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].