ToLand(300855) 民生证券·2025-04-20 08:23Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its long-term growth potential and industry positioning [5][7]. Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue of 1.26 billion yuan, down 9.2% year-over-year, and a net profit of 267 million yuan, down 19.2% year-over-year. The first quarter of 2025 also showed a decline in revenue of 2.86 billion yuan, down 18.3% year-over-year, and a net profit of 42 million yuan, down 54.1% year-over-year [3]. - The decline in performance is attributed to fluctuations in downstream customer demand and the long conversion cycle of R&D and construction investments. Despite this, the company is increasing its R&D investment to focus on long-term development [3][4]. - The company is expanding its business into additive manufacturing and the processing of small and medium-sized aerospace components, which is expected to open a second growth curve [5]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.26 billion yuan, with a year-over-year decline of 9.2%. The net profit attributable to shareholders was 267 million yuan, down 19.2% year-over-year. The first quarter of 2025 saw revenue of 286 million yuan, down 18.3% year-over-year, and a net profit of 42 million yuan, down 54.1% year-over-year [3][6]. - The company's gross margin for 2024 was 33.9%, a decrease of 0.4 percentage points year-over-year, while the net profit margin decreased by 2.6 percentage points to 21.2% [3]. Product Performance - The total sales volume of alloys in 2024 was approximately 4,895 tons, remaining stable compared to 2023. The revenue from casting high-temperature alloys was 420 million yuan, down 33.3% year-over-year, while the revenue from deformed high-temperature alloys increased by 18.4% to 520 million yuan [4]. - The company is focusing on expanding its market for deformed high-temperature alloys in the high-end civilian sector, which has shown growth despite challenges in other product lines [4]. Growth Strategy - The company is actively developing its additive manufacturing and aerospace small and medium-sized component processing businesses, which are expected to contribute to its second growth curve. By the end of 2024, the company had initiated 106 new product developments in additive manufacturing, with 90 projects completed and delivered for customer validation [5]. - The production line for small and medium-sized aerospace components has been established, with an annual production capacity of 500,000 units, and some products have already entered mass production [5]. Earnings Forecast - The company is projected to achieve net profits of 300 million yuan, 353 million yuan, and 415 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 28x, 24x, and 21x [6][10].