YINGLIU(SH:603308) Tianfeng Securities·2025-05-06 06:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Views - The company is experiencing a steep growth curve in its two-machine business, with significant order and revenue growth. The total orders in hand exceed 1.2 billion yuan, and the company has signed strategic agreements with major international players [3]. - The low-altitude economy business is gradually forming orders, with steady progress in aircraft assembly and testing. The company has also obtained a general airport usage permit for its subsidiary, enhancing its operational capabilities [4]. - The financial forecast has been adjusted, with expected net profits for 2025-2027 projected at 420 million, 574 million, and 801 million yuan respectively [4]. Financial Performance Summary - For 2024, the company is expected to achieve revenue of 2.513 billion yuan, a year-on-year increase of 4.21%, and a net profit of 286.38 million yuan, a decrease of 5.57% [5]. - In Q1 2025, the company reported revenue of 663 million yuan, a slight increase of 0.03% year-on-year, and a net profit of 92 million yuan, up 1.65% year-on-year [2]. - The gross profit margin for 2024 is projected at 34.24%, down 1.93 percentage points year-on-year, while the net profit margin is expected to be 11.39%, down 1.18 percentage points [5]. Business Development - The company has developed 736 types of "two-machine" products and is currently working on 166 more. The strong growth in gas turbine blade orders is driven by global energy transitions and AI data center construction [3]. - The company has expanded its product offerings in the aviation sector, including the assembly and testing of engines and the development of hybrid power systems for drones [4].