HQTI(688281) Soochow Securities·2024-10-25 09:41Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved significant revenue growth, with total revenue of 738 million yuan in the first three quarters of 2024, representing a year-on-year increase of 22.55%. The net profit attributable to the parent company reached 309 million yuan, up 14.41% year-on-year [1][2] - The company has secured three major contracts in 2024, with amounts of 310 million yuan, 332 million yuan, and 132 million yuan, which are expected to positively impact current performance. The demand in the military aviation and maintenance market is driving growth potential for the company's performance [2] - The company is actively expanding its production capacity, as indicated by a significant increase in inventory, which reached 243 million yuan, up 170.61% year-on-year, and fixed assets of 361 million yuan, up 40.08% year-on-year [2] Financial Performance - The company forecasts total revenue for 2024 to be 1,158.48 million yuan, with net profits of 505.41 million yuan, corresponding to a P/E ratio of 33.03 times. For 2025 and 2026, the expected net profits are 674.47 million yuan and 866.87 million yuan, with P/E ratios of 24.75 and 19.26 respectively [1][2] - The operating cash flow for the first three quarters of 2024 reached 157 million yuan, a substantial increase of 314.85% year-on-year [1] Market Position - The company is positioned as a leading player in the stealth materials industry, with its technology and industry capabilities reaching an internationally advanced level. This positions the company to rapidly capture market share in the growing new materials sector [2]