Investment Rating - The investment rating for the company is "Buy" with a target price of 71.07 RMB [8][9]. Core Views - The company's revenue for 2024 is projected to be 1.326 billion RMB, reflecting a year-on-year growth of 15.02%, while the net profit attributable to the parent company is expected to decline by 5.26% to 104.44 million RMB [1][7]. - The company has faced short-term profit pressure due to delayed aerospace orders and reduced scale effects, but there is optimism for a rebound in performance as military demand increases [1][5]. - The company has made significant adjustments to its financials, leading to a substantial increase in the projected net profit for 2024 compared to earlier estimates [2]. Revenue and Profitability - In 2024, the company achieved revenues of 1.326 billion RMB, with a net profit of 104.44 million RMB, down from previous expectations [1][7]. - The revenue breakdown shows that customized products, 3D printing equipment, and materials generated 6.89 billion, 5.45 billion, and 0.91 billion RMB respectively, with growth rates of 23.51%, 4.99%, and 41.38% [3]. - The overall gross margin for 2024 is reported at 37.44%, a decrease of 9.76 percentage points from the previous year, primarily due to price reductions in mass-produced aerospace products [4]. Market Segmentation - The company’s revenue from the aerospace sector reached 8.15 billion RMB, marking a year-on-year increase of 33.08%, while other sectors like industrial and medical saw declines [3]. - The overseas revenue significantly increased by 58.47% to 0.81 billion RMB, indicating successful market expansion [3]. Financial Forecasts - The company’s net profit forecasts for 2025, 2026, and 2027 are 280.87 million, 373.83 million, and 506.31 million RMB respectively, reflecting a downward adjustment of 28.41% and 30.10% for 2025 and 2026 compared to previous estimates [5][19]. - The expected earnings per share (EPS) for 2025 is projected at 1.03 RMB, with a return on equity (ROE) of 5.51% [7][23]. Valuation Metrics - The company is currently trading at a price-to-earnings (PE) ratio of 62 for 2025, with a target PE of 44 for the same year [5][18]. - The price-to-book (PB) ratio is reported at 3.4, indicating a premium valuation compared to peers [18].

Investment Rating - The investment rating for the company is "Buy" with a target price of 85.32 RMB [7][8]. Core Views - The company reported a revenue of 1.139 billion RMB in 2024, representing a year-over-year increase of 24.17%, and a net profit of 414 million RMB, up 23.56% year-over-year. The Q4 revenue was 401 million RMB, showing a year-over-year growth of 27.27% and a quarter-over-quarter increase of 58.92% [1]. - The company is recognized as a leader in military stealth materials, with expectations for sustained demand and growth potential as subsidiaries ramp up production [1][4]. - The company experienced a decline in Q1 2025 revenue to 241 million RMB, down 2.48% year-over-year, and a net profit of 63 million RMB, down 45.23% year-over-year, primarily due to increased costs from R&D and underutilization of subsidiary production capacity [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.139 billion RMB, with a breakdown of revenue sources: special functional materials at 1.023 billion RMB (+15.27% YoY), acoustic metamaterials and instruments at 44 million RMB (+143.33% YoY), aerospace components processing at 62 million RMB (+461.84% YoY), and ceramic matrix composites generating 200.88 thousand RMB [2]. - The overall gross margin for 2024 was 50.69%, down 7.09 percentage points year-over-year, attributed to high fixed costs and underutilization of production capacity [2]. Earnings Forecast and Valuation - The forecast for net profit for 2025-2027 is adjusted to 462 million RMB, 583 million RMB, and 717 million RMB respectively, reflecting a downward revision of 28.68% and 28.83% for 2025 and 2026 [4][17]. - The company is assigned a PE ratio of 36 times for 2025, with a target price of 85.32 RMB, down from a previous estimate of 111.80 RMB [4][17]. Key Financial Metrics - Projected revenue growth rates for 2025-2027 are 20.41%, 27.38%, and 22.87% respectively, with net profit growth rates of 11.52%, 26.21%, and 23.05% [6][24]. - The company’s EPS is expected to increase from 2.13 RMB in 2024 to 3.68 RMB in 2027, indicating a positive growth trajectory [6][24].