GAONA(SZ:300034) Guotai Junan Securities·2024-09-18 14:42Investment Rating - The investment rating for the company is "Buy" [5][10][16] Core Views - The company achieved a 16.61% growth in net profit attributable to shareholders in the first half of 2024, driven by overseas business expansion and rapid growth in high-temperature alloy products [3][10] - The company is expected to continue its performance growth due to favorable conditions in downstream sectors such as aviation and energy [10][11] Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 1.729 billion yuan, an increase of 18.05%, and a net profit of 180 million yuan, up 16.61% [10] - The gross margin was 31.90%, up 3.23 percentage points, and the net margin was 14.74%, up 2.06 percentage points, marking the highest levels in three years [10] - Revenue from casting alloy products reached 1.242 billion yuan, growing 38.00%, with a gross margin of 34.50%, up 6.33 percentage points [10] Market Position and Opportunities - The company holds a leading position in the high-temperature alloy market, having developed over 90 types of deformed high-temperature alloys and over 10 types of powder high-temperature alloys, accounting for over 80% of the national market [10] - The company plans to raise up to 280 million yuan through a private placement to enhance liquidity and support production line upgrades, which will aid in capturing market opportunities [10] Future Projections - The company maintains an EPS forecast of 0.52, 0.59, and 0.69 yuan for 2024, 2025, and 2026 respectively, with a target price of 27.07 yuan based on a 52x PE ratio for 2024 [10][11] - Revenue projections for the next few years are 3.932 billion yuan in 2024, 4.554 billion yuan in 2025, and 5.295 billion yuan in 2026, reflecting a steady growth trajectory [11]