ToLand(300855) 天风证券·2024-06-20 00:30Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Insights - The company achieved a revenue of 1.385 billion yuan in 2023, representing a year-on-year growth of 34.12%, and a net profit of 330 million yuan, up 29.64% year-on-year [1]. - The company has completed all fundraising projects from its initial public offering, which has expanded its production capacity and is expected to enhance its operational performance and profitability as the aerospace and gas turbine sectors grow rapidly [1][4]. - The company has a strong order backlog of 603 million yuan, with 551 million yuan expected to be recognized as revenue in 2024, indicating robust future income [3]. Financial Performance - The gross margin for 2023 was 34.33%, a slight decrease of 0.67 percentage points year-on-year, while the net profit margin was 23.86%, down 0.82 percentage points [2]. - The company reported a revenue of 624 million yuan from cast high-temperature alloys, a 31.39% increase year-on-year, and 441 million yuan from deformed high-temperature alloys, up 38.10% [3]. - The company’s net profit for 2024 is projected to be 404 million yuan, with a corresponding P/E ratio of 25.56 [4][5]. Production Capacity and Projects - The company has completed several fundraising projects, including the annual production of 1,000 tons of ultra-pure high-performance high-temperature alloy materials and 3,300 complex thin-walled high-temperature alloy structural components [4]. - The company is also developing an automated production line for aviation small and medium-sized components, which is expected to produce 10 million units annually upon completion [4]. Market Outlook - The advanced metal materials industry is expected to continue receiving strong support from government policies, with significant growth potential in domestic demand and import substitution [3]. - The company is well-positioned to benefit from the ongoing development of the aerospace sector and the implementation of national projects aimed at enhancing domestic capabilities in aircraft engines and gas turbines [3].