GAONA(300034) 华龙证券·2025-04-28 11:10Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3][6]. Core Views - The company achieved a revenue of 3.524 billion yuan in 2024, representing a year-on-year growth of 3.4%. However, the net profit attributable to shareholders decreased by 22.08% to 249 million yuan [3][5]. - The company benefits from the domestic high-end and new high-temperature alloy production scale, with significant growth in overseas markets, particularly in sectors related to the Belt and Road Initiative, where revenue growth reached 54.08% [5][6]. - The industry outlook is positive, with a strong upward trend in demand for military and civil aviation engines, supported by a 7.2% increase in national defense spending in 2025 [5][6]. Financial Performance Summary - Revenue for 2024 was 3.524 billion yuan, with a growth rate of 3.4%. The forecast for 2025 is 3.824 billion yuan, reflecting an expected growth rate of 8.51% [7]. - The net profit for 2024 was 249 million yuan, with projections of 288 million yuan for 2025, indicating a recovery with a growth rate of 15.93% [7]. - The company's gross margin is expected to improve, with a forecasted gross margin of 30.40% in 2025 [10]. Market and Product Insights - The company focuses over 60% of its products on the aerospace sector, which is expected to see robust growth in both military and civil aviation engine demands [5][6]. - The company is actively expanding its domestic and international markets, with significant potential in low-altitude economy and gas turbine sectors [5][6]. - The product structure is anticipated to optimize further, enhancing overall profitability and net profit margins in the coming years [5][6].