Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 71.07 [8][9]. Core Views - The company reported a revenue of RMB 1.326 billion in 2024, a year-on-year increase of 15.02%, but the net profit attributable to the parent company decreased by 5.26% to RMB 104.44 million [1][7]. - The company experienced a revenue of RMB 2.27 billion in Q1 2025, a year-on-year increase of 7.30%, but reported a net loss of RMB 0.15 billion, indicating a shift from profit to loss [1]. - The decline in profitability is attributed to delays in the recognition of revenue from aerospace orders and a weakening of scale effects [1][5]. Revenue and Profitability - The company’s revenue from customized products, 3D printing equipment, and materials in 2024 was RMB 6.89 billion, RMB 5.45 billion, and RMB 0.91 billion respectively, showing year-on-year growth of 23.51%, 4.99%, and 41.38% [3]. - The aerospace sector generated revenue of RMB 8.15 billion in 2024, reflecting a year-on-year increase of 33.08%, while other sectors like industrial and medical saw declines [3][4]. - The overall gross margin for the company in 2024 was 37.44%, a decrease of 9.76 percentage points from the previous year, with customized products experiencing a significant drop in gross margin due to price reductions in mass-produced aerospace products [4]. Financial Forecasts - The company’s net profit forecasts for 2025, 2026, and 2027 are RMB 2.81 billion, RMB 3.74 billion, and RMB 5.06 billion respectively, with downward adjustments of 28.41% and 30.10% for 2025 and 2026 compared to previous estimates [5][19]. - The expected revenue growth rates for the upcoming years are 39.66% for 2025, 32.39% for 2026, and 30.34% for 2027 [7][23]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.03, RMB 1.38, and RMB 1.86 respectively [7][23]. Market Position and Valuation - The company’s market capitalization is approximately RMB 17.279 billion, with a closing price of RMB 63.58 as of April 29, 2025 [9]. - The company is trading at a price-to-earnings (PE) ratio of 62 for 2025, which is lower than the average PE of comparable companies at 69 [5][18]. - The target price of RMB 71.07 corresponds to a PE ratio of 44 for 2025, indicating potential upside from the current market price [5][8].
铂力特(688333):利润端短期承压,应用场景加速渗透