GATD(688239) 天风证券·2025-04-08 05:55Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7][18]. Core Insights - The company reported a significant increase in net profit of 122% in Q4 2024, while the total revenue for the year was 1.81 billion yuan, down 14.2% year-on-year [1][2]. - The overseas revenue reached a record high of 760 million yuan, growing by 25.1% year-on-year, accounting for 45.2% of total revenue [3]. - The company is focusing on enhancing its technological capabilities and expanding into emerging sectors such as large aircraft, marine equipment, and nuclear power [4]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 390 million yuan, with a net profit of 40 million yuan, marking a 122% increase year-on-year. The gross margin for Q4 was 24.2%, a decrease of 1.28 percentage points, while the net margin increased by 5.68 percentage points to 10.1% [2]. - For the full year 2024, the comprehensive gross margin was 28%, up 0.85 percentage points year-on-year, and the net margin was 10.3%, an increase of 1.6 percentage points [2]. - The company’s revenue forecast for 2025-2027 has been adjusted to 2.23 billion, 2.60 billion, and 3.08 billion yuan respectively, with net profit estimates of 262 million, 339 million, and 421 million yuan [5][6]. Product and Market Analysis - The main products include aerospace forgings, which generated 1.36 billion yuan in revenue, down 9.1% year-on-year, and gas turbine forgings, which saw a revenue increase of 20.7% to 200 million yuan [3]. - The company is a key supplier for the C919 aircraft engine and is involved in the development of domestic engines, positioning itself to benefit from the growth of the domestic aviation industry [4].