Xi'an Triangle Defense (SZ:300775) Soochow Securities·2025-05-06 10:23Investment 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 performance is attributed to reduced product delivery volumes and amounts following a concentrated demand release in 2023, along with increased raw material costs and longer production cycles [8] - The company has made significant advancements in technology and product development, completing key R&D projects that enhance 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 and management [8] Financial Summary - For 2024, the company forecasts total revenue of 1.59 billion yuan, with a projected net profit of 380 million yuan [1] - The earnings per share (EPS) for 2024 is estimated at 0.69 yuan, with a price-to-earnings (P/E) ratio of 35.76 [1] - The company anticipates a recovery in net profit to 572 million yuan in 2025 and 697 million yuan in 2026, with a further increase to 974 million yuan by 2027 [8] - The total assets are projected to reach 91.52 billion yuan in 2024, reflecting a 10.66% year-on-year growth due to increased investment in projects [8]