HQTI(SH:688281) Soochow Securities·2025-04-28 06:08Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company achieved a revenue of 1.14 billion yuan in 2024, representing a year-on-year growth of 24.17%, and a net profit attributable to shareholders of 414 million yuan, up 23.56% year-on-year [1][9] - The growth is primarily driven by the expansion of the aerospace business and increased sales of specialty functional materials, alongside efforts in product structure adjustment and cost control [9] - The company has made significant progress in product accumulation and technological breakthroughs, successfully developing new types of specialty functional materials for aerospace applications [9] - The board approved a profit distribution plan, proposing a cash dividend of 5.2 yuan per 10 shares and a capital reserve conversion to increase share capital by 4 shares for every 10 shares held [9] Financial Performance Summary - Total revenue for 2024 is projected at 1,139.25 million yuan, with a year-on-year growth rate of 24.17% [1][10] - Net profit for 2024 is expected to be 413.92 million yuan, reflecting a growth of 23.56% compared to the previous year [1][10] - The earnings per share (EPS) for 2024 is estimated at 2.13 yuan, with a price-to-earnings (P/E) ratio of 34.33 [1][10] - The company maintains a strong cash flow position, with net cash flow from operating activities reaching 318 million yuan, a significant increase of 326.63% year-on-year [9][10]