longda(SH:688231) CMS·2025-08-28 02:33Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company has experienced rapid growth in its high-temperature alloy business, with an increasing proportion of overseas revenue [6] - In H1 2025, the company achieved operating revenue of 829 million yuan, a year-on-year increase of 15.72%, and a net profit attributable to shareholders of 53.04 million yuan, also up 15.53% year-on-year [6][7] - The company is focusing on international expansion, with plans to establish production bases in Singapore and Malaysia, and has signed long-term agreements with several overseas clients [6] Financial Performance - The company reported a Q2 revenue of 485 million yuan, reflecting a year-on-year growth of 21.30% and a quarter-on-quarter increase of 40.97% [6] - The revenue from high-temperature corrosion-resistant alloys reached 603 million yuan, with a year-on-year growth of 17.98% [6] - The gross profit margin for domestic revenue was 15.34%, while for overseas revenue it was 17.22% [6] Profit Forecast - The company forecasts net profits attributable to shareholders of 99 million yuan, 129 million yuan, and 162 million yuan for the years 2025, 2026, and 2027, respectively [6][7] - Corresponding PE ratios are projected to be 54, 41, and 33 for the same years [6][7] Market Position - The company is well-positioned to benefit from the increasing global demand for high-temperature alloys, particularly in the aerospace and gas turbine sectors [6] - The report highlights the ongoing shift of supply chains towards China, which may present significant opportunities for the company [6]