HYATECH(SH:688510) CMS·2025-04-01 03:02Investment Rating - The report maintains a "Strong Buy" rating for the company [2][8]. Core Insights - The company achieved a revenue of 703 million yuan in 2024, representing a year-on-year growth of 29.39%, and a net profit attributable to shareholders of 127 million yuan, up 40.27% year-on-year [1][6]. - The growth in revenue and profit is attributed to stable growth in both domestic and international business segments, with significant contributions from the aerospace engine components sector [6][7]. - The company has successfully expanded its production capacity for key aerospace engine components, which is expected to support future growth [7]. Financial Performance - The company reported a total revenue of 703 million yuan for 2024, with a year-on-year growth of 29% projected for 2025 [9][17]. - The net profit attributable to shareholders is forecasted to reach 182 million yuan in 2025, reflecting a 44% increase from 2024 [9][17]. - The gross margin for aerospace products improved to 39.3% in 2025, indicating enhanced profitability [17]. Business Segments - The international aerospace engine components business generated 367 million yuan in revenue, accounting for 52.23% of total revenue, with a year-on-year growth of 36.04% [6][7]. - The domestic aerospace engine business achieved revenue of 279 million yuan, up 29.97% year-on-year, with a gross margin of 35.35% [6][7]. - The company also reported a decline in revenue from its medical orthopedic joint business, which fell by 11.55% to 47.81 million yuan due to changes in procurement policies by multinational companies [6][7]. Capacity Expansion and Incentives - The company completed the construction of key production facilities for aerospace engine components, enhancing its production capabilities [7]. - A stock incentive plan was announced, aiming to grant 5.5 million restricted shares to 15 individuals, which is expected to motivate key personnel and support performance growth [7]. Valuation Metrics - The company is projected to have a PE ratio of 24.9 in 2025, decreasing to 17.1 by 2027, indicating a favorable valuation trend [9][17]. - The report anticipates a steady increase in net profit margins, with a net profit margin of 20.2% expected in 2025 [17].