BLT(SH:688333) Soochow Securities·2024-09-02 20:30Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company achieved a significant increase in revenue and net profit in the first half of 2024, with total revenue reaching 591 million yuan, a year-on-year growth of 34.68%, and net profit attributable to shareholders reaching 88 million yuan, a year-on-year increase of 398.07% [1][2] - The company has become a leader in the domestic metal additive manufacturing sector, with its technology and production capabilities reaching an internationally advanced level [2][3] Financial Performance - Total revenue for 2022 was 918.08 million yuan, with projections for 2023 at 1,232.39 million yuan, 2024 at 1,803.31 million yuan, 2025 at 2,535.40 million yuan, and 2026 at 3,319.50 million yuan, reflecting growth rates of 66.32%, 34.24%, 46.33%, 40.60%, and 30.93% respectively [1][3] - Net profit attributable to shareholders for 2022 was 79.50 million yuan, with projections for 2023 at 141.59 million yuan, 2024 at 331.60 million yuan, 2025 at 500.89 million yuan, and 2026 at 685.81 million yuan, showing year-on-year growth rates of 249.14%, 78.11%, 134.19%, 51.05%, and 36.92% respectively [1][3] - The company’s latest diluted EPS is projected to be 1.22 yuan for 2024, 1.84 yuan for 2025, and 2.52 yuan for 2026, with corresponding P/E ratios of 38.02, 25.17, and 18.38 [1][3] Research and Development - R&D investment for the first half of 2024 totaled 108 million yuan, accounting for 18.26% of revenue, with a year-on-year increase of 28.60% [2] - The company continues to focus on customer-centric and market-oriented strategies, enhancing its R&D capabilities and expanding its operational scale [2] Market Position - The company has established partnerships with nearly 2,800 entities and is involved in several key national projects, solidifying its position as a leading enterprise in the metal additive manufacturing field [2] - The company has a high market share in the aerospace sector and has signed a joint development agreement with Airbus for large precision parts using metal 3D printing technology [2]