中邮证券：给予图南股份买入评级

Core Viewpoint - The performance of Tunan Co., Ltd. is under short-term pressure due to demand fluctuations, but the company is expanding its business layout through the production of subsidiary projects, maintaining a "buy" rating. Financial Performance - In 2024, the company achieved revenue of 1.258 billion yuan, a year-on-year decrease of 9%, and a net profit attributable to shareholders of 267 million yuan, down 19% year-on-year [2][3] - For Q1 2025, the company reported revenue of 286 million yuan, a year-on-year decrease of 18%, and a net profit of 42 million yuan, down 54% year-on-year, but showing a quarter-on-quarter improvement of 60% and 368% respectively [3][4] Product Performance - In 2024, the demand for cast high-temperature alloys and special stainless steel products was under pressure, while the revenue from deformed high-temperature alloy products increased by 18% [3] - Revenue breakdown for 2024: cast high-temperature alloys (416 million yuan, down 33%), deformed high-temperature alloys (522 million yuan, up 18%), special stainless steel (66 million yuan, down 22%), and other alloy products (164 million yuan, down 10%) [3] Research and Development - The company has strengthened its R&D investment, with R&D expenses amounting to 62.52 million yuan, a year-on-year increase of 12% [4] - The overall expense ratio for the company in 2024 was 9.03%, an increase of 0.99 percentage points year-on-year, primarily due to the rise in R&D expense ratio [4] Subsidiary Projects - The subsidiary Tunan Components has launched an automated processing line for small and medium-sized aviation parts, with an annual production capacity of 500,000 units [4] - The ongoing construction of another subsidiary's automated production line aims for an annual output of 10 million aviation parts, enhancing the company's aviation industry chain layout [4] Profit Forecast - The company forecasts net profits for 2025, 2026, and 2027 to be 302 million yuan, 365 million yuan, and 436 million yuan respectively, corresponding to current price-earnings ratios of 28, 24, and 20 times [4]