ToLand(SZ:300855) China Post Securities·2024-04-24 01:30Investment Rating - The report maintains a "Buy" rating for the company [6][26]. Core Insights - The company has demonstrated strong revenue growth, with a 34% year-on-year increase in revenue to 1.385 billion yuan in 2023, and a 30% increase in net profit to 330 million yuan [6][7]. - The company has a robust order backlog of 603 million yuan, with 551 million yuan expected to be recognized as revenue in 2024, providing a solid foundation for future performance [7]. - The company has completed several key projects to enhance production capacity, including a project for producing 1,000 tons of ultra-pure high-performance high-temperature alloy materials and a project for 3,300 complex thin-walled high-temperature alloy components [8][23]. - The company is actively involved in the aviation sector, establishing a comprehensive supply chain and enhancing its core competitiveness through various subsidiaries and joint ventures [9][10]. Financial Summary - In 2023, the company achieved a revenue of 1.385 billion yuan, with projected revenues of 1.675 billion yuan, 2.016 billion yuan, and 2.411 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 21.01%, 20.31%, and 19.61% [12][29]. - The company's net profit attributable to shareholders is expected to reach 402 million yuan, 502 million yuan, and 618 million yuan for 2024, 2025, and 2026, with corresponding growth rates of 21.78%, 24.84%, and 23.02% [12][26]. - The company's earnings per share (EPS) is projected to increase from 0.84 yuan in 2023 to 1.56 yuan in 2026 [12][29]. - The company maintains a stable gross margin of 34.33% in 2023, with a slight decrease of 0.66 percentage points year-on-year [24].