BLT(688333) 长江证券·2024-03-30 16:00Investment Rating - The report maintains a "Buy" rating for the company [11][28]. Core Insights - The company achieved a revenue of 1.23 billion yuan in 2023, representing a year-on-year growth of 34.2%, and a net profit attributable to shareholders of 142 million yuan, up 78.1% year-on-year [3][10]. - The company focuses on industrial-grade metal additive manufacturing (3D printing), providing a complete set of solutions including equipment, product manufacturing, raw materials, and technical services, establishing a comprehensive ecosystem in the metal 3D printing industry [10][30]. - The company is expected to continue its revenue and profit growth in 2024, driven by capacity expansion and reduced share-based payment expenses [10][11]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 491 million yuan, a year-on-year increase of 23.4%, and a net profit of 103 million yuan, up 1.48% year-on-year [3][10]. - The revenue from 3D printing services reached 630 million yuan, growing 34.5% year-on-year, while the revenue from 3D printing equipment was 530 million yuan, up 26.5% year-on-year [4][10]. - The company anticipates net profits of 336 million yuan, 504 million yuan, and 742 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 47, 31, and 21 times [11][36]. Business Segment Analysis - The aerospace segment generated 690 million yuan in revenue, growing 8.3% year-on-year, while the industrial segment saw a significant increase of 91.4% to 460 million yuan [4][10]. - The medical sector reported a revenue of 12 million yuan, up 62.3% year-on-year, with a gross margin increase of 10.9 percentage points [4][10]. - Overall, the company experienced growth across all segments in 2023, although the shift towards non-aerospace sectors led to a decline in overall gross margin [4][10].