GATD(SH:688239) Tianfeng Securities·2024-02-20 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company is expected to experience stable growth in 2023, with a potential acceleration in 2024 due to increased overseas business and recovery in the aviation sector [2][10]. - The company has successfully signed long-term agreements with major international aerospace clients, enhancing its market share and revenue from overseas operations [2]. - The company is focusing on automation and smart production lines to improve efficiency and reduce costs, with a projected output value of 1-1.5 billion yuan from the new production line [3]. Financial Performance - The company forecasts a revenue of 2.10 billion yuan for 2023, representing a 44.69% increase year-on-year, and a net profit of 185.49 million yuan, a 1.15% increase [10]. - The company’s net profit, excluding stock payment expenses, is expected to be 257 million yuan, a 14.50% increase from the previous year [10]. - The company’s order backlog as of Q3 2023 stands at 2.31 billion yuan, indicating strong future demand [2]. Production Capacity and Efficiency - The company is enhancing its production capacity through the automation of the Delan production line, which has a current utilization rate of 63% and significant room for improvement [3]. - The expected production capacity from the Delan line is flexible, with potential output values ranging from 1 to 1.5 billion yuan depending on product mix [3]. Market Outlook - The company anticipates that its overseas business will grow from 30% of total revenue in 2023 to approximately 40% in 2024, driven by the recovery of the global aviation industry [2]. - The domestic demand for aviation and gas turbine products is also expected to remain stable, supporting the company's growth [3].