专注航空发动机及燃气轮机高温合金，国际化拓展迈入收获期。公司高温合金业务包括铸造高温合金和 变形高温合金，下游领域应用广泛，包括航空航天、燃气轮机、能源电力、油气石化、船舶、汽车等行 业。 风险提示：原材料及产品价格波动；贸易环境；政策波动风险等。 航空航天和燃机领域是主要增长引擎，24 年收入分别同比增长14.89%、47.48%。公司国际化战略成效 显著，分地区看，或受益全球航发及燃气轮机市场增长，境外地区24 年实现收入2.62 亿元，同比大幅 增长128.69%。目前，公司已与罗罗、赛峰、霍尼韦尔、柯林斯宇航、贝克休斯建立合作，持续导入新 客户与新牌号，奠定增长基础。 在欧美防务产能挤占等背景下，国内企业有望凭借产能及现货交期优势切入全球供应链。（2）受益全 球民机及燃机老龄化维修需求。高温合金主要用在热端部件，全球民航机龄老龄化、燃机轮机机龄增加 下带动飞机售后、尤其是发动机热端零件维修市场的发展。（3）重视公司产品海外份额提升斜率的比 较优势。公司产品所处环节实行供应商准入及审核机制，交期及价格优势有望促公司海外产品份额快速 提升，同时长期协议确立中期供应商格局及稳定性。（4）国际业务迈入收获期。 ...

Core Viewpoint - Longda Co., Ltd. is intensifying its investment in overseas subsidiaries to advance its internationalization strategy, particularly through a $40 million increase in investment in its Singapore subsidiary, Singda Superalloy PTE. LTD. [1][5] Investment Strategy - Longda Co., Ltd. plans to invest an additional $40 million in its Singapore subsidiary to enhance overseas manufacturing capacity, upgrade equipment, and improve local operational systems [1][3] - The total investment in the Singapore subsidiary will rise from $20 million to $60 million following this additional investment [3] Financial Performance - As of the end of March, Longda Co., Ltd. had cash reserves of 175 million yuan (approximately $25 million) and discounted receivables of about 200 million yuan (approximately $29 million), which can be utilized for the increased investment [1][3] - In 2024, Longda Co., Ltd. reported overseas revenue of 262 million yuan (approximately $38 million), a year-on-year increase of 167.82% [7] - The company's gross margin for overseas markets reached 29.8%, an increase of 7.1 percentage points year-on-year [7] Market Expansion - The establishment of the Singapore subsidiary is part of Longda Co., Ltd.'s strategic development plan to create an international operational platform, including a business headquarters and R&D center in Southeast Asia [2] - The company is expanding its product lines to include corrosion-resistant alloys and high-performance special deformation alloys to meet international customer demands [3] Recent Developments - Longda Co., Ltd. has completed the acquisition of land for its Malaysian subsidiary, which is set to begin construction in July 2025 [2][4] - The company has seen a recovery in its performance, with 2024 revenues reaching 1.391 billion yuan (approximately $200 million), a 15.22% increase year-on-year, and a net profit of 66.11 million yuan (approximately $9.5 million), up 19.38% [6][8]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688231 证券简称：隆达股份 公告编号：2025-021 江苏隆达超合金股份有限公司 关于对新加坡全资子公司增加投资的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 投资标的名称：SINGDA SUPERALLOY PTE. LTD. ● 本次增加投资金额：4,000万美元 ● 相关风险提示： 1、江苏隆达超合金股份有限公司（以下简称"公司"或"隆达股份"）本次对新加坡全资子公司SINGDA SUPERALLOY PTE. LTD.（以下简称"新达公司"）增加投资事宜尚需履行境内对境外投资的审批或备 案等手续，能否顺利实施存在不确定性。 2、鉴于本次增加投资的资金来源均为自有资金，可能存在自有资金实际投入与项目计划所需资金投入 进度不匹配的风险，公司将持续关注项目建设进度，合理安排资金支出。 3、因受宏观经济、行业发展、政策等因素影响，可能会出现项目实际建设进度及投产后产能利用不达 预期的风险，导致本次项目投资收益存在不确定性，公司将 ...

整体毛利率受产品结构调整影响，细分产品毛利率稳中有升，或反映公司控成本能力显著。24A 销售毛 利率为33.93%，同比降低0.4pcts；销售净利率为21.23%，同比降低2.63pcts。其中24Q4 销售毛利率为 22.38%，同比降低7.67pcts，环比降低8.19pcts；销售净利率为5%，同比降低16.82pcts，环比降低 14.18pcts。分业务看，铸造高温合金毛利率49.3%，同比+3.7pcts，变形高温合金毛利率26.2%，同比 +1.6pcts；其他业务毛利率41.4%，同比-10.9pcts；分地区看，24 年外贸毛利率为32.0%，同比+0.4pcts， 内贸毛利率为34.1%，同比-0.5pcts。25Q1 销售毛利率为27.65%，同比降低11.21pcts，环比提升 5.27pcts；销售净利率为14.59%，同比降低11.37pcts，环比提升9.59pcts。 事件评论 风险提示 受下游主要客户需求波动及产品结构调整影响，公司收入和业绩短期承压。分业务来看，铸造高温合金 4.2 亿元（yoy-33.3%），收入占比33.1%；变形高温合金5.2 亿元（yoy+18.4 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.258 billion in 2024, a decrease of 9.16% year-on-year, and a net profit attributable to shareholders of 267 million, down 19.17% year-on-year [2][4]. - The revenue for Q4 2024 was 178 million, reflecting a significant decline of 44.2% year-on-year and 48.87% quarter-on-quarter, with a net profit of 9 million, down 87.22% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 286 million, a decrease of 18.33% year-on-year but a substantial increase of 60.5% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 12.58 billion, with a net profit of 2.67 billion, and a non-recurring net profit also at 2.67 billion, indicating a decrease in profitability [2][4]. - The revenue breakdown shows that high-temperature alloy casting generated 420 million (down 33.3%), while deformation high-temperature alloys brought in 520 million (up 18.4%) [4]. - The overall gross margin for 2024 was 33.93%, a slight decrease of 0.4 percentage points year-on-year, while the net profit margin was 21.23%, down 2.63 percentage points year-on-year [4]. Investment Projects - The company’s fixed assets increased to 770 million by the end of 2024, with ongoing projects expected to enhance production capacity [4]. - The completion of the automated processing line for aviation components is expected to significantly contribute to the company’s production capabilities [4]. Profit Forecast and Valuation - The projected net profit for 2025-2027 is estimated at 363 million, 469 million, and 668 million respectively, with year-on-year growth rates of 36%, 29%, and 42% [4]. - The corresponding price-to-earnings ratios are projected to be 24, 18, and 13 times for the years 2025, 2026, and 2027 respectively [4].