BLT(688333) 国海证券·2024-11-01 15:30Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3][11]. Core Views - The company's Q3 earnings are under short-term pressure, but it is actively positioning itself in the metal additive manufacturing industry chain, which is expected to boost future performance [3][8]. - The company reported a revenue of 732 million yuan for the first three quarters of 2024, a year-on-year decrease of 1.34%, and a net profit attributable to shareholders of 27 million yuan, down 30.62% year-on-year [3][4]. Summary by Sections Recent Performance - The company's stock has underperformed compared to the CSI 300 index, with a 12-month decline of 42.8% [2]. - As of November 1, 2024, the stock price is 45.23 yuan, with a market capitalization of approximately 12.29 billion yuan [2]. Financial Highlights - For Q3 2024, the company achieved a revenue of 141 million yuan, a significant year-on-year decline of 53.53%, and a net loss of 61 million yuan [4]. - The gross margin for the first three quarters of 2024 was 40.37%, down 6.32 percentage points year-on-year, while Q3 gross margin was 16.94%, down 27.62 percentage points year-on-year [4]. Investment and R&D - The company is increasing its R&D investment, with R&D expenses rising by 37.72% year-on-year, accounting for 25.56% of revenue [5]. - The company has a strong cash position with approximately 1.56 billion yuan in cash and cash equivalents, providing liquidity support [6]. Future Outlook - The company is actively advancing its fundraising projects, with 30.1 billion yuan raised for the construction of a large-scale intelligent production base for metal additive manufacturing [7]. - The expected production capacity for metal additive manufacturing materials is projected to increase from 800 tons per year to 3000 tons per year, addressing the growing demand in aerospace and other sectors [7]. Earnings Forecast - The company is expected to maintain stable performance in 2024, with projected revenues of 1.24 billion yuan and a net profit of 144 million yuan [9]. - For 2024-2026, the forecasted revenues are 1.24 billion yuan, 2.24 billion yuan, and 2.90 billion yuan, with corresponding net profits of 144 million yuan, 383 million yuan, and 514 million yuan [9].