HQTI(SH:688281) Guohai Securities·2025-12-25 03:50Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company has signed a framework procurement contract for special functional materials for aircraft fuselage, totaling 254 million yuan (including tax), effective until September 30, 2027, indicating the gradual implementation of its "One Core, Two Wings" strategy [5][6]. - The company aims to enhance its market position as a key supplier of materials for aircraft engines while expanding into high-end manufacturing sectors [6]. - The company reported a revenue of 801 million yuan for the first three quarters of 2025, a year-on-year increase of 8.63%, but a net profit of 243 million yuan, down 21.48% year-on-year [7]. - The company has significantly increased its R&D investment by 81.39% year-on-year, reaching 105 million yuan, reflecting a focus on expanding its product offerings [7]. Financial Performance - For Q3 2025, the company achieved a revenue of 285 million yuan, a year-on-year increase of 12.85%, and a net profit of 97 million yuan, up 3.73% year-on-year [10]. - The company’s projected revenues for 2025-2027 are 1.282 billion, 1.746 billion, and 2.465 billion yuan, respectively, with corresponding net profits of 390 million, 611 million, and 847 million yuan [11]. - The company’s PE ratios for the same period are projected to be 49, 31, and 22 times, respectively [11]. Subsidiary Performance - The subsidiary Huayin Aviation achieved a revenue of 103 million yuan in the first three quarters of 2025, a year-on-year increase of 142.95%, with total orders signed amounting to approximately 244 million yuan [9]. - Other subsidiaries also reported significant revenue growth, with Huayin Optoacoustic and Shanghai Ruihuasheng achieving year-on-year increases of 184.92% and 1825.28%, respectively [9].