GAONA(300034) 东吴证券·2024-04-25 09:30Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its long-term development despite adjustments in profit forecasts for 2024-2025 [2][23][30]. Core Insights - The company achieved a revenue of 3.408 billion yuan in 2023, representing a year-on-year increase of 18.37%, while the net profit attributable to shareholders decreased by 5.17% to 319 million yuan [1][9]. - The rapid development of China's aerospace industry presents significant opportunities for the company, which is a leading supplier of high-temperature alloys, crucial for aerospace applications [2][9][15]. - The company is positioned as one of the largest producers of high-end and new high-temperature alloy products in China, with advanced manufacturing technology and a strong brand image, suggesting substantial growth potential in the future [9][15]. Financial Summary - Revenue and profit forecasts have been adjusted, with net profit estimates for 2024 and 2025 revised to 415 million yuan and 537 million yuan, respectively, with a new estimate for 2026 set at 689 million yuan [2][14]. - The company's earnings per share (EPS) for 2023 is reported at 0.41 yuan, with projections of 0.54 yuan for 2024 and 0.69 yuan for 2025 [14][27]. - The company’s total assets are projected to grow from 7.220 billion yuan in 2023 to 10.221 billion yuan by 2026, indicating a robust financial outlook [27].