GATD(SH:688239) Xin Lang Cai Jing·2025-10-31 06:41Core Viewpoint - The company reported strong revenue growth in Q3 2025, driven by increased sales orders in both domestic and international markets, and maintains a "buy" rating due to optimistic long-term growth prospects in the aviation and gas turbine sectors [1]. Financial Performance - In Q3 2025, the company achieved revenue of 603 million yuan, representing a year-over-year increase of 46.60% and a quarter-over-quarter increase of 22.62% [1]. - The net profit attributable to the parent company for Q3 2025 was 55.577 million yuan, up 26.45% year-over-year and 17.09% quarter-over-quarter [1]. - For the first three quarters of 2025, the company reported total revenue of 1.517 billion yuan, a year-over-year increase of 7.40%, while net profit decreased slightly by 1.07% to 146 million yuan [1]. Business Expansion and Development - The company is experiencing accelerated growth in its gas turbine business, benefiting from increased overseas demand driven by AI development in the power sector and the expansion of its product offerings [2]. - The company has successfully integrated its production processes from forging to precision machining, enhancing its competitive edge in the aviation sector [3]. - The company is actively expanding its client base in the commercial aerospace sector, targeting private rocket and satellite companies, and has made significant progress in developing relationships with new clients [3]. Profit Forecast and Valuation - Due to the high demand in the aviation and gas turbine sectors, the company has revised its revenue forecasts upward for aviation and gas turbine components, anticipating net profits of 219 million yuan, 330 million yuan, and 431 million yuan for 2025, 2026, and 2027 respectively [4]. - The target price has been adjusted to 60.55 yuan, reflecting a 35 times PE ratio for 2026, indicating strong growth potential in the coming years [4].