HQTI(688281) Shanxi Securities·2024-11-05 07:12Investment Rating - The report maintains an "Accumulate-A" rating for the company Huajin Technology (688281.SH) [1] Core Views - The company has shown steady performance with robust orders and a rich product line reserve, particularly in stealth materials technology [1] - Revenue for the first three quarters of 2024 reached 738 million yuan, a year-on-year increase of 22.55%, while net profit attributable to shareholders was 309 million yuan, up 14.41% year-on-year [1] - The company is well-positioned in the domestic market, being one of the few that can comprehensively cover low, medium, and high-temperature stealth materials [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 738 million yuan, a 22.55% increase year-on-year, and a net profit of 309 million yuan, a 14.41% increase year-on-year [1] - The third quarter of 2024 saw revenue of 253 million yuan, a 14.77% year-on-year increase, and a net profit of 94 million yuan, an 8.01% year-on-year increase [1] - The company’s gross margin for Q1-Q3 2024 was 54.61%, down 4.23 percentage points year-on-year, while the net profit margin was 39.55%, down 4.44 percentage points year-on-year [1] Future Projections - Revenue is projected to reach 1.243 billion yuan in 2024, 1.612 billion yuan in 2025, and 2.062 billion yuan in 2026, with year-on-year growth rates of 35.5%, 29.7%, and 27.9% respectively [3] - Net profit is expected to be 500 million yuan in 2024, 641 million yuan in 2025, and 795 million yuan in 2026, with year-on-year growth rates of 49.4%, 28.0%, and 24.0% respectively [3] - The earnings per share (EPS) are forecasted to be 2.57 yuan in 2024, 3.29 yuan in 2025, and 4.08 yuan in 2026 [3] Business Development - The company is actively following up on customer model R&D tasks and has participated in the development of various functional material products, expanding applications from engines to airframes and ships [1] - The establishment of subsidiaries such as Huajin Aviation and Huajin Acoustic is aimed at enhancing collaboration across multiple fields, which is expected to open up future growth opportunities [1]