HYATECH(SH:688510) Changjiang Securities·2025-04-06 06:15Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company reported a revenue of 703 million yuan for 2024, representing a year-on-year growth of 29.39%. The net profit attributable to shareholders was 127 million yuan, up 40.27% year-on-year, and 139 million yuan when excluding the impact of share-based payments, reflecting a growth of 54.1% [2][8]. - The fourth quarter of 2024 saw a revenue of 183 million yuan, a year-on-year increase of 27.02%, with a net profit of 34 million yuan, marking a 63.02% growth year-on-year [2][8]. - The company continues to experience high demand in both domestic and international markets, with a significant increase in foreign trade revenue [2][8]. Summary by Sections Financial Performance - For 2024, the company achieved a total revenue of 703 million yuan, with a gross profit margin of 38.53%, an increase of 2.55 percentage points year-on-year. The net profit margin was 17.87%, up 1.77 percentage points year-on-year [2][15]. - The fourth quarter gross profit margin was 28.94%, a decrease of 3.14 percentage points year-on-year, while the net profit margin was 18.61%, an increase of 5.44 percentage points year-on-year [15]. Business Segments - The aviation segment generated 646 million yuan in revenue, a year-on-year increase of 33.35%, while the medical segment saw a decline to 48 million yuan, down 11.55% [15]. - Foreign trade revenue reached 376 million yuan, growing by 35.1%, with international engine parts contributing 367 million yuan, up 36.0% [15]. Growth Prospects - The company is expanding its production capacity and exploring new business opportunities, particularly in collaboration with Safran, which is expected to enhance its market position [15]. - The company has completed several investment projects, including a research center and expanded production facilities for key engine components, positioning itself to meet increasing market demand [15]. Profit Forecast and Valuation - The projected net profit for 2025-2027 is estimated at 165 million, 222 million, and 290 million yuan, respectively, with year-on-year growth rates of 30%, 35%, and 31% [15]. - The corresponding price-to-earnings ratios are forecasted to be 27, 20, and 15 times for the years 2025, 2026, and 2027 [15].