HQTI(688281) 中泰证券·2024-10-30 01:14Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady performance with a record high in contract liabilities, indicating strong order backlog and proactive inventory management [1] - The revenue for the first three quarters of 2024 reached 738 million yuan, representing a year-on-year growth of 22.55%, while the net profit attributable to the parent company was 309 million yuan, up 14.41% year-on-year [1] - The gross margin for the first three quarters of 2024 was 54.61%, a decrease of 4.23 percentage points compared to the previous year, and the net profit margin was 39.55%, down 4.44 percentage points [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 672 - 2023A: 917 - 2024E: 1,215 - 2025E: 1,659 - 2026E: 2,080 [1] - Year-on-year growth rates for revenue: - 2022: 31% - 2023: 36% - 2024E: 32% - 2025E: 37% - 2026E: 25% [1] - Net profit (in million yuan): - 2022A: 333 - 2023A: 335 - 2024E: 507 - 2025E: 671 - 2026E: 858 [1] - Year-on-year growth rates for net profit: - 2022: 43% - 2023: 0% - 2024E: 51% - 2025E: 33% - 2026E: 28% [1] Business Expansion and Market Opportunities - The company is expanding its subsidiaries, which has led to an increase in expense ratios, but it is also benefiting from a robust order backlog and proactive production planning [1] - The company is integrating into the aerospace engine collaborative industry system, with plans to develop ceramic matrix composites and aerospace component processing [1] - The company is also exploring civilian markets by applying military technology to civilian products, such as protective materials and acoustic metamaterials [1]