ToLand(300855) 兴业证券·2024-05-15 02:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on projected earnings for 2024-2026 [43]. Core Insights - In Q1 2024, the company achieved revenue of 350 million yuan, a year-on-year increase of 5.70% and a quarter-on-quarter increase of 9.64%. The net profit attributable to shareholders was 91 million yuan, up 8.75% year-on-year and 30.44% quarter-on-quarter [4][62]. - The company has completed several investment projects that support production capacity, leading to significant sales growth with the largest customer [62]. - The company reported a gross margin of 38.87% in Q1 2024, an increase of 1.65 percentage points year-on-year and 8.82 percentage points quarter-on-quarter [14][62]. Summary by Sections Financial Performance - For the full year 2023, the company reported revenue of 1.385 billion yuan, a year-on-year increase of 34.12%, and a net profit of 330 million yuan, up 29.64% [63][65]. - The basic earnings per share for 2023 was 0.84 yuan, reflecting a growth of 26.91% [63][65]. Product Performance - The revenue from casting high-temperature alloys reached 624 million yuan in 2023, a growth of 31.39%, accounting for 45.07% of total revenue [10][62]. - The revenue from deformation high-temperature alloys was 441 million yuan, a year-on-year increase of 38.10%, representing 31.83% of total revenue [31][62]. - Special stainless steel revenue decreased by 6.91% to 84 million yuan, while other alloy products saw a revenue increase of 44.96% to 183 million yuan [11][62]. Research and Development - As of the end of 2023, the company had 145 R&D personnel, an increase of 29.46% year-on-year, and had initiated 17 new product development projects in high-performance alloy materials [35][62]. - The company is also advancing in additive manufacturing, with 31 new product developments, of which 23 have completed process standardization [35][62]. Order Backlog - As of the end of 2023, the company had signed contracts with unfulfilled revenue obligations amounting to 603 million yuan, with 551 million yuan expected to be recognized in 2024 [50][62].