Baimtec Material (688563) 民生证券·2025-04-01 02:23Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [6][13]. Core Views - The company achieved steady growth in 2024, with revenue of 2.93 billion and a year-over-year increase of 4.6%. The net profit attributable to shareholders was 581 million, reflecting a 0.8% increase year-over-year [1]. - The company has a strong international order backlog of approximately 2.1 billion, indicating robust future revenue potential [3]. - The company is positioned as a leading enterprise in China's aviation special materials sector, with significant barriers to entry in its four main business areas, suggesting substantial future growth potential [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a significant year-over-year increase in net profit of 97.9%, with revenue of 740 million, marking a 21.1% increase [1]. - The overall gross margin for 2024 decreased by 1.9 percentage points to 29.6%, primarily due to changes in product mix [1]. - The company faced increased credit impairment losses due to customer payment pressures, with accounts receivable growing by 68.3% to 1.65 billion [1]. Revenue Breakdown - Domestic revenue reached 2.73 billion, up 5.9% year-over-year, while overseas revenue was 180 million, down 5.0% [2]. - Revenue from non-aviation finished products grew by 44.6% to 180 million, and processing service revenue surged by 97.3% to 160 million, driven by increased orders [2]. Research and Development - The company increased its R&D expenditure by 18.8% to 240 million, with an R&D expense ratio of 8.3% [3]. - The company is focusing on expanding its international market presence, having signed a long-term framework contract with a foreign client, expected to generate approximately 2.1 billion in revenue [3]. Profit Forecast - The company is projected to achieve net profits of 673 million, 778 million, and 920 million in 2025, 2026, and 2027, respectively, with corresponding PE ratios of 34x, 30x, and 25x [5][4].