金属增材制造稀缺标的，募投扩产扩大规模优势。1）公司通过自有设备为客户提供金属3D 打印定制化产品的设计以及上游国产化的3D 打印原材料，为金属增材领域综合方案解决供应商稀缺标的。2）公司积极募投扩产突破产能瓶颈，公司22 年定增金属3D 打印原材料生产线设计产能800 吨，进一步扩大订单承接能力和业务规模，扩大规模优势，增强综合实力；3）公司聚焦于高毛利的航空航天领域并且不断开拓新市场与新领域，未来有望充分受益于下游需求释放。The company announced the 2024 semi-annual results forecast. The company's 2024H1 is expected to achieve revenue of 0.615 billion yuan, an increase of 40.2% year on year, and is expected to achieve net profit of 0.095 billion yuan, up 436.5% year on year. It is expected to achieve net profit without return to mother of about 0.062 billion yuan, an increase of 8856.9% year on year. 24H1's performance is in line with market expectations.
The expansion of the business scale combined with the expansion of the market sector, and the performance achieved rapid growth. According to the company announcement, the company's 2024H1 is expected to achieve revenue of 0.615 billion yuan (yoy +40.2%), of which single Q2 is expected to achieve revenue of 0.409 billion yuan (yoy +33.8%); estimated net profit to mother 0.095 billion yuan (yoy +436.5%), and single Q2 is expected to achieve a net profit of 0.094 billion yuan (yoy +102.7%). Our analysis believes that: 1) The high revenue growth is mainly due to: 1) High revenue growth The company continues to be deeply involved in the aerospace field and continues to explore new markets and application fields. The revenue of 3D printing customized self-developed equipment and raw materials has increased; 2) The high increase in net profit to the mother is mainly due to the company's continuous deepening application of high-margin products, which combined with a reduction in share payment fees. As the company continues to explore new civilian markets in the future, demand from multiple sectors is released, production capacity of superimposed companies is expanded, production processes are improved, and superposition cost control capabilities are strengthened, and performance is expected to continue to grow rapidly throughout 2024.
The implementation of fixed land increases production capacity, and special construction consolidates the advantages of the main business. According to the company's announcement, the company released a targeted 0.045 billion additional shares on June 26. The total amount of capital raised this time was 3.029 billion yuan. In response to the special development needs of the industrialization of metal additive manufacturing, the company greatly increased its production capacity for customized metal additive products and raw material powders, further consolidating its leading position in the industry and ensuring long-term steady growth in performance.
Where metal additive manufacturing is scarce, it has the advantage of raising capital to expand production and expand scale. 1) The company provides customers with the design of customized metal 3D printing products and upstream localized 3D printing raw materials through its own equipment to solve the scarce targets of suppliers for comprehensive solutions in the field of metal additive manufacturing. 2) The company actively raised capital and expanded production to break through capacity bottlenecks. The company increased the design capacity of the metal 3D printing raw material production line by 800 tons in '22 to further expand order acceptance capacity and business scale, expand scale advantages, and enhance comprehensive strength; 3) The company focuses on the high-margin aerospace sector and continues to explore new markets and new fields, and is expected to fully benefit from the release of downstream demand in the future.
Maintain the 2024E-2026E profit forecast and maintain the “buy” rating. Considering the continuous expansion and deepening of the company's downstream market and the continuous upgrading of the business profit structure, the net profit forecast for 2024-2026E is 0.311/0.503/0.705 billion yuan. The PE corresponding to the current stock price is 44/27/19 times, respectively. As a scarce target for metal additive manufacturing, downstream demand is being released at an accelerated pace, and performance is expected to maintain rapid growth, so it maintains a “buy” rating.
Risk warning: increased competition in the field of metal additive manufacturing; risk of fluctuations in business profitability; risk of production expansion falling short of expectations
