GLAVI(300900) 民生证券·2024-08-29 08:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 15.08 yuan [4]. Core Views - The company reported a revenue of 460 million yuan for 1H24, representing a year-on-year increase of 40.6%. However, the net profit attributable to shareholders decreased by 22.8% to 40 million yuan, primarily due to changes in product structure and a decline in gross margins for aerospace components and drone businesses [2][3]. - The company experienced a significant increase in revenue driven by order growth, but profitability was impacted by a shift in revenue structure and price reductions in certain products [2]. - The company is focusing on enhancing its core competitiveness through increased R&D investment, particularly in areas such as aerospace tooling and composite materials [2]. Financial Performance Summary - For 2Q24, the company achieved a revenue of 230 million yuan, a year-on-year increase of 39.6%, while the net profit attributable to shareholders fell by 62.7% to 10 million yuan [2]. - The gross margin for 1H24 decreased by 6.15 percentage points to 37.3%, and the net profit margin decreased by 7.93 percentage points to 7.0% [2]. - The company’s revenue from aerospace tooling surged by 156.6% to 240 million yuan, with a gross margin of 32.8%, while revenue from aerospace components and drones decreased by 7.3% to 210 million yuan, with a gross margin of 42.2% [2]. Inventory and Cash Flow - As of the end of 2Q24, the company reported a 54.9% increase in inventory to 700 million yuan and a 14.2% increase in accounts receivable to 830 million yuan [2]. - The company’s cash flow from operating activities was negative 190 million yuan, primarily due to increased material procurement for existing orders [2]. Investment Outlook - The company is positioned as a key supplier in China's aerospace sector, focusing on a "full industry chain collaborative development" strategy, covering various areas including large aircraft, drones, and new production capabilities [2]. - The projected net profits for 2024 to 2026 are adjusted to 141 million yuan, 185 million yuan, and 237 million yuan, respectively, with corresponding PE ratios of 32x, 24x, and 19x [2].