GATD(SH:688239) Tianfeng Securities·2025-04-30 09:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][4]. Core Insights - The company experienced revenue fluctuations in Q1 2025, with revenue of 420 million yuan, down 27.0% year-over-year, and a net profit of 40 million yuan, down 23.2% year-over-year, primarily due to adjustments in delivery schedules from domestic clients [1]. - The company achieved record high overseas revenue of 760 million yuan in 2024, up 25.1% year-over-year, accounting for 45.2% of total revenue, driven by increased international demand and market expansion efforts [2]. - The company is accelerating development in emerging sectors such as large aircraft, marine, and nuclear power, and is deeply involved in the domestic CJ1000/2000 engine development [3]. - The company aims to become a leading global supplier of complex components for aerospace and high-end equipment, focusing on technological innovation and a diversified product matrix [4]. Financial Summary - For 2025, the company’s projected net profits are adjusted to 246 million yuan, 312 million yuan, and 405 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 24.07, 18.93, and 14.60 [4][5]. - The company reported a gross margin of 26.2% in Q1 2025, which remained stable year-over-year, while the net margin increased by 1.33 percentage points to 11.0% [1]. - The company’s total revenue for 2023 was 2,103.85 million yuan, with a projected growth rate of 23.50% for 2025 [5][11].