GAONA(SZ:300034) Minsheng Securities·2024-10-29 02:14Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a revenue of 2.533 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 4.7%. The net profit attributable to shareholders was 235 million yuan, a slight decrease of 0.2% year-over-year [2]. - The company is focusing on expanding its international market presence and is actively advancing its capacity construction [2]. - The gross margin improved by 2.9 percentage points to 31.4% for the first three quarters of 2024, while the net profit margin increased by 0.5 percentage points to 13.0% [2]. - The company plans to raise 280 million yuan through a private placement to enhance liquidity and strengthen its long-term development foundation [2]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 804 million yuan, down 15.7% year-over-year, and a net profit of 55 million yuan, down 32.1% year-over-year [2]. - The company’s operating cash flow was -375 million yuan for the first three quarters of 2024, compared to -173 million yuan in the same period last year [2]. - The company’s projected net profits for 2024, 2025, and 2026 are 395 million yuan, 490 million yuan, and 600 million yuan, respectively, with corresponding PE ratios of 35x, 28x, and 23x [3][5]. Market Position and Future Outlook - The company is one of the largest producers of high-end and new high-temperature alloy products in China, with significant production capabilities in aerospace applications [2]. - The company is expected to benefit from the high demand in the "two-machine" industry, which includes aerospace and defense sectors [2].