [18]. - The rapid growth in performance is attributed to the company's expansion in the aerospace sector and the development of new markets, alongside increased revenue from self-developed 3D printing equipment and materials [18]. - The successful completion of a private placement, raising 3.029 billion yuan, is expected to enhance production capacity and solidify the company's leading position in the industry [18]. - The company focuses on high-margin products in the aerospace sector and aims to benefit from the release of downstream demand through continuous market expansion [18]. - The earnings forecast for 2024-2026 is maintained at 311 million, 503 million, and 705 million yuan respectively, with corresponding price-to-earnings ratios of 44, 27, and 19 [18]. Financial Summary - Total revenue for 2024 is estimated at 1,772 million yuan, with a year-on-year growth rate of 43.8% [4]. - The net profit attributable to shareholders is projected to be 311 million yuan for 2024, showing a year-on-year increase of 119.6% [4]. - The company’s gross margin is expected to be 48.1% in 2024, with a return on equity (ROE) of 6% [4].

Financial Performance - For the first half of 2024, the company expects to achieve revenue of approximately 615 million yuan, an increase of 176 million yuan, representing a year-on-year growth of about 40.16%[1] - The net profit attributable to the parent company is estimated to be around 95 million yuan, an increase of 77.29 million yuan, reflecting a year-on-year growth of approximately 436%[1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be about 62 million yuan, an increase of 61.31 million yuan, indicating a year-on-year growth of approximately 8,885%[8] - In the same period of 2023, the company achieved a revenue of 438.77 million yuan[9] - The earnings per share for the reporting period is projected to be 0.11 yuan[10] Business Strategy - The main business impact is attributed to stable revenue growth and a reduction in share-based payment expenses[10] - The company continues to deepen its focus on the aerospace sector while exploring new markets and application areas[10] Financial Data and Risks - The preliminary financial data is based on the company's internal estimates and has not been audited by registered accountants[11] - There are no significant uncertainties affecting the accuracy of this earnings forecast as of the announcement date[11] - Investors are advised to pay attention to investment risks as the data provided is preliminary and subject to change upon the official release of the 2024 semi-annual report[12]

本次股票上市流通总数为 44,867,350 股。 证券代码：688333 证券简称：铂力特 公告编号：2024-030 西安铂力特增材技术股份有限公司 向特定对象发行限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为向特定对象发行股份；股票认购方式为网下，上市股 数为 44,867,350 股。 32,048,107 股变动为 44,867,350 股），占公司目前总股本的 16.51%。本次限售股上 市流通日期为 2024 年 6 月 26 日。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 （一）2024 年 2 月 1 日，公司收到中国证券登记结算有限责任公司上海分公 司出具的《证券变更登记证明》，公司于 2024 年 1 月 31 日完成了 2020 年限制性 股票激励计划首次授予部分第三个归属期及预留部分第二次归属期股份的归属登 记工作。本次归属完成后，公司股本总数由 192,288,642 股增加至 194,120,140 股。 具体内容详见公司 ...

向特定对象发行限售股上市流通的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐人"）作为 西安铂力特增材技术股份有限公司（以下简称"铂力特"、"公司"）2022 年度向 特定对象发行 A 股股票的保荐人，根据《中华人民共和国公司法》《中华人民共和 国证券法》《证券发行上市保荐业务管理办法》以及《上海证券交易所科创板股票 上市规则》等相关法律法规和规范性文件的要求，对铂力特向特定对象发行限售股 上市流通事项进行了审慎核查，具体情况如下： 一、本次上市流通的限售股类型 西安铂力特增材技术股份有限公司于 2023 年 7 月 5 日收到中国证监会出具的 《关于同意西安铂力特增材技术股份有限公司向特定对象发行股票注册的批复》 （证监许可﹝2023﹞1444 号）， 同意公司向特定对象发行股票的注册申请。公司 本次向特定对象发行新增 32,048,107 股股份已于 2023 年 12 月 26 日在中国证券登 记结算有限责任公司上海分公司办理完毕股份登记手续，公司总股本由 160,240,535 股增加至 192,288,642 股。具体内容详见公司于 2023 年 12 月 28 日在上海证券交 ...