Xi'an Triangle Defense (300775) Soochow Securities·2025-05-06 08:59Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 1.59 billion yuan in 2024, a year-on-year decrease of 30.02%, and a net profit attributable to shareholders of 380 million yuan, down 49.12% year-on-year [1][8] - The decline in revenue and profit is attributed to reduced product delivery quantities and amounts following a concentrated demand release in 2023, along with rising raw material costs and longer production cycles [8] - The company has made significant advancements in technology and product development, including breakthroughs in high-temperature alloy turbine disc forging technology and large-scale titanium alloy rotor systems for helicopters, enhancing its market position in high-end forgings [8] - Future growth is expected to be driven by continued investment in defense equipment, rapid development in aerospace and high-tech industries, and improvements in the company's technology, market, and management capabilities [8] Financial Summary - For 2024, the company achieved total revenue of 1.59 billion yuan, with a projected revenue increase to 2.30 billion yuan in 2025 and 2.62 billion yuan in 2026, reaching 4.00 billion yuan by 2027 [1][9] - The net profit forecast for 2025 is 572 million yuan, increasing to 697 million yuan in 2026 and 974 million yuan in 2027 [1][9] - The earnings per share (EPS) are expected to rise from 0.69 yuan in 2024 to 1.77 yuan in 2027, with corresponding P/E ratios decreasing from 35.76 to 13.95 over the same period [1][9] - The company's total assets are projected to grow from 91.52 billion yuan in 2024 to 158.87 billion yuan in 2027, reflecting ongoing investment in projects and construction [9]