BLT(688333) 浙商证券·2024-11-10 00:23Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's performance in the first three quarters of 2024 showed a revenue decline of 1.3% year-on-year, primarily due to a significant drop in product sales in the third quarter. The net profit attributable to the parent company decreased by 30.6% year-on-year, with a net loss of 0.6 billion yuan in Q3 2024 [1][2] - The gross margin for the first three quarters of 2024 was 40.4%, down 6.3 percentage points year-on-year, while the net margin was 3.7%, a decrease of 1.5 percentage points year-on-year. In Q3 2024, the gross margin plummeted to 17.0%, down 27.7 percentage points year-on-year, and the net margin turned negative at -43.7% [2][9] - The company is expected to see revenue growth from 14.3 billion yuan in 2024 to 30.3 billion yuan in 2026, with corresponding net profits increasing from 2.0 billion yuan to 5.3 billion yuan during the same period [2][4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 1.4 billion yuan, representing a 53.5% year-on-year decline. The net profit attributable to the parent company was -0.6 billion yuan, indicating a shift from profit to loss [1] - The first three quarters of 2024 saw a revenue of 7.3 billion yuan, down 1.3% year-on-year, and a net profit of 0.3 billion yuan, down 30.6% year-on-year [1][4] Profitability Metrics - The gross margin for the first three quarters of 2024 was 40.4%, a decrease of 6.3 percentage points year-on-year. The net margin was 3.7%, down 1.5 percentage points year-on-year. In Q3 2024, the gross margin fell to 17.0%, down 27.7 percentage points year-on-year, and the net margin was -43.7% [2][9] - The operating expense ratio for the first three quarters of 2024 was 47.59%, an increase of 3.5 percentage points year-on-year, with R&D expenses rising significantly [2] Market Outlook - The company is positioned to benefit from the rapid penetration of 3D printing technology in aerospace and the expansion of civilian applications, indicating substantial growth potential [2] - The expected revenue growth rates for 2024, 2025, and 2026 are 16%, 58%, and 34%, respectively, with net profit growth rates of 44%, 98%, and 32% [2][4]