GATD(688239) 中邮证券·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for the company [6][16]. Core Views - The company achieved a revenue of 2.104 billion yuan in 2023, representing a year-on-year growth of 44.69%, and a net profit attributable to shareholders of 185 million yuan, with a growth of 1.15% [4]. - The company is expected to see net profits of 334 million yuan and 453 million yuan in 2024 and 2025, respectively, corresponding to a price-to-earnings (PE) ratio of 15 and 11 times at the current stock price [6]. - The company has a strong order backlog of 2.314 billion yuan as of the end of Q3 2023, indicating robust demand in both domestic and international markets [32]. Financial Performance - The company's revenue is projected to grow from 2.104 billion yuan in 2023 to 3.719 billion yuan in 2025, with growth rates of 44.69% and 30.38% respectively [36]. - The net profit attributable to shareholders is expected to increase significantly from 185 million yuan in 2023 to 453 million yuan in 2025, with a notable growth rate of 80.24% in 2024 [36]. - The company’s earnings per share (EPS) is forecasted to rise from 1.26 yuan in 2023 to 3.07 yuan in 2025 [36]. Market Position and Strategy - The company has established long-term agreements with major international aerospace clients, enhancing its market share in the overseas market [17]. - The overseas business is expected to grow significantly, with projections indicating that it will account for approximately 40% of total revenue by 2024 [17]. - The company is actively expanding its presence in the international market, with a 90.69% year-on-year increase in overseas revenue in the first half of 2023 [17].