BLT(SH:688333) Changjiang Securities·2025-11-17 01:50Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - The company achieved a revenue of 1.161 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 46.47%. The net profit attributable to the parent company reached 156 million yuan, up 234.83% year-on-year, while the net profit after deducting non-recurring items was 109 million yuan, showing a staggering growth of 1,966.73% [2][6]. - In Q3 2025, the revenue was 494 million yuan, marking a year-on-year increase of 120.94% and a quarter-on-quarter growth of 12.24%. The net profit attributable to the parent company was 79 million yuan, up 447.30% year-on-year, although it decreased by 12.96% quarter-on-quarter [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 43.48% and a net margin of 13.42%. In Q3 2025, the gross margin improved to 45.24%, with a net margin of 16.09% [13]. - The company expects to achieve net profits of 230 million yuan and 320 million yuan in 2025 and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 90 and 64 times [8]. Business Development - The significant revenue and profit growth are attributed to the company's ongoing expansion into new application areas, particularly in the civilian market and commercial aerospace sector. The revenue from customized 3D printing products in the civilian sector has seen substantial growth [13]. - The company has made breakthroughs in various application fields, including consumer electronics, thermal management, and commercial aerospace, leveraging its metal 3D printing technology [13]. Research and Capacity Expansion - In the first three quarters of 2025, the company invested 183 million yuan in R&D, focusing on enhancing its metal 3D printing technology and achieving self-control over its software ecosystem [13]. - The company has over 4,600 laser printing devices and plans to increase its production capacity to 3,000 tons per year with the establishment of a dedicated powder material production line, positioning itself as a leading player in the domestic metal additive manufacturing industry [13].