ToLand(SZ:300855) China Post Securities·2024-10-22 10:31Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company has experienced a slight increase in revenue and net profit for the first three quarters of 2024, with total revenue reaching 1.08 billion yuan, a year-on-year growth of 1%, and a net profit of 258 million yuan, a decrease of 1% year-on-year [3][4] - The company has established stable long-term partnerships in both military and high-end civilian markets, which are expected to drive future growth [4] - The company has a strong order backlog of 603 million yuan, with 551 million yuan expected to be recognized as revenue in 2024, providing a solid foundation for future performance [4][5] - The company has been actively expanding its business through various projects, including the establishment of subsidiaries focused on automated processing of aviation components, which is anticipated to contribute to revenue growth in the coming years [5][6] Financial Summary - For 2024-2026, the company is projected to achieve net profits of 370 million yuan, 456 million yuan, and 562 million yuan, respectively, with corresponding price-to-earnings ratios of 27, 22, and 18 times based on the current stock price [6][8] - The company reported a slight increase in gross margin to 35.83% for the first three quarters of 2024, although the gross margin for Q3 2024 decreased to 30.57% [4][5] - The company has implemented two rounds of dividend distributions in 2023 and 2024, totaling approximately 160 million yuan, highlighting its commitment to shareholder returns [6]