YINGLIU(603308) 东吴证券·2025-04-03 07:31Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The demand for gas turbines is increasing due to the AI data center boom, leading to a significant rise in the company's order backlog [2][3] - The company achieved a revenue of 2.513 billion yuan in 2024, a year-on-year increase of 4.2%, while the net profit attributable to shareholders was 286.38 million yuan, a decrease of 5.57% year-on-year [2][5] - The company has over 1.2 billion yuan in orders for its "two machines" business, with a strong growth of 102.8% in gas turbine product orders [3][5] Revenue and Profitability - The company's revenue from high-temperature alloy products and precision cast steel components reached 1.47 billion yuan in 2024, up 6.7% year-on-year [2] - The sales gross margin for 2024 was 34.2%, a decrease of 1.9 percentage points year-on-year, while the net profit margin was 10.1%, down 1.5 percentage points year-on-year [4] - The company is expected to see a significant increase in profitability as it extends its business downstream in the blade industry chain [4][5] Future Growth Drivers - The "two machines" business is expected to become a new growth driver, benefiting from the global AI demand surge [5] - The company plans to invest 1.15 billion yuan in blade processing and coating projects to enhance its core competitiveness and profitability [5] - The nuclear energy sector is anticipated to grow, with the company investing 640 million yuan in advanced nuclear materials and key component upgrades [5] Financial Forecasts - The company's net profit forecasts for 2025 and 2026 have been adjusted to 450 million yuan and 626 million yuan, respectively, with a new forecast for 2027 at 863 million yuan [5] - The corresponding price-to-earnings ratios for the current market capitalization are projected to be 28x for 2025, 20x for 2026, and 15x for 2027 [5]