GAONA(SZ:300034) GOLDEN SUN SECURITIES·2024-10-28 00:09Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has demonstrated stable revenue growth, with a revenue of 2.533 billion yuan in the first three quarters of 2024, reflecting a year-on-year increase of 4.74%. However, the net profit attributable to the parent company was 235 million yuan, showing a slight decline of 0.17% year-on-year [1] - The company is positioned as a leading player in the high-temperature alloy sector, with significant advancements in technology and a comprehensive product range. It has been actively expanding into various industries, including aerospace, petrochemical, and metallurgy, which is expected to support long-term growth [2] - The company has increased its R&D expenditure by 36% year-on-year to 140 million yuan in the first three quarters of 2024, indicating a commitment to product innovation and development [2] Financial Summary - For the first three quarters of 2024, the company reported a gross margin of 31.43%, an increase of 2.90 percentage points year-on-year, and a net profit margin of 12.98%, up by 0.54 percentage points year-on-year [1] - The company's inventory at the end of Q3 2024 was 2.060 billion yuan, a 26% increase from the beginning of the period, suggesting preparations for anticipated demand growth [1] - The projected net profits for 2024, 2025, and 2026 are expected to be 408 million yuan, 513 million yuan, and 632 million yuan, respectively, with corresponding P/E ratios of 34X, 27X, and 22X [2][3]