BLT(688333) 天风证券·2025-03-05 00:25Investment Rating - The investment rating for the company is "Hold" [7] Core Views - The company is positioned to benefit from the acceleration of metal 3D printing technology across multiple scenarios, particularly in the consumer electronics sector, with significant growth potential anticipated [1][2][3] - The cancellation of import tax exemptions for industrial-grade 3D printers starting March 1, 2025, is expected to favor domestic manufacturers, enhancing their competitive capabilities [1][4] - The company has achieved a breakthrough in titanium alloy 3D printing, producing ultra-thin structures for foldable smartphones, which could become a core manufacturing process for mobile components [2] - The human-shaped robot market is projected to reach $13.8 billion by 2028, with a compound annual growth rate (CAGR) of 50.29%, indicating a strong growth opportunity for the company [3] - The company is expanding its production capacity for titanium and high-temperature alloy powders, which will enhance its cost efficiency and self-sufficiency [4] Financial Summary - The company's revenue is projected to grow from 1,250.99 million yuan in 2024 to 2,259.01 million yuan in 2026, with a growth rate of 28.70% [6][11] - The net profit attributable to the parent company is expected to fluctuate, with estimates of 213.92 million yuan in 2024 and 222.09 million yuan in 2026 [6][11] - The company's price-to-earnings (P/E) ratio is projected to be 82.55 in 2024 and decrease to 79.51 by 2026, indicating a potential improvement in valuation [6][11]