BLT(SH:688333) Great Wall Securities·2024-05-23 05:01Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][8]. Core Views - The company has experienced rapid growth in Q1 2024, with revenue reaching 206 million yuan, a year-on-year increase of 54.72%, and a net profit of 1 million yuan, up 104.72% year-on-year, indicating a turnaround from losses [2][3]. - The company's gross margin for Q1 2024 was 41.25%, down 7.37 percentage points year-on-year, primarily due to changes in product mix and increased sales volume leading to price reductions [3]. - The successful completion of a private placement in December 2023 raised 3.007 billion yuan, which will enhance the company's production capacity and solidify its integrated supply chain advantages [4]. - The company is expanding its applications in the 3D printing sector, particularly in the 3C field, with significant revenue contributions from aerospace and other industries [5][8]. Financial Summary - Revenue is projected to grow from 1.798 billion yuan in 2024 to 3.498 billion yuan in 2026, with year-on-year growth rates of 45.88%, 40.90%, and 38.10% respectively [8]. - Net profit is expected to increase from 311 million yuan in 2024 to 702 million yuan in 2026, with growth rates of 119.62%, 61.04%, and 40.18% respectively [8]. - The company's EPS is forecasted to rise from 1.14 yuan in 2024 to 2.58 yuan in 2026, with corresponding P/E ratios of 52, 33, and 23 times [8].