HYATECH(SH:688510) GUOTAI HAITONG SECURITIES·2026-02-14 05:45Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company plans to issue convertible bonds to raise up to RMB 600 million for aviation engine capacity construction projects, reflecting strong market demand in the global aviation engine supply chain and the company's proactive expansion in both international and domestic markets [2][13] - The company is expected to achieve continuous high-quality improvement in operational capabilities due to its focus on enhancing aviation engine production capacity [2][13] Financial Summary - Total revenue is projected to grow from RMB 544 million in 2023 to RMB 1,411 million in 2027, representing a compound annual growth rate (CAGR) of 27.1% [4] - Net profit attributable to the parent company is expected to increase significantly from RMB 90 million in 2023 to RMB 279 million in 2027, with a notable growth rate of 349.6% in 2024 [4] - Earnings per share (EPS) is forecasted to rise from RMB 0.35 in 2023 to RMB 1.08 in 2027 [4] - The return on equity (ROE) is anticipated to improve from 8.6% in 2023 to 18.4% in 2027 [4] Target Price - The target price for the company has been raised to RMB 61.65, based on a price-to-earnings (PE) ratio of 76.48 times for 2026 [13] Market Data - The company's market capitalization is approximately RMB 11.492 billion, with a total share capital of 260 million shares [7] - The stock price has ranged from RMB 14.92 to RMB 44.28 over the past 52 weeks [7] Business Development - The company is leveraging advanced manufacturing techniques and strong customer relationships to expand its business, particularly in the aviation engine sector, where it supplies major global manufacturers [13] - The company is also entering the orthopedic implant market, which is expected to see increased demand due to an aging population and rising joint replacement rates [13]