longda(SH:688231) Zheng Quan Zhi Xing·2025-07-02 16:36Core Viewpoint - Jiangsu Longda Superalloy Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding discrepancies in its 2023 and 2024 annual reports, particularly concerning revenue and cost data adjustments [1]. Revenue and Cost Analysis - The company's revenue from the aerospace, gas turbine, and automotive turbine sectors decreased by 16.08% to 3.4% in 2024, while other sectors saw a revenue decline to 405.63 million yuan, a year-on-year decrease [1]. - The adjustments made to the revenue and cost data do not affect the overall financial statements and are detailed in the company's correction announcement [1]. - The company reported a gross margin change of 0.99% for the overall business, with specific changes in the aerospace sector showing a 6.15% increase, while the gas turbine sector saw a 1.09% increase [1]. Industry Performance - The aerospace sector's revenue growth from 2022 to 2024 was driven by significant demand from key domestic manufacturers and forging plants, with a 14.89% increase noted in 2024 [3][4]. - The gas turbine sector's sales increased significantly due to rising demand from domestic and international high-temperature alloy service providers, with notable growth in sales to key clients [6][7]. - The automotive turbine sector also experienced growth, primarily due to increased supply to important casting plants, although there was a slight decline in sales in 2024 compared to 2023 [8]. Client Performance - The top five clients in the aerospace sector contributed significantly to revenue, with notable sales increases to key clients, reflecting the company's strong position in high-temperature alloy supply [4][5]. - In the gas turbine sector, sales to major clients increased due to heightened demand for high-temperature alloys, particularly in light of geopolitical factors affecting international markets [6][7]. - The automotive turbine sector's client base showed substantial sales growth, particularly from new projects and increased supply agreements [8].