HQTI(688281) 中泰证券·2024-08-21 08:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [5]. Core Insights - The company has a clear first-mover advantage in the temperature-resistant stealth materials sector, with its flagship strategic layout taking shape. The core stealth business benefits from strong demand in both pre-installation and maintenance, leading to increased unit value [2][4]. - The company is expected to achieve revenues of 12.15 billion, 16.59 billion, and 20.80 billion yuan, with corresponding net profits of 5.07 billion, 6.71 billion, and 8.58 billion yuan from 2024 to 2026 [2][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 4.85 billion yuan, a year-on-year increase of 27.04%, and a net profit attributable to shareholders of 2.16 billion yuan, reflecting a growth of 17.44% [1][2]. - The projected operating income for 2024 is 12.15 billion yuan, with a net profit of 5.07 billion yuan, leading to an EPS of 2.60 yuan [2][4]. Business Development - The company is expanding its production models and maintenance services, with a steady increase in small batch trial production orders and an expanded scope of model research and development tasks [1][2]. - The company has established a strong order reserve, indicating positive performance expectations for the future [2][4]. Market Position - The company has formed market barriers with its mass-produced products, and its product lines are evolving towards stealth structural components and multifunctional compatibility, enhancing the value provided to customers [2][4]. - The company is integrating into the aerospace engine collaborative industry system, with a focus on ceramic matrix composites and component processing [2][4]. R&D and Innovation - The company maintains a high level of R&D investment, with ongoing projects in various fields, including acoustic metamaterials and protective materials, indicating a commitment to innovation and market expansion [2][4]. Future Outlook - The company is expected to benefit from scale effects as production capacity increases and cost efficiencies improve, which will likely accelerate growth in the coming years [2][4].