BLT(688333) 申万宏源·2024-07-17 07:01Investment Rating - The report maintains a "Buy" rating for the company, indicating expected performance to exceed the market by over 20% in the next six months [19]. Core Views - The company is projected to achieve a revenue of 615 million yuan in H1 2024, representing a year-on-year growth of 40.2%, with a net profit attributable to shareholders of 95 million yuan, reflecting a significant increase of 436.5% [18]. - The rapid growth in performance is attributed to the company's expansion in the aerospace sector and the development of new markets, alongside increased revenue from self-developed 3D printing equipment and materials [18]. - The successful completion of a private placement, raising 3.029 billion yuan, is expected to enhance production capacity and solidify the company's leading position in the industry [18]. - The company focuses on high-margin products in the aerospace sector and aims to benefit from the release of downstream demand through continuous market expansion [18]. - The earnings forecast for 2024-2026 is maintained at 311 million, 503 million, and 705 million yuan respectively, with corresponding price-to-earnings ratios of 44, 27, and 19 [18]. Financial Summary - Total revenue for 2024 is estimated at 1,772 million yuan, with a year-on-year growth rate of 43.8% [4]. - The net profit attributable to shareholders is projected to be 311 million yuan for 2024, showing a year-on-year increase of 119.6% [4]. - The company’s gross margin is expected to be 48.1% in 2024, with a return on equity (ROE) of 6% [4].