Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from increased production capacity targets for domestic large aircraft and new products that will open a second growth curve [1] - The revenue for 2024 is projected to be 408 million yuan, representing a year-on-year increase of 19.82%, with a net profit attributable to the parent company of 101 million yuan, up 23.14% [1] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 133 million yuan, 164 million yuan, and 192 million yuan respectively [1] Financial Summary - Revenue and profit projections for the company are as follows: - 2024: Revenue of 408 million yuan (+19.82%), net profit of 101 million yuan (+23.14%) - 2025: Revenue of 525 million yuan (+28.6%), net profit of 133 million yuan (+32.7%) - 2026: Revenue of 655 million yuan (+24.9%), net profit of 164 million yuan (+23.1%) - 2027: Revenue of 772 million yuan (+17.8%), net profit of 192 million yuan (+17.1%) [3][6] - The gross margin for 2024 is expected to be 37.49%, an increase of 3.49 percentage points [1] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.91 yuan, 1.12 yuan, and 1.31 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 30.0, 24.4, and 20.8 [1][3] Industry Insights - The demand for aramid paper honeycomb core materials is expected to surge due to rapid development in aerospace, rail transportation, and the rise of the new energy vehicle industry [2] - The C919 aircraft production capacity is planned to increase significantly, with a target of 50 aircraft in 2025, up from the previously stated 50 aircraft [2] - The company is also expanding its production capabilities with a new 1500-ton production line expected to be completed by mid-2025 [3]
民士达（833394）：北交所信息更新：国产大飞机产能目标再提高，新产品打开公司第二增长曲线