BLT(688333) 国元证券·2024-09-11 13:03Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company, Plater (688333), reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 591 million yuan, a year-on-year growth of 34.68%, and a net profit of 88.19 million yuan, up 398.07% year-on-year [3]. - The growth is attributed to substantial increases in revenue from customized products, self-developed equipment, and raw materials, with specific revenue figures of 317 million yuan (36.99% growth), 227 million yuan (33.82% growth), and 47 million yuan (72.57% growth) respectively [3]. - The company is expanding its production capacity and market applications, particularly in the aerospace sector, with ongoing construction of multiple projects aimed at enhancing its manufacturing capabilities [4]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a gross margin of 45.95%, a decrease of 2.21 percentage points year-on-year, while the net profit margin increased by 10.89 percentage points to 14.92% [5]. - The company’s total R&D investment reached 108 million yuan, a 28.60% increase year-on-year, with ongoing projects focusing on new technologies [4][5]. Investment Recommendations and Profit Forecast - The report forecasts the company's net profit for 2024-2026 to be 314 million, 467 million, and 639 million yuan respectively, with corresponding price-to-earnings ratios of 35.64, 23.94, and 17.49 [6][9]. - The company is positioned as a leading player in the domestic metal additive manufacturing sector, particularly in the aerospace market, indicating strong growth potential [6]. Market Data - The current stock price is 42.02 yuan, with a market capitalization of approximately 11.42 billion yuan [7]. - The stock has experienced a significant decline of 53% over the past year [8].