Group 1 - The core viewpoint of the news is that Longda Co., Ltd. has shown fluctuations in its stock performance and financing activities, indicating a high level of trading activity and investor interest [1][2] - On August 28, Longda Co., Ltd. experienced a stock decline of 0.93% with a trading volume of 133 million yuan, and the net financing buy was negative at -865,300 yuan [1] - As of August 28, the total margin balance for Longda Co., Ltd. was 115 million yuan, accounting for 4.27% of its market capitalization, which is above the 90th percentile level over the past year [1] Group 2 - As of June 30, the number of shareholders for Longda Co., Ltd. increased to 11,000, a rise of 10.11%, while the average circulating shares per person decreased by 9.18% to 11,473 shares [2] - For the first half of 2025, Longda Co., Ltd. reported a revenue of 829 million yuan, representing a year-on-year growth of 15.72%, and a net profit attributable to shareholders of 53 million yuan, up 15.53% year-on-year [2] - Since its A-share listing, Longda Co., Ltd. has distributed a total of 175 million yuan in dividends [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 830 million (up 15.7% year-on-year) and a net profit attributable to shareholders of 50 million (up 15.5% year-on-year) in the first half of 2025 [1][5] - The high-temperature alloy production capacity is steadily increasing, with the revenue from the high-temperature corrosion-resistant alloy segment reaching 603 million (up 17.98% year-on-year) [1][2] - The company is accelerating its entry into the global high-temperature alloy supply chain, gaining recognition from major domestic and international enterprises in the aerospace and oil and gas sectors [2] Financial Performance Summary - For the first half of 2025, the company reported a gross margin of 15.75% (up 0.13 percentage points year-on-year) and a net profit margin of 6.40% (down 0.01 percentage points year-on-year) [2] - The second quarter of 2025 saw a revenue of 485 million (up 21.3% year-on-year, up 41.0% quarter-on-quarter) and a net profit of 25 million (up 34.2% year-on-year, down 14.1% quarter-on-quarter) [1][2] - The company forecasts revenues of 1.76 billion, 2.21 billion, and 2.74 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 26%, 26%, and 24% [2][3] Key Financial Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.47, 0.70, and 1.00 respectively [3] - The price-to-earnings (P/E) ratio is expected to decrease from 95.7 in 2023 to 21.5 in 2027, indicating improved valuation over time [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company has experienced rapid growth in its high-temperature alloy business, with an increasing proportion of overseas revenue [6] - In H1 2025, the company achieved operating revenue of 829 million yuan, a year-on-year increase of 15.72%, and a net profit attributable to shareholders of 53.04 million yuan, also up 15.53% year-on-year [6][7] - The company is focusing on international expansion, with plans to establish production bases in Singapore and Malaysia, and has signed long-term agreements with several overseas clients [6] Financial Performance - The company reported a Q2 revenue of 485 million yuan, reflecting a year-on-year growth of 21.30% and a quarter-on-quarter increase of 40.97% [6] - The revenue from high-temperature corrosion-resistant alloys reached 603 million yuan, with a year-on-year growth of 17.98% [6] - The gross profit margin for domestic revenue was 15.34%, while for overseas revenue it was 17.22% [6] Profit Forecast - The company forecasts net profits attributable to shareholders of 99 million yuan, 129 million yuan, and 162 million yuan for the years 2025, 2026, and 2027, respectively [6][7] - Corresponding PE ratios are projected to be 54, 41, and 33 for the same years [6][7] Market Position - The company is well-positioned to benefit from the increasing global demand for high-temperature alloys, particularly in the aerospace and gas turbine sectors [6] - The report highlights the ongoing shift of supply chains towards China, which may present significant opportunities for the company [6]

Investment Rating - The report gives an "Accumulate" rating for the company [4]. Core Views - The company is a rising star in the domestic high-temperature alloy sector, driven by increasing demand from the aerospace and gas turbine industries [2][4]. - The company focuses on high-temperature alloys and alloy materials, with a diverse range of products including cast and deformed high-temperature alloys and alloy pipes [2][4]. - The company is expected to achieve revenue and net profit growth in 2024, with revenue of 1.391 billion yuan and net profit of 66 million yuan, representing year-on-year growth of 15.22% and 19.38% respectively [2][4]. Summary by Sections Company Overview - The company specializes in high-temperature alloys and alloy materials, with products that cover military and civilian applications [2][4]. - The company aims to become a world-class high-temperature alloy manufacturer, having established production lines for both cast and deformed high-temperature alloys [19][20]. Market Demand - The demand for high-temperature alloys is expected to rise due to the growth in the aerospace engine and gas turbine markets, with global civil aviation showing promising prospects [2][40]. - The company is well-positioned to benefit from the restructuring of supply chains by overseas aerospace manufacturers, which presents opportunities for domestic suppliers [52]. Financial Projections - The company is projected to achieve revenues of 1.759 billion yuan in 2025, 2.209 billion yuan in 2026, and 2.736 billion yuan in 2027, with corresponding net profits of 115 million yuan, 173 million yuan, and 247 million yuan [3][14]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.47 yuan, 0.70 yuan, and 1.00 yuan respectively [14]. International Expansion - The company is actively expanding its international customer base and has signed long-term agreements with several overseas clients, enhancing its global supply chain presence [2][30]. - The overseas revenue is expected to significantly contribute to the company's growth, with a projected increase of 128.69% in 2024 [30]. Product Segmentation - The company's revenue from high-temperature alloys and alloy pipes is expected to reach 959 million yuan and 346 million yuan respectively in 2024, with year-on-year growth of 18.97% and 15.97% [24]. - The aerospace sector is the core application area for the company's products, with significant revenue contributions from aerospace, gas turbines, and automotive sectors [28].

Core Viewpoint - Jiangsu Longda Superalloy Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to provide clarifications and corrections related to its financial disclosures and operational performance [1]. Financial Performance - The company reported significant revenue growth in the aerospace, gas turbine, and automotive turbocharger sectors, with increases of 46.64%, 67.34%, and 52.34% respectively [1]. - Other business revenues amounted to 85.724 million yuan [1]. - The company adjusted its financial data, ensuring that the corrections do not impact the overall financial status or cash flow for the years 2023 and 2024 [1]. Revenue Structure - The revenue structure for 2024 shows a notable increase in the aerospace sector, driven by demand from key domestic aerospace manufacturers [5]. - The gas turbine sector also experienced substantial growth, attributed to increased demand from domestic and international high-temperature alloy material service providers [9]. - The automotive turbocharger sector's revenue decreased from 16.08% in 2022 to 3.4% in 2024, indicating a shift in market dynamics [1]. Client Performance - The top five clients in the aerospace sector contributed significantly to revenue, with notable sales increases observed from key clients [6]. - The company’s sales to client one in the aerospace sector increased dramatically, reflecting a growing demand for domestic civil aviation engine materials [5]. - In the gas turbine sector, sales to client nine surged due to increased high-temperature alloy demand, highlighting the impact of domestic projects on revenue growth [9]. Sales Model Analysis - The company categorizes its sales into direct sales and dealer models, with direct sales representing end-user transactions and dealer sales involving trade merchants [3]. - Adjustments in sales models have been made to better reflect the operational realities and market conditions [3].

Core Viewpoint - The company, Jiangsu Longda Superalloy Co., Ltd., issued a correction announcement regarding its 2023 and 2024 annual reports, clarifying errors in the management discussion and analysis sections without affecting the overall financial statements [1][2]. Financial Performance Summary - The company reported a total operating income of 1,106,434,345.46 CNY for the reporting period, with a breakdown of income by industry showing significant growth in the gas turbine and oil & gas chemical sectors [3][5]. - The aerospace sector's operating income was 296,452,645.20 CNY, showing a slight decrease of 0.13% year-on-year, while the gas turbine sector saw a substantial increase of 112.4% to 159,496,325.38 CNY, attributed to increased sales orders [5][10]. - The oil & gas chemical sector's income rose by 57.68% to 83,792,748.56 CNY, driven by increased sales of deformed high-temperature alloys [5][10]. Cost Analysis - The cost of sales for the aerospace sector increased by 34.88%, primarily due to higher sales volumes of high-temperature alloys, particularly deformed high-temperature alloys [14][15]. - The gas turbine sector's cost of sales surged by 184.80%, influenced by increased demand in the domestic market and the impact of the Russia-Ukraine conflict on international markets [15]. - The oil & gas chemical sector's cost rose by 79.32%, reflecting the growth in sales volume of deformed high-temperature alloys [15]. Regional Performance - Domestic operating income reached 1,008,619,362.03 CNY, a 20.26% increase year-on-year, while international income was 97,814,983.43 CNY, marking a 93.06% increase, attributed to the company's global market expansion [5][10]. - The domestic sales gross margin decreased by 3.55%, while the international sales gross margin decreased by 4.71%, mainly due to fluctuations in raw material prices [5][10]. Sales Model Analysis - Direct sales accounted for 1,084,063,513.87 CNY, a 31.97% increase, with a gross margin of 31.97%, while the distribution model generated 22,370,831.59 CNY, reflecting a 20.56% increase [5][11]. - The gross margin for direct sales decreased by 3.09%, attributed to changes in product structure and raw material prices [5][10].