HQTI(688281) 国泰君安·2024-05-06 05:32Investment Rating - The report maintains a target price of 190.13 CNY and an "Accumulate" rating for the company [2][5][23]. Core Views - The company is a leader in stealth materials with strong downstream demand and increasing penetration rates, indicating a potential for sustained high growth in performance [2]. - The company achieved a revenue of 917 million CNY in 2023, representing a growth of 36.45%, and a net profit of 335 million CNY, with a net profit margin of 28.28% [2][4]. - The company is actively involved in the research and development of new models and is expanding into new business areas such as aerospace component manufacturing and acoustic materials [2]. Financial Summary - Revenue and Profit Growth: - 2023 revenue: 917 million CNY (+36.45%) - 2023 net profit: 335 million CNY (+0.48%) - 2024 Q1 revenue: 248 million CNY (+32.61%) - 2024 Q1 net profit: 114 million CNY (+29.40%) [2][4]. - Earnings Per Share (EPS) Forecast: - 2024E: 3.81 CNY - 2025E: 5.04 CNY - 2026E: 6.17 CNY [2][4]. - Financial Ratios: - Net profit margin for 2023: 28.28% - Operating profit margin for 2023: 21.3% - Return on equity (ROE) for 2023: 8.0% [4][9]. Business Development - The company is deepening its involvement in new model research and expanding its manufacturing capabilities in aerospace components, aiming to become a core supplier in the aerospace supply chain [2]. - The company has approximately 800 million CNY in orders for special functional materials as of the end of Q1 2024 [2]. - The company is also venturing into civilian applications by developing high-end civilian new materials in the acoustic metamaterials field [2].