HQTI(688281) 长江证券·2024-05-16 06:02Investment Rating - The investment rating for the company is "Buy" and is maintained [13]. Core Views - The company has successfully expanded its new business lines, establishing a multi-dimensional growth curve and is expected to create a flagship platform for special functional materials [1]. - In Q1 2024, the company achieved revenue of 248 million yuan, a year-on-year increase of 32.61%, and a net profit attributable to shareholders of 114 million yuan, up 29.4% year-on-year [13]. - The company is actively increasing raw material inventory to ensure order fulfillment, with a significant increase in inventory balance by 50.23% compared to the beginning of the year [14]. - The company is positioned as a leading player in the domestic market for stealth materials, with a strong technological advantage and industrialization capability, which is expected to drive future growth [15]. Summary by Sections Business Performance - The company has signed orders totaling approximately 81 million yuan, with unexecuted orders of about 55 million yuan as of March 2024 [1]. - The company’s Q1 2024 gross margin was 58.76%, showing stability despite slight fluctuations in profitability [13]. Financial Projections - The company forecasts revenues of 521 million, 671 million, and 874 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 56%, 29%, and 30% [15]. - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 37, 29, and 22 times respectively [15]. Market Position - The company is one of the few domestic leaders covering the full temperature range of stealth materials, with plans to extend its business into the processing of aviation parts and expand into protective, camouflage, and acoustic materials [15].