BLT(SH:688333) Soochow Securities·2024-10-31 02:42Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to invest 1 billion yuan to build a dedicated powder material production line for metal additive manufacturing, which is expected to increase capacity by approximately four times to 3,000 tons per year [3] - Despite facing pressure in Q3 2024 due to a decrease in product sales and increased operating costs, the company is expected to see a significant revenue recognition peak in Q4 2024, supported by ongoing market expansion in aerospace and industrial machinery sectors [2][3] - The company's revenue for the first three quarters of 2024 was 732 million yuan, a year-on-year decrease of 1.34%, while the net profit attributable to shareholders was 26.69 million yuan, down 30.62% year-on-year [1][2] Financial Performance Summary - For 2024, the company is projected to achieve total revenue of 1.70 billion yuan, with a year-on-year growth rate of 37.98% [1] - The net profit attributable to shareholders is forecasted to be 290.12 million yuan in 2024, reflecting a year-on-year increase of 104.90% [1] - The earnings per share (EPS) is expected to rise to 1.07 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio of 50.19 [1] Accounts Receivable and Inventory - Accounts receivable increased to 981 million yuan in Q3 2024, a year-on-year rise of 25.53%, indicating a potential for significant revenue recognition in Q4 [2] - Inventory levels rose to 805 million yuan in Q3 2024, up 38.03% year-on-year, reflecting the company's strategy to increase stock reserves in response to market demand [2]