BLT(688333) 民生证券·2024-04-25 07:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its leading position in the metal 3D printing industry and expected growth in profitability [20][24]. Core Insights - The company reported a significant revenue increase of 54.7% year-over-year in Q1 2024, reaching 210 million yuan, and achieved a net profit of 1.34 million yuan, a turnaround from a loss of 28.49 million yuan in the same period last year [20]. - The growth in revenue is attributed to the expansion of operational scale and the diversification of market applications, particularly in 3D printing customized products, self-developed equipment, and raw materials [20]. - The company is actively expanding its production capacity and exploring applications across various sectors, with ongoing projects expected to enhance its competitive edge in the metal additive manufacturing field [20]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a gross margin of 41.3%, a decrease of 7.4 percentage points year-over-year, while the net profit margin increased by 22.1 percentage points to 0.7% [20]. - The company’s construction projects increased by 106.6% year-over-year to 340 million yuan by the end of 2023, with further growth to 440 million yuan by the end of Q1 2024 [20]. Research and Development - R&D expenses rose by 32% to 54 million yuan in Q1 2024, with the R&D expense ratio decreasing by 4.5 percentage points to 26.4% [20]. - The company is preparing for increased demand by ramping up production and inventory levels, with inventory increasing by 17.9% to 610 million yuan by the end of Q1 2024 [20]. Future Projections - The company is projected to achieve net profits of 330 million yuan, 500 million yuan, and 690 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 46x, 31x, and 22x [20].