MAIXINLIN(688685) 华鑫证券·2025-02-01 04:42Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [3][10]. Core Insights - The company is expected to achieve an annual revenue of 485-518 million yuan in 2024, representing a year-on-year growth of 65.15%-76.39%. The net profit attributable to the parent company is projected to be 40-60 million yuan, with a significant year-on-year increase of 163.55%-295.40% [3][10]. - The growth in revenue is primarily driven by the introduction of new clients in precision components and the sustained business volume from existing clients. Additionally, the new computing power services and sales have contributed to increased revenue [3][10]. - The company has been focusing on the aerospace components sector for over a decade, developing both military and civilian products. It has established a dual development strategy, with military products as the main focus and civilian products as a supplementary line [5][6]. - The company is accelerating its expansion into computing power services, which is expected to become a second growth curve. Strategic investors have been introduced to support this initiative [6][10]. Summary by Sections Financial Performance - The company forecasts revenues of 487 million yuan in 2024, 2.56 billion yuan in 2025, and 3.47 billion yuan in 2026, with corresponding EPS of 0.41, 1.34, and 2.04 yuan respectively. The current stock price corresponds to P/E ratios of 90.0, 27.5, and 18.0 for the respective years [10][12]. Business Strategy - The company has been dedicated to the aerospace components sector since its establishment in 2010, focusing on the research and manufacturing of aerospace parts. It has developed capabilities in processing various aircraft components, including fuselage, wings, and engines [5][6]. - The introduction of strategic investors aims to enhance the company's computing power business, which is expected to grow rapidly in the coming years [6][10]. Market Outlook - The contracts signed with strategic partners for computing power resources are expected to positively impact the company's performance in 2024-2025, enhancing its profitability and core competitiveness [9][10].