ToLand(SZ:300855)2024-08-19 09:00Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 731 million yuan for the first half of 2024, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 191 million yuan, up 7.1% year-on-year. The performance is in line with expectations considering the high base effect from the previous year [1]. - The company is actively expanding its civilian product lines and extending its industrial chain, particularly in high-temperature alloy materials, which have significant growth potential. The subsidiary has established a production capacity for aviation components, expected to generate annual revenue of approximately 231 million yuan once fully operational [2]. - The company is expected to maintain a rapid growth trajectory, benefiting from both military and civilian product demand, with projected net profits of 389 million yuan, 490 million yuan, and 583 million yuan for 2024, 2025, and 2026, respectively [2]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.594 billion yuan, with a growth rate of 15.13%. The net profit is expected to be 389 million yuan, reflecting a growth rate of 17.64% [8]. - The gross margin is forecasted to be 34.94% in 2024, slightly up from 34.33% in 2023 [12]. - The earnings per share (EPS) are expected to be 0.98 yuan in 2024, increasing to 1.24 yuan in 2025 and 1.47 yuan in 2026 [11].