BLT(688333) 民生证券·2024-03-27 16:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its industry leadership and growth potential [6][11]. Core Insights - The company achieved a revenue of 1.23 billion yuan in 2023, representing a year-over-year increase of 34.3%. The net profit attributable to shareholders was 142 million yuan, up 78.1% year-over-year, while the net profit excluding non-recurring items surged by 255.1% to 106 million yuan [1][11]. - The report highlights the company's comprehensive development across the entire industry chain, including materials, equipment, and services, with significant growth in industrial and research sectors [1][6]. - The company has increased its R&D investment, with R&D expenses rising by 24.5% to 200 million yuan, while the R&D expense ratio decreased by 1.3 percentage points to 16.4% [1][6]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 490 million yuan, a year-over-year increase of 23.4%, and a net profit of 103 million yuan, up 1.5% year-over-year. The gross margin for Q4 2023 decreased by 3.7 percentage points to 52.4% [1][11]. - For the full year 2023, the gross margin decreased by 5.6 percentage points to 49.0%, while the net margin increased by 2.8 percentage points to 11.5% [1][11]. Product and Industry Analysis - The revenue from customized 3D printing products reached 630 million yuan, growing by 34.5%, while the revenue from 3D printing equipment and services was 530 million yuan, up 26.5% [1][11]. - The aerospace sector generated 690 million yuan in revenue, an increase of 8.3%, while the industrial sector saw a remarkable growth of 91.4% to 460 million yuan [1][11]. Investment Outlook - The company is positioned as a leader in the metal 3D printing solutions market, having established a complete industry chain. The report projects net profits for 2024, 2025, and 2026 to be 330 million, 500 million, and 700 million yuan, respectively, with corresponding price-to-earnings ratios of 48x, 32x, and 23x [1][6].