ToLand(300855) 中邮证券·2025-04-25 12:26Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant upside in stock performance relative to the benchmark index [9][15]. Core Insights - The company experienced a revenue decline of 9% year-on-year in 2024, with total revenue of 1.258 billion yuan and a net profit of 267 million yuan, down 19% year-on-year [5][6]. - In Q1 2025, the company reported a revenue of 286 million yuan, a decrease of 18% year-on-year, but a significant improvement of 60% quarter-on-quarter [6]. - The demand for casting high-temperature alloys and special stainless steel products was under pressure in 2024, while the revenue from deformed high-temperature alloys increased by 18% [7]. - The company has strengthened its R&D investments, with R&D expenses rising by 12% to 62.52 million yuan in 2024, while maintaining good cost control [7]. - A subsidiary has launched a project for the automated processing of small and medium-sized aerospace components, enhancing the company's position in the aerospace supply chain [8]. - The projected net profits for 2025, 2026, and 2027 are 301.92 million yuan, 364.64 million yuan, and 435.95 million yuan, respectively, with corresponding P/E ratios of 28, 24, and 20 [9][11]. Financial Summary - The company reported a total revenue of 1.258 billion yuan in 2024, with a projected increase to 1.460 billion yuan in 2025, representing a growth rate of 16.04% [11][14]. - The EBITDA for 2024 was 380.78 million yuan, expected to rise to 431.66 million yuan in 2025 [11]. - The gross margin for 2024 was 33.93%, slightly down by 0.40 percentage points year-on-year [7][14]. - The company's asset-liability ratio stands at 16.7%, indicating a strong balance sheet [4][14].