WST(688122) 中原证券·2025-04-24 13:38Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [33] Core Insights - The company, Western Superconducting Technologies Co., Ltd. (688122), reported a revenue of 4.612 billion yuan for 2024, representing a year-on-year growth of 10.91%. The net profit attributable to shareholders was 801 million yuan, up 6.44% year-on-year [6][7] - The company has seen a significant recovery in performance due to the rebound in demand for superconducting products and titanium alloy business, with a notable increase in revenue and profit in the fourth quarter of 2024 [7][12] - The company is positioned as a key player in the superconducting products and high-end titanium alloy markets, with a strong focus on R&D and production capabilities [12][14] Financial Performance Summary - For 2024, the company achieved a gross margin of 33.55%, an increase of 1.68 percentage points year-on-year, and a net profit margin of 18.99%, up 0.61 percentage points [8][11] - The high-end titanium alloy segment generated 2.752 billion yuan in revenue, accounting for 59.66% of total revenue, with a year-on-year growth of 9.87% [10] - The superconducting products segment reported revenue of 1.304 billion yuan, a growth of 32.41% year-on-year, while the high-performance high-temperature alloy segment saw a decline in revenue [10][11] Business Segment Analysis - The high-end titanium alloy business has shown robust growth, with sales volume reaching 7,909.63 tons, an increase of 8.95% year-on-year [10] - The superconducting products segment's sales volume increased by 32.46% year-on-year, indicating strong demand in this area [10] - The high-performance high-temperature alloy segment experienced a decline in both revenue and sales volume, highlighting challenges in this specific market [10][11] Future Outlook - The company is expected to benefit from the recovery in defense demand, which is anticipated to drive growth in its core business segments [12][14] - Revenue projections for 2025 to 2027 are estimated at 5.890 billion yuan, 7.164 billion yuan, and 8.457 billion yuan, respectively, with corresponding net profits of 1.023 billion yuan, 1.278 billion yuan, and 1.551 billion yuan [15][17] - The company is well-positioned to capitalize on the growing demand for advanced materials in various industries, including defense and aerospace [14]