GLAVI(SZ:300900) Minsheng Securities·2024-10-24 02:00Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 660 million yuan for the first three quarters of 2024, representing a year-on-year increase of 21.7%, while the net profit attributable to shareholders decreased by 46.5% year-on-year to 50 million yuan [2]. - The gross margin for Q3 2024 improved significantly, reaching 47.5%, an increase of 3.94 percentage points year-on-year, although the net profit margin decreased by 8.53 percentage points to 8.0% [2]. - The company is increasing its R&D investment to strengthen its full industry chain layout in aerospace manufacturing, with R&D expenses growing by 24.3% year-on-year to 50 million yuan [2]. - Inventory increased by 82.9% compared to the beginning of the year, indicating a positive operational trend with more orders and expanded production scale [2]. - The company signed a strategic cooperation agreement in October 2024 to enhance its product categories and application fields in the large aircraft sector, which may accelerate its business growth [2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 124 million yuan, with a PE ratio of 66x, and this is expected to grow to 211 million yuan by 2026 with a PE ratio of 39x [3][5]. - The total revenue is forecasted to reach 1.001 billion yuan in 2024, with a growth rate of 35.3% [5]. - The gross margin is expected to stabilize around 40% in the coming years, with a slight decrease projected [5][6].