BLT(688333) 西南证券·2024-04-01 16:00Investment Rating - The report assigns a "Buy" rating for the company with a target price of 98.40 CNY over the next six months, based on a current price of 80.06 CNY [1]. Core Insights - The company, Plater (688333), is a leading player in the domestic metal 3D printing industry, focusing on an integrated layout of "materials + equipment + services." In 2023, it achieved a revenue of 1.23 billion CNY, representing a year-on-year growth of 34.2%, and a net profit attributable to shareholders of 140 million CNY, up 78.1% year-on-year [1][2]. Summary by Sections Company Overview - Plater specializes in industrial-grade metal additive manufacturing, with applications in aerospace, energy, transportation, electronics, automotive, and medical sectors. The company has established partnerships with major clients such as AVIC and Airbus, and has a robust R&D infrastructure, including national-level research centers [19][45]. Financial Performance - In Q4 2023, the company reported a revenue of 490 million CNY, a year-on-year increase of 23.4% and a quarter-on-quarter increase of 62.0%. The net profit for the same quarter was 100 million CNY, showing a year-on-year growth of 1.5% and a quarter-on-quarter growth of 396.7% [1][32]. Business Segments - The revenue breakdown for 2023 shows that customized 3D printing products, 3D printing equipment, and 3D printing materials generated 630 million CNY, 530 million CNY, and 60 million CNY, respectively, with year-on-year growth rates of 34.5%, 26.5%, and 99.0% [25][39]. Cost Management - The company has effectively controlled its expenses, with a total expense ratio of 37.0% in 2023, down 13.4 percentage points year-on-year. The gross margin was 49.0%, a decrease of 5.6 percentage points, primarily due to increased outsourcing and depreciation costs [39][56]. R&D and Innovation - Approximately 30% of the company's workforce is dedicated to R&D, with an investment of about 200 million CNY in 2023, marking a 24.5% increase. The company has launched several new products and is progressing with projects aimed at enhancing production capacity [1][45]. Profit Forecast and Valuation - The company is expected to achieve net profits of 320 million CNY, 490 million CNY, and 700 million CNY for 2024, 2025, and 2026, respectively, with a compound annual growth rate of 71% over the next three years. The report assigns a PE ratio of 60 for 2024, indicating a target price of 98.40 CNY [2][56].