YINGLIU(603308) Guoxin Securities·2025-05-15 02:45Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is experiencing significant growth in its two-machine business, with a 102.8% increase in orders for gas turbine products in 2024. The total orders on hand for this segment exceed 1.2 billion [3] - The company is making progress in the low-altitude economy sector, covering various areas such as turboshaft engines, hybrid power systems, and general aviation airports. It has established a comprehensive operational platform with the certification of its Liu'an Jin'an Airport as the third A1 class general aviation airport in Anhui Province [3] - The company maintains a leading position in the nuclear power sector, with a focus on advanced nuclear fusion technology. It has delivered 10 units of the "Hualong One" nuclear primary pump shell in 2024 and established a joint venture for nuclear fusion materials and components [3] Financial Performance - In 2024, the company achieved an operating revenue of 2.513 billion, a year-on-year increase of 4.21%, while the net profit attributable to the parent company was 286 million, a decrease of 5.57% [1] - The gross margin and net margin for 2024 were 34.24% and 10.09%, respectively, showing a slight decline compared to the previous year. However, the gross margin is expected to improve starting from Q4 2024 due to the increased proportion of high-margin two-machine business [2] - The company has maintained a high R&D investment ratio, with R&D expenses accounting for 12.13% of total expenses in 2024 [2] Profit Forecast - The profit forecast for the company remains unchanged for 2025-2026, with net profits projected at 423 million, 568 million, and 751 million for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are 33, 25, and 19 [4]