Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [7][14]. Core Insights - The company has significantly improved its delivery capabilities, achieving record revenue of 627 million yuan in 2024, a year-on-year increase of 35%, despite a slight decrease in net profit [4][5]. - In Q1 2025, the company reported revenue of 182 million yuan, a remarkable 70% year-on-year growth, although net profit decreased by 56% [4][5]. - The gross margin has declined due to adjustments in procurement pricing policies from major aircraft manufacturers, with a gross margin of 28.30% in 2024, down 4.51 percentage points year-on-year, and 20.62% in Q1 2025 [6]. - The company has a robust capacity reserve and is expanding into multiple markets, having increased its workforce from approximately 600 to 900 employees since the second half of 2024 [6]. Financial Performance and Forecast - The company is projected to achieve net profits of 126 million yuan, 159 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 35, 28, and 22 [7][10]. - Revenue is expected to grow from 861 million yuan in 2025 to 1.318 billion yuan in 2027, with growth rates of 37.33% and 23.85% for the following years [10][11]. - The company’s EBITDA is forecasted to increase from 198.16 million yuan in 2025 to 287.36 million yuan in 2027 [10].
佳力奇（301586）：交付能力显著提升，多方向开拓市场成长空间广阔