BLT(SH:688333) Guoyuan Securities·2024-09-12 02:37Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company achieved significant growth in its revenue and net profit for the first half of 2024, with revenue reaching 591 million yuan, a year-on-year increase of 34.68%, and net profit attributable to shareholders amounting to 88.19 million yuan, a remarkable growth of 398.07% [3]. - The company is positioned as the largest metal additive manufacturing industrial base in China, with substantial advancements in SLM, SLS, BJ, and EBM technologies, expanding its market presence in civilian large-scale production [3][4]. - The company has made high investments in R&D, totaling 108 million yuan in the first half of 2024, reflecting a 28.60% increase year-on-year, which strengthens its technological moat [4]. Summary by Sections Financial Performance - The company reported a significant increase in revenue across its three main business segments: customized 3D printing products and technical services generated 317 million yuan (up 36.99%), self-developed 3D printing equipment and accessories brought in 227 million yuan (up 33.82%), and 3D printing raw materials achieved 47 million yuan (up 72.57%) [3]. - The company's expense ratio decreased to 35.53%, down 10.23 percentage points year-on-year, with net profit margin increasing to 14.92%, up 10.89 percentage points [5]. Investment Recommendations and Profit Forecast - The additive manufacturing industry is in a high-growth phase, and the company is expected to maintain a high market share in the domestic aerospace additive manufacturing sector. The forecasted net profits for 2024-2026 are 314 million, 467 million, and 639 million yuan, respectively, with corresponding PE ratios of 35.64, 23.94, and 17.49 [6][9].