GAONA(300034) 华福证券·2024-09-09 03:20Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the high-temperature alloy industry and its expanding production capacity [5][7] Core Views - The company achieved revenue of 1.729 billion yuan in H1 2024, a YoY increase of 18.05%, with net profit attributable to shareholders of 180 million yuan, up 16.61% YoY [1] - In Q2 2024, revenue reached 930 million yuan, up 16.5% QoQ and 10.29% YoY, while net profit was 85 million yuan, down 10.23% QoQ and 9.63% YoY [1] - The company's gross profit margin was 31.9%, and net profit margin was 14.74% in H1 2024 [2] Business Segment Performance - Cast high-temperature alloys: Revenue of 1.242 billion yuan in H1 2024, up 38% YoY, with gross margin of 34.5%, up 6.33 percentage points YoY [2] - Wrought high-temperature alloys: Revenue of 330 million yuan in H1 2024, down 6.47% YoY, with gross margin of 23.91%, up 7.42 percentage points YoY [2] - New high-temperature alloys: Revenue of 150 million yuan in H1 2024, down 23.71% YoY, with gross margin of 28.85%, down 25.5 percentage points YoY [2] Project Development and R&D - Key projects: Deyang forging phase I project and aerospace ring rolling pilot base both reached 95% completion, while Xi'an blade and small structural parts production base reached 80% completion [3] - R&D investment: 90 million yuan in H1 2024, with R&D expense ratio of 5.21%, up 0.14 percentage points from the previous year [3] - Subsidiary performance: Qingdao Xinlitong achieved net profit of 161 million yuan, up 171.99% YoY, while Hebei Dekai's net profit fell 29.93% YoY to 45 million yuan [3] Financial Forecasts - Revenue forecast: 4.11 billion yuan for 2024E, 4.875 billion yuan for 2025E, and 5.762 billion yuan for 2026E [6] - Net profit forecast: 425 million yuan for 2024E, 522 million yuan for 2025E, and 637 million yuan for 2026E [6] - EPS forecast: 0.55 yuan for 2024E, 0.67 yuan for 2025E, and 0.82 yuan for 2026E [6] Valuation Metrics - P/E ratio: 24.4x for 2024E, 19.8x for 2025E, and 16.3x for 2026E [6] - P/B ratio: 2.8x for 2024E, 2.6x for 2025E, and 2.4x for 2026E [6] - ROE forecast: 10.1% for 2024E, 11.1% for 2025E, and 12.1% for 2026E [9]