Baimtec Material (688563) 民生证券·2025-04-01 02:05Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [6][13]. Core Insights - The company achieved a revenue of 2.93 billion yuan in 2024, representing a year-over-year growth of 4.6%. The net profit attributable to shareholders was 581 million yuan, with a slight increase of 0.8% year-over-year [1]. - The company has a strong international order backlog of approximately 2.1 billion yuan, reflecting its ongoing market expansion efforts [3]. - The company is recognized as a leading enterprise in China's aviation special materials sector, with significant barriers to entry in its four main business areas, suggesting substantial future growth potential [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 740 million yuan, a year-over-year increase of 21.1%, and a net profit of 145 million yuan, up 97.9% year-over-year. The annual gross margin decreased by 1.9 percentage points to 29.6% due to changes in product mix [1][2]. - The company’s accounts receivable increased by 68.3% year-over-year to 1.65 billion yuan, leading to a credit impairment loss of 23.93 million yuan, which was 26.35 million yuan higher than the previous year [1]. Revenue Breakdown - Revenue from basic materials was 1.22 billion yuan, down 7.8% year-over-year, while the gross margin increased by 3.4 percentage points to 35.0%. Revenue from aviation finished parts was 1.35 billion yuan, up 9.1%, with a gross margin decrease of 5.3 percentage points to 27.2% [2]. - Non-aviation finished parts revenue grew by 44.6% year-over-year to 180 million yuan, while processing service revenue surged by 97.3% to 160 million yuan, driven by increased orders and new processing business [2]. Research and Development - The company increased its R&D expenditure by 18.8% year-over-year to 240 million yuan, with an R&D expense ratio of 8.3% [3]. - The company is focusing on international market expansion, having signed a long-term framework contract with a foreign client, expected to generate a total contract value of about 2.1 billion yuan [3]. Profit Forecast - The company is projected to achieve net profits of 673 million yuan, 778 million yuan, and 920 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 34x, 30x, and 25x [5][4].