HQTI(SH:688281) Shenwan Hongyuan Securities·2025-12-29 11:29Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [9]. Core Insights - The company has signed significant contracts totaling 2.54 billion yuan and 3.92 billion yuan, reflecting its strategic focus on expanding its market position in the aerospace sector [6][9]. - The company's "One Core, Two Wings" strategy is being implemented, aiming to enhance its role as a key supplier of materials for aircraft engines and expand into other high-end manufacturing sectors [9]. - The establishment of a new electromagnetic testing system marks a significant advancement in the company's testing capabilities, supporting product development and providing services to various industries [9]. - The company is recognized as a leading domestic enterprise in special materials, with a strong market position and a broad scope for growth due to increasing defense modernization demands [9]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,139 million yuan in 2024 to 2,157 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 22.5% [8]. - The net profit attributable to the parent company is expected to increase from 414 million yuan in 2024 to 762 million yuan in 2027, reflecting a strong growth trajectory [8]. - The earnings per share (EPS) is forecasted to rise from 1.65 yuan in 2025 to 2.80 yuan in 2027, indicating improving profitability [8]. - The company's return on equity (ROE) is anticipated to improve from 9.2% in 2025 to 12.8% in 2027, showcasing enhanced efficiency in generating profits from shareholders' equity [8].