BLT(SH:688333) Changjiang Securities·2024-09-04 06:43Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 591 million yuan for the first half of 2024, representing a year-on-year growth of 34.68%, and a net profit attributable to shareholders of 88 million yuan, which is a significant increase of 398.07% [2][3]. - The growth is primarily driven by the aerospace sector, which saw a revenue increase of 73.73% year-on-year, contributing 67.45% to total revenue [3]. - The company has established a comprehensive ecosystem in the metal 3D printing industry, focusing on industrial-grade metal additive manufacturing solutions [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 385 million yuan, up 25.96% year-on-year, with a net profit of 87 million yuan, reflecting an 87.98% increase [2][3]. - The company's 3D printing services generated 320 million yuan in revenue, a growth of 36.99%, while 3D printing equipment revenue reached 230 million yuan, up 33.82% [3]. Business Segments - The 3D printing services accounted for 53.72% of total revenue, with a gross margin of 48.77% [3]. - The 3D printing materials segment saw a revenue increase of 72.57%, contributing 7.91% to total revenue [3]. Market Outlook - The company is optimistic about its long-term growth prospects, particularly in non-civilian sectors, supported by a strong founding team and advanced technology [3]. - The report forecasts net profits of 322 million yuan and 496 million yuan for 2024 and 2025, respectively, with corresponding PE ratios of 39 and 25 [4].