BAOTI(600456) 申万宏源·2024-04-22 11:32Investment Rating - The report maintains a "Buy" rating for the company [7][15]. Core Insights - The company's revenue from titanium products reached 6.301 billion yuan, accounting for 90.96% of total revenue, with a year-on-year growth of 4.37%. The total sales volume of titanium products was 29,400 tons, a decrease of 7.05% year-on-year [7]. - Domestic revenue was 5.407 billion yuan, down 5.04% year-on-year, while international revenue surged to 1.333 billion yuan, up 77.74% year-on-year, indicating a strong recovery in international business [7]. - The company's gross margin decreased by 0.46 percentage points to 21.18%, and net margin fell by 0.39 percentage points to 9.74% due to increased competition in the civilian market and raw material cost pressures [7]. - The company is expected to benefit from military and civilian demand, with anticipated growth in both military and civilian sectors, as well as exports [7]. Financial Data and Earnings Forecast - The company reported a total revenue of 6.927 billion yuan for 2023, a year-on-year increase of 4.41%, while net profit attributable to shareholders was 544 million yuan, a decrease of 2.29% [15]. - The earnings forecast for 2024 has been revised down to 652 million yuan, with projections for 2025 and 2026 set at 792 million yuan and 965 million yuan, respectively [7][15]. - The projected PE ratios for 2024, 2025, and 2026 are 18, 15, and 12 times, respectively, indicating that the company's valuation is below the industry average [7].