GATD(688239) 新浪财经·2025-04-11 08:33Core Viewpoint - The company reported a revenue of 1.805 billion yuan for 2024, a year-on-year decrease of 14.19%, while net profit attributable to shareholders was 189 million yuan, an increase of 1.63% [1] Group 1: Financial Performance - The company's revenue for 2024 was 1.805 billion yuan, down 14.19% year-on-year, primarily due to a reduction in revenue from aerospace and energy forgings [1] - The net profit attributable to shareholders was 189 million yuan, reflecting a year-on-year increase of 1.63%, supported by improved gross and net profit margins [1] - The gross margin for 2024 was 28.0%, up 1.2 percentage points year-on-year, attributed to manufacturing process optimization and cost reduction efforts [1] - The operating expense ratio was 12.1%, down 1.6 percentage points year-on-year, with management expenses decreasing due to unachieved stock incentive targets [1] Group 2: Business Structure and Growth - The revenue from aerospace forgings was 1.364 billion yuan, down 9.14% year-on-year, while revenue from gas turbine forgings increased by 20.70% to 201 million yuan, indicating a shift in business structure [2] - The company ended the downward trend in Q4 2024 with a revenue of 393 million yuan, maintaining the same level as Q4 2023, and a net profit of 41 million yuan, up 121.5% year-on-year [2] - The company achieved a record high of 763 million yuan in overseas revenue for 2024, an increase of 25.11% year-on-year, indicating strong international business growth [2] Group 3: Strategic Initiatives - The company is deepening ties with top international clients in the energy and aerospace sectors, enhancing its competitive edge and future growth prospects [3] - The acquisition of 90% of Chengdu Chenghangfa for 65.7 million yuan will enhance the company's capabilities in precision machining and component assembly [3] - The company is preparing to build a large-scale precision manufacturing industrial park for aerospace and aviation components, which is expected to significantly increase production capacity [3] Group 4: Investment Outlook - Short-term prospects are positive with concentrated deliveries of international aerospace orders and a rebound in aerospace forging demand, leading to significant growth in 2025 [4] - The company is diversifying into fourth-generation nuclear power, deep-sea technology, and commercial aerospace, continuously cultivating new growth points [4] - Projected net profits for 2025-2027 are 261 million, 343 million, and 413 million yuan, with corresponding EPS of 1.77, 2.32, and 2.79 yuan, indicating a favorable valuation [4]