HQTI(SH:688281)2024-08-16 06:00Investment Rating - The report maintains a "Recommended" rating for the company, highlighting its strong position in the domestic aerospace engine materials sector and its investment value due to its scarcity [2][3]. Core Insights - The company reported a revenue of 485 million yuan for the first half of 2024, representing a year-on-year growth of 27.01%, and a net profit attributable to shareholders of 216 million yuan, up 17.4% year-on-year [1]. - The overall performance was slightly below expectations, with the second quarter revenue at 238 million yuan (YoY +21.7%, QoQ -4.1%) and net profit at 101 million yuan (YoY +6.3%, QoQ -11.54%) [1]. - The gross margin for the first half of 2024 was 56.3%, a decline of 1.8 percentage points year-on-year, while the parent company's gross margin improved to 60.17%, an increase of nearly 2 percentage points, indicating the competitiveness and price stability of stealth material products [1]. - The company is expected to see significant growth driven by three main factors: an increase in production models and new product orders, expansion of stealth material applications, and the introduction of maintenance services for stealth materials [1]. - The subsidiaries are progressing well, with production lines in the aerospace sector starting trial production and expected to fully launch in the second half of 2024, contributing to revenue growth [1]. - The company has a robust order backlog, with approximately 914 million yuan in orders, and management has shown confidence by increasing their shareholdings [1][2]. Financial Projections - The company is projected to achieve net profits of 518 million yuan, 648 million yuan, and 784 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.66 yuan, 3.33 yuan, and 4.03 yuan [2][8]. - Revenue is expected to grow from 1.225 billion yuan in 2024 to 2.005 billion yuan in 2026, with growth rates of 33.52% and 24.64% in the following years [8][10].