BLT(688333) 天风证券·2025-03-05 01:45Investment Rating - The report maintains a "Hold" rating for the company [7] Core Viewpoints - 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] - The cancellation of import tax exemptions for industrial-grade 3D printers starting March 1, 2025, is expected to favor domestic equipment 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 CAGR of 50.29%, indicating a strong growth opportunity for the company in this sector [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 Projections - Revenue is expected to grow from 1,250.99 million yuan in 2024 to 2,259.01 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 28.70% [6][11] - The net profit attributable to the parent company is projected to fluctuate, with estimates of 213.92 million yuan in 2024 and 222.09 million yuan in 2026 [6][11] - The company’s P/E ratio is expected to decrease from 82.55 in 2024 to 79.51 in 2026, indicating a potential improvement in valuation [6][11]