BLT(SH:688333) Changjiang Securities·2025-05-09 10:18Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a total operating revenue of 1.326 billion yuan for 2024, representing a year-on-year growth of 15.02%. However, the net profit attributable to shareholders decreased by 5.26% to 104 million yuan. In Q1 2025, the total operating revenue was 227 million yuan, showing a year-on-year increase of 7.3%, but the net profit turned to a loss of 15 million yuan [2][6]. - The company focuses on industrial-grade metal additive manufacturing (3D printing) and has established a comprehensive ecosystem in this field. The revenue from self-developed products grew steadily, with customized 3D printing products, self-developed 3D printing equipment, and 3D printing raw materials increasing by 23.51%, 4.99%, and 41.38% respectively [12]. - The company is expanding into the humanoid robotics sector, which is expected to provide new growth opportunities. Collaborations with partners have led to significant advancements in production efficiency and cost reduction for robotic components [12]. Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 1.326 billion yuan, with a gross profit margin of 37.44%. The gross profit for Q1 2025 was 36.94%, indicating a decline in profitability [12][17]. - The operating cash flow improved significantly, reaching 346 million yuan in 2024, a substantial increase compared to previous periods [12]. Business Development - The company is actively pursuing growth in the humanoid robotics field, which is transitioning from experimental phases to industrial applications. This sector is anticipated to be a long-term growth driver for the company [12]. - The company has made significant progress in optimizing production processes, which has led to reduced assembly difficulties and enhanced production capabilities for robotic components [12]. Future Projections - The company is projected to achieve net profits of 157 million yuan and 270 million yuan in 2025 and 2026, respectively [12].