Xi'an Triangle Defense (300775)2024-05-17 03:01Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved significant growth in aerospace and marine applications, actively promoting the development of military, civilian, and foreign trade products [5][22] - The company reported a revenue of 2.494 billion yuan in 2023, a year-on-year increase of 32.90%, and a net profit attributable to shareholders of 815 million yuan, up 30.39% year-on-year [22][23] - The first quarter of 2024 saw a revenue of 643 million yuan, a decrease of 2.28% year-on-year but an increase of 17.91% quarter-on-quarter [3][9] Financial Summary - In 2023, the company achieved a gross profit margin of 43.70%, down 2.49 percentage points year-on-year, and a net profit margin of 32.66%, down 0.63 percentage points year-on-year [5][12] - The company’s revenue projections for 2024-2026 are 3.043 billion yuan, 3.676 billion yuan, and 4.247 billion yuan, respectively, with corresponding net profits of 1.015 billion yuan, 1.213 billion yuan, and 1.416 billion yuan [5][40] - The earnings per share (EPS) are projected to be 1.84 yuan, 2.20 yuan, and 2.57 yuan for 2024, 2025, and 2026, respectively [5][40] Product Performance - The revenue from forged products reached 2.237 billion yuan in 2023, a year-on-year increase of 32.10%, accounting for 89.71% of total revenue [5][11] - The revenue from free-forged products was 207 million yuan, showing a remarkable growth of 93.64% year-on-year [5][30] Research and Development - As of the end of 2023, the company had 63 R&D personnel, a 50% increase from the beginning of the year, focusing on developing new products and technologies [5][13] - The company is actively pursuing the development of military, civilian, and foreign trade products, with multiple national invention patents obtained [5][13] Investment Projects - The company is steadily advancing its fundraising projects, with significant investments in various initiatives, including a digital integration center for aviation [5][38]