[Table_Invest] 买入|维持 [Table_Main] 公司研究|国防军工 证券研究报告 铂力特(688333)公司点评报告 2024 年 09 月 11 日 [Table上半年业绩高增 _Title] ，研发保持高强度投入 ——铂力特 2024 年半年度报告点评 [事件：公司 Table_Summary 8 月] 29 日发布 2024 年半年度报告，期内实现营业收入 5.91 亿 元，同比增长 34.68%；归母净利润 8818.99 万元，同比增长 398.07%。 点评： 定制化产品/自研设备/原材料三大业务收入均实现大幅增长 2024 年，SLM（激光熔融）技术加速突破，SLS（激光烧结）、BJ（粘接剂 喷射）、EBM（电子束熔融）等技术百花齐放，产业链生态持续丰富，下游 场景拓展至民用大规模生产。公司作为国内最大的金属增材制造产业化基 地，上半年生产经营规模扩大，并持续开拓新的市场和应用领域，其中，3D 打印定制化产品及技术服务实现营收 3.17 亿元，同比增长 36.99%；自研 3D 打印设备、配件及技术服务实现营收 2.27 亿元，同比增长 33.82%；3D 打印原材料实现营收 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company, Plater (688333), reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 591 million yuan, a year-on-year growth of 34.68%, and a net profit of 88.19 million yuan, up 398.07% year-on-year [3]. - The growth is attributed to substantial increases in revenue from customized products, self-developed equipment, and raw materials, with specific revenue figures of 317 million yuan (36.99% growth), 227 million yuan (33.82% growth), and 47 million yuan (72.57% growth) respectively [3]. - The company is expanding its production capacity and market applications, particularly in the aerospace sector, with ongoing construction of multiple projects aimed at enhancing its manufacturing capabilities [4]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a gross margin of 45.95%, a decrease of 2.21 percentage points year-on-year, while the net profit margin increased by 10.89 percentage points to 14.92% [5]. - The company’s total R&D investment reached 108 million yuan, a 28.60% increase year-on-year, with ongoing projects focusing on new technologies [4][5]. Investment Recommendations and Profit Forecast - The report forecasts the company's net profit for 2024-2026 to be 314 million, 467 million, and 639 million yuan respectively, with corresponding price-to-earnings ratios of 35.64, 23.94, and 17.49 [6][9]. - The company is positioned as a leading player in the domestic metal additive manufacturing sector, particularly in the aerospace market, indicating strong growth potential [6]. Market Data - The current stock price is 42.02 yuan, with a market capitalization of approximately 11.42 billion yuan [7]. - The stock has experienced a significant decline of 53% over the past year [8].

%% %% 丨证券研究报告丨 联合研究丨公司点评丨铂力特（688333.SH） [Table_Title] 铂力特 2024H1 点评：航空航天支撑业绩高增， 打印服务设备材料协同增长 | --- | |-------| | | | | 分析师及联系人 [Table_Author] 赵智勇 王贺嘉 倪蕤 杨继虎 SFC：BRP550 SAC：S0490520110004 SFC：BUX462 SAC：S0490517110001 SAC：S0490520030003 请阅读最后评级说明和重要声明 铂力特（688333.SH） cjzqdt11111 2024-09-04 联合研究丨公司点评 相关研究 [Table_Title 铂力特 2024H1 2] 点评：航空航天支撑业绩高增， 打印服务设备材料协同增长 [Table_Summary2] 事件描述 公司发布 2024 年中报，营收 5.91 亿元，同比增长 34.68%，归母净利润 0.88 亿元，同比增长 398.07%，扣非归母净利润 0.54 亿元，同比增长 7,747.54%；其中 2024Q2 营收 3.85 亿元， 同比增长 25.96%，归母 ...

证券研究报告·公司点评报告·通用设备 铂力特（688333） 2024 年中报点评：归母净利润同比大增近 4 倍，技术达到国际先进水平 2024 年 09 月 02 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 918.08 | 1,232.39 | 1,803.31 | 2,535.40 | 3,319.50 | | 同比 | 66.32 | 34.24 | 46.33 | 40.60 | 30.93 | | 归母净利润（百万元） | 79.50 | 141.59 | 331.60 | 500.89 | 685.81 | | 同比 | 249.14 | 78.11 | 134.19 | 51.05 | 36.92 | | EPS- 最新 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its leading position in the metal 3D printing industry and expected growth in profits [2][4]. Core Viewpoints - The company reported a revenue of 590 million yuan for 1H24, representing a year-on-year increase of 34.7%, and a net profit attributable to shareholders of 88 million yuan, up 398% year-on-year [2]. - The growth in revenue and net profit is attributed to the balanced development across the entire 3D printing industry chain, with significant growth in the aerospace sector [2]. - The company is increasing its research and development efforts and preparing for strong downstream demand, with a notable reduction in expense ratios [2]. Financial Performance Summary - For 1H24, the company achieved a gross margin of 46.0%, a slight decrease of 2.2 percentage points year-on-year, while the net profit margin increased by 10.9 percentage points to 14.9% [2]. - In 2Q24, revenue reached 385 million yuan, a year-on-year increase of 26.0%, with a net profit of 87 million yuan, up 88.0% year-on-year [2]. - The company’s revenue from customized 3D printing products was 320 million yuan, growing 37.0% year-on-year, while revenue from 3D printing equipment was 170 million yuan, up 33.8% year-on-year [2]. Future Projections - The company is projected to achieve net profits of 300 million yuan, 440 million yuan, and 600 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 42, 29, and 21 times [2][5]. - Revenue is expected to grow at rates of 34.2%, 42.8%, 38.1%, and 32.7% for the years 2024 to 2026 [5]. Industry Position - The company is recognized as a leader in providing comprehensive solutions for metal 3D printing, having established a complete industry chain that includes raw materials, equipment, and printing services [2].

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a 20% increase compared to the same period last year[16]. - The company achieved operating revenue of CNY 590.93 million, an increase of 34.68% compared to the same period last year[21]. - The net profit attributable to shareholders reached CNY 88.19 million, representing a growth of 398.07% year-on-year[24]. - The basic earnings per share were CNY 0.32, up 190.91% from CNY 0.11 in the same period last year[23]. - The gross profit margin improved to 35%, up from 30% in the previous year, reflecting better cost management[16]. - The company reported a revenue increase of 25% year-over-year, reaching $500 million in the latest quarter[145]. - The company reported a revenue of 1.5 billion in Q2 2024, representing a 15% increase year-over-year[150]. - The operating profit was CNY 81.14 million, up CNY 6.70 million from the previous year[96]. - The gross margin improved to 60%, up from 55% in the previous quarter, indicating better cost management[145]. User Growth and Market Expansion - User data indicates a growth in active users by 15%, reaching a total of 1.2 million users[16]. - The company expects a revenue growth forecast of 25% for the second half of 2024, driven by new product launches and market expansion strategies[16]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[16]. - Market expansion plans include entering three new countries by the end of the fiscal year, targeting a potential market of 5 million users[145]. - User data showed a growth of 20% in active users, reaching 10 million by the end of Q2 2024[150]. Research and Development - Research and development expenses increased by 30%, totaling RMB 50 million, focusing on new additive manufacturing technologies[16]. - The total R&D investment for the reporting period reached CNY 107.92 million, an increase of 28.60% compared to the same period last year[67]. - The company has developed various metal 3D printing equipment, including Selective Laser Melting (SLM) and Wire Arc Additive Manufacturing (WAAM), enhancing manufacturing efficiency and reducing costs[36][38]. - The company has achieved significant advancements in the development of self-researched software for 3D printing, enhancing its technological capabilities[33]. - The company has filed 616 patents, with 343 granted, including 98 invention patents, showcasing its strong innovation capabilities in the field of additive manufacturing[46]. Strategic Initiatives - A strategic acquisition of a local competitor is in progress, expected to enhance production capabilities and market reach[16]. - The board has approved a share buyback program worth RMB 100 million to enhance shareholder value[16]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[145]. - The company is actively exploring new applications and industries for additive manufacturing technology[94]. Environmental and Compliance - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period[127]. - The company is not classified as a major pollutant enterprise and generates minimal pollutants[131]. - The company has established a rainwater and sewage diversion system to ensure compliance with environmental regulations regarding wastewater discharge[133]. - The company has implemented noise control measures, ensuring that the factory's environmental noise levels meet the II class standard limits as per GB12348-2008[134]. Shareholder Information - The company has a total of 183.1498 million shares under its stock incentive plan for the third vesting period[127]. - The company has committed to not transferring or entrusting the management of shares held before the IPO for 36 months from the date of listing[138]. - The total number of shareholders as of the end of the reporting period is 7,345[173]. - The top ten shareholders hold a total of 45,041,825 shares, accounting for 16.57% of the total shares[175].

证券代码：688333 证券简称：铂力特 公告编号：2024-033 西安铂力特增材技术股份有限公司 二、监事会会议审议情况 经与会监事认真讨论，审议并通过如下事项： （一）审议通过了《关于公司 2024 年半年度报告及摘要的议案》 监事会认为：公司《2024 年半年度报告》及摘要的编制和审核程序符合相关 规定，报告内容真实、准确、完整，包含的信息公允、全面，真实地反映了公司 2024 年半年度的财务状况和经营成果等事项。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《西安铂力特增材技术股份有限公司 2024 年半年度报告》及《西安铂力特增材技 术股份有限公司 2024 年半年度报告摘要》。 第三届监事会第九次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 西安铂力特增材技术股份有限公司（以下简称"公司"）第三届监事会第九次 会议于 2024 年 8 月 29 日以现场结合通讯方式召开。本次会 ...

浙商证券研究所提醒您一本次电话会已经面向浙商证券研究所签约的机构投资者以及受邀客户第三方嘉宾发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议 2、嘉宾所说信息或所表述的意见均不构成浙商证券研究所研究观点如果嘉宾发布的观点和浙商研究所发布的观点有分歧或不一致这也仅作为一种不同的研究视角供投资者参考3、依照监管要求和保密原则,未经合法授权,严禁录音、记录、转发 感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对这张证券的理解和配合谢谢好的大家晚上好今天我们我是智商研究所的联席所长邱世良今天我们团队包括机械军工首席华欣老师还有徐腾老师一起给大家汇报一下 第一个是军工行业第二个是3D打印盘那么我们最近我们其实是在推荐国防军工行业我们认为它最坏的时间已经过去了主要的原因是一个是说从副盘来看上涨和下跌基本上是对称的时间空间也是上涨涨幅和跌幅调整的幅度也是比较大了另外从基本面上来看其实现在 导致军工权力调整的三大利空目前要么就是说反腐你就觉得进入尾声降价已经反映到预期里新的订单我们觉得陆陆续续要下达另外一个我们看 ...

是在推荐那个国防军工行业我们认为他最坏的时间已经过去了表的原因是一个是说从副盘来看上涨和下跌基本上是对称的时间空间也是上涨上涨涨幅和跌幅啊调整的幅度也是比较大了另外从基本面上来看呢其实现在呃导致军工权力调整的三大利空目前要么就是说反腐你就觉得进入尾声呃降价已经反映到预期里 新的订单我们觉得陆陆续续要下达另外一个我们看到全球的局势包括中国也好全球也好这个局势其实并没有缓和其实未来全球在进入一个我们认为地缘政治的地缘局势其实未来还是在朝着恶化的方向走所以整个全球都进入一个这样一个叫我们认为备战止战的一个 办战时经济的状态那么整个注印链上的这个公司我们认为就是到了最坏的时间过去了至少但什么时候起来呢我们认为首先是低空的一个催化后面是订单的催化等等所以最近你会发现最近其实是反客战明显的走强核心的逻辑那么这些系列里我们推荐的是最终的拯救是推荐的主要的原因是金正恩格局好他其实受这个价格的影响 其实其实会比较少而且他们在其实自己也在找上游的供应链降价啊当然他他也因为其他的原因他也是价格也是在降啊再往上另外一个呢几个比较关键的环节包括像类似于3D打印这种这种我们叫真材的新的技术新的加工方式竞争格局也是可以的那么像伯利特呢从上 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 公 司 更 新 报 告 本报告导读： [Table_Industry] 机械制造业/可选消费品 铂力特(688333) | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|--------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 918 | 1,232 | 1,813 | 2,614 | 3,670 | | (+/-)% | 66.3% | 34.2% | 47.1% | 44.2% | 40.4% | | 净利润（归母） | 79 | 142 | 336 | 493 | 689 | | (+/-)% | 249.1% | 78.1% | 137.0% | 47.0% | 39.7% | | 每股 ...