YINGLIU(603308) 国信证券·2025-01-23 10:52Investment Rating - The report assigns an "Outperform" rating to the company, marking it as the first coverage [5][40]. Core Insights - The company is a leading domestic precision casting enterprise for aviation engines and gas turbines, benefiting from a booming gas turbine industry and a full order book [1][2]. - The company has achieved a revenue CAGR of 9.82% and a net profit CAGR of 30.94% from 2017 to 2023, indicating stable growth over the years [1][14]. - The company plans to issue convertible bonds to raise 1.5 billion yuan for projects related to blade casing processing and nuclear materials, which will enhance its market position [3][40]. Summary by Sections Company Overview - The company has established a comprehensive high-end component production system, covering various processes including casting, welding, and surface treatment, with products widely used in aerospace, gas turbines, and nuclear energy sectors [11][12]. Financial Analysis - The company’s revenue and profit have shown steady growth, with a net profit margin increasing from 4.11% in 2017 to 11.54% in 2023 [21][14]. - The company’s revenue is projected to reach 26.22 billion yuan in 2024, with a growth rate of 8.7% [27][30]. Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are 305 million yuan, 423 million yuan, and 568 million yuan, respectively, reflecting growth rates of 0.7%, 38.4%, and 34.4% [29][40]. Valuation and Investment Recommendations - The reasonable valuation range for the company is estimated to be between 18.60 and 21.70 yuan, corresponding to a PE ratio of 30-35x for 2025 [5][40]. - The company is expected to benefit from the rising demand in the gas turbine industry and the growth in data centers, enhancing its revenue potential [2][39].