BLT(SH:688333) Changjiang Securities·2024-05-15 03:02Investment Rating - The report maintains a "Buy" rating for the company, projecting a net profit of 340 million, 500 million, and 740 million yuan for 2024-2026, corresponding to PE ratios of 48, 32, and 22 times respectively [15][30]. Core Insights - The company achieved a revenue of 206 million yuan in Q1 2024, representing a year-on-year growth of 54.72%, and a net profit of 1 million yuan, marking a 104.72% increase year-on-year, thus turning profitable [34][30]. - The company focuses on industrial-grade metal additive manufacturing (3D printing), providing a comprehensive solution including equipment, product manufacturing, raw materials, and technical services, establishing a leading position in the domestic and international market [30][35]. - The company is expanding its market development efforts and R&D investments, particularly in aerospace and other application fields, which is expected to drive rapid revenue growth [30][35]. Financial Performance - The gross profit margin for Q1 2024 was 41.25%, a low point in recent quarters due to a simpler product structure in some printing services, but is expected to recover as other products ramp up [3][30]. - The company’s R&D expenses reached 54 million yuan in Q1 2024, with an R&D expense ratio exceeding 26%, indicating a strong commitment to innovation [48][30]. - The projected total revenue for 2024 is 1.818 billion yuan, with a gross profit of 911 million yuan, maintaining a gross margin of approximately 50% [20][30]. Market Outlook - The company is expected to continue expanding its production capacity, with ongoing projects that will significantly enhance its ability to meet market demand and drive revenue growth [48][30]. - The report highlights the potential for growth in both non-civilian and civilian sectors, with increasing penetration rates in various applications as technology matures and costs decrease [35][30].