BLT(SH:688333) Guotai Junan Securities·2024-07-21 10:01Investment Rating - The investment rating for the company is "Buy" with a target price adjusted to 86.43 CNY, down from the previous forecast of 107.08 CNY [15]. Core Views - The company is a leader in metal additive manufacturing, with a fully integrated industrial chain and rapid market penetration due to expanding downstream application scenarios, indicating a strong potential for continued high growth [15]. - The company is expected to achieve significant revenue growth in the first half of 2024, with projected revenue of 615 million CNY, representing a 40.16% increase [15]. - The company has seen a notable increase in net profit, with an expected net profit of approximately 95 million CNY for the second quarter of 2024, reflecting a 102.72% increase [15]. Financial Summary - Revenue is projected to grow from 918 million CNY in 2022 to 3,670 million CNY by 2026, with a compound annual growth rate (CAGR) of 40.4% [4]. - Net profit attributable to the parent company is expected to rise from 79 million CNY in 2022 to 689 million CNY in 2026, with a CAGR of 39.7% [4]. - Earnings per share (EPS) is forecasted to increase from 0.29 CNY in 2022 to 2.54 CNY in 2026 [4]. Market Position and Growth Drivers - The company is benefiting from the release of demand in aerospace and other application fields, which is expected to sustain its high growth trajectory [5]. - The penetration of additive manufacturing technology is rapidly increasing, particularly in small-batch, customized, and complex product manufacturing, indicating a favorable market environment [15]. - The company maintains a high market share in the domestic aerospace additive manufacturing sector and has established close collaborations with major military industrial groups [15].