ToLand(300855) 东吴证券·2024-04-22 08:30Investment Rating - The report maintains a "Buy" rating for the company [10][18]. Core Insights - The company has shown stable revenue and profit growth, with 2023 revenue reaching 1.385 billion yuan, a year-on-year increase of 34.12%, and a net profit attributable to shareholders of 330 million yuan, up 29.64% [9][10]. - In Q1 2024, the company continued its growth trend, achieving revenue of 350 million yuan, a 5.70% year-on-year increase, and a net profit of 91 million yuan, up 8.75% [9][10]. - The company specializes in high-performance alloys and has become a key supplier for the aerospace and high-end manufacturing sectors, particularly in the production of complex thin-walled high-temperature alloy components [10][17]. Financial Summary - The company's financial forecasts indicate continued growth, with projected revenues of 1.685 billion yuan in 2024 and 2.086 billion yuan in 2025, reflecting growth rates of 21.69% and 23.80% respectively [18]. - The net profit forecast for 2024 is 421 million yuan, with a growth rate of 27.37%, and for 2025, it is projected at 533 million yuan, with a growth rate of 26.68% [18]. - The company's earnings per share (EPS) are expected to increase from 1.06 yuan in 2024 to 1.35 yuan in 2025, and further to 1.71 yuan in 2026 [18]. Project Developments - The company is progressing well with several new projects, including an automated production line for aviation components, which is expected to significantly enhance production capacity [17]. - The completion of the "annual production of 3,300 complex thin-walled high-temperature alloy components" project has already contributed to the company's casting capacity [17].