BLT(SH:688333) Shenwan Hongyuan Securities·2025-09-03 08:11Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported H1 2025 revenue of 667 million yuan, a year-over-year increase of 17.22%, and a net profit attributable to shareholders of 76 million yuan, up 9.98% year-over-year, indicating that the performance met expectations [4][5] - The company is actively expanding into emerging markets such as commercial aerospace and consumer electronics, which is expected to drive future growth [5] Financial Data and Profitability Forecast - For H1 2025, the company achieved total revenue of 667 million yuan, with a breakdown showing 422 million yuan from customized 3D printing products and services (up 30.52% year-over-year), 186 million yuan from 3D printing equipment and services (down 6.35% year-over-year), and 59 million yuan from 3D printing materials (up 25.27% year-over-year) [5] - The company’s gross margin for H1 2025 was 42.18%, slightly down from 43.62% in the previous year, primarily due to changes in product mix [5] - The report forecasts total revenue for 2025 to be 1.827 billion yuan, with a year-over-year growth rate of 37.8% [4][7] Market Expansion and Production Capacity - The company is focusing on expanding its production capacity and market presence, particularly in the aerospace sector, and is expected to benefit from increased demand in the future [5] - The company is also investing in the construction of a new production line for high-quality additive manufacturing materials, which is projected to increase capacity to 3,000 tons per year [5] Earnings Forecast Adjustment - The report has adjusted the earnings forecast for 2025 and 2026, lowering the net profit estimates to 208 million yuan and 277 million yuan respectively, while introducing a new estimate for 2027 at 378 million yuan [5]