BLT(688333) 民生证券·2024-08-31 09:37Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its leading position in the metal 3D printing industry and expected growth in profits [2][4]. Core Viewpoints - The company reported a revenue of 590 million yuan for 1H24, representing a year-on-year increase of 34.7%, and a net profit attributable to shareholders of 88 million yuan, up 398% year-on-year [2]. - The growth in revenue and net profit is attributed to the balanced development across the entire 3D printing industry chain, with significant growth in the aerospace sector [2]. - The company is increasing its research and development efforts and preparing for strong downstream demand, with a notable reduction in expense ratios [2]. Financial Performance Summary - For 1H24, the company achieved a gross margin of 46.0%, a slight decrease of 2.2 percentage points year-on-year, while the net profit margin increased by 10.9 percentage points to 14.9% [2]. - In 2Q24, revenue reached 385 million yuan, a year-on-year increase of 26.0%, with a net profit of 87 million yuan, up 88.0% year-on-year [2]. - The company’s revenue from customized 3D printing products was 320 million yuan, growing 37.0% year-on-year, while revenue from 3D printing equipment was 170 million yuan, up 33.8% year-on-year [2]. Future Projections - The company is projected to achieve net profits of 300 million yuan, 440 million yuan, and 600 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 42, 29, and 21 times [2][5]. - Revenue is expected to grow at rates of 34.2%, 42.8%, 38.1%, and 32.7% for the years 2024 to 2026 [5]. Industry Position - The company is recognized as a leader in providing comprehensive solutions for metal 3D printing, having established a complete industry chain that includes raw materials, equipment, and printing services [2].