longda(688231) 招商证券·2025-05-13 13:02Investment Rating - The report maintains a "Strong Buy" rating for the company [1] Core Insights - In 2024, the company achieved a revenue of 1.391 billion yuan, a year-on-year increase of 15.22%, and a net profit attributable to shareholders of 66.114 million yuan, up 19.38% year-on-year [1][4] - The company's non-recurring net profit saw a significant increase of 51.21% year-on-year, reaching 44.381 million yuan [1] - The first quarter of 2025 showed a revenue of 344 million yuan, reflecting an 8.67% year-on-year growth, with a net profit of 28.539 million yuan, up 3.20% year-on-year [1] Financial Performance - The company reported a gross margin of 15.88% in 2024, an increase of 0.51 percentage points year-on-year, and a net margin of 4.75%, up 0.17 percentage points year-on-year [4] - The revenue from high-temperature alloys reached 897 million yuan, a year-on-year increase of 23.96%, with a production volume of 4,013.71 tons, up 28.28% year-on-year [4] - The aerospace sector generated 435 million yuan in revenue, a 46.64% increase year-on-year, while the gas turbine sector saw a revenue increase of 67.34% to 267 million yuan [4] International Expansion - The company is actively expanding its international presence, with overseas revenue reaching 262 million yuan, a remarkable year-on-year increase of 167.84% [4] - The establishment of production bases in Singapore and Malaysia is underway, with land transaction contracts signed for the Malaysian facility [5] Future Projections - The company forecasts net profits of 99 million yuan, 129 million yuan, and 162 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 41, 31, and 25 [5][6] - Revenue is expected to grow to 1.75 billion yuan in 2025, reflecting a 26% year-on-year increase [6]