证券代码：600114 股票简称：东睦股份 编号：2024-049 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 关于公司股东解除股票质押担保业务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担个别及连带责任。 重要内容提示： 截至本公告披露日，公司股东宁波金广股份公司持有公司 5,111.1016万股无限售条件流通股，占公司总股本的8.29%；本次解除质 押的股份数量为其持有的公司300万股无限售条件流通股，解除质押后， 宁波金广股份公司累计质押公司股份数量为2,700万股，占其所持公司股 份总数的52.83% 东睦新材料集团股份有限公司（以下简称"公司"）于2024年10月17 日接到公司股东宁波金广投资股份有限公司（以下简称"宁波金广股份公 司"）《关于解除股票质押担保业务的通知》，现将相关情况公告如下： 2021年12月30日，宁波金广股份公司将其持有的公司无限售条件流通 股份1,500万股（占其所持有公司股份总数的29.35%，占公司总股本的 2.43%），与中信银行 ...

证券代码：600114 股票简称：东睦股份 编号：2024-048 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 关于为全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担个别及连带责任。 重要内容提示： 公司解除为全资子公司浙江东睦科达磁电有限公司提供担保的2 份《保证合同》（编号：（2023）进出银（甬信保）字第1-016号、 （2023）进出银（甬信保）字第1-017号），并重新签订担保合同 被担保人名称：全资子公司浙江东睦科达磁电有限公司 本次担保金额及已实际为其提供的担保余额：本次公司提供担保 最高限额为人民币9,000.00万元；截至本公告披露日，公司实际为其 提供担保余额为人民币45,696.00万元（本次担保项下为余额为0元） 本次担保是否有反担保：否 对外担保逾期的累计数量：无 特别风险提示：截至本公告披露日，公司（母公司）对控股子公司 提供的担保余额占公司2023年度经审计归属于上市公司股东的净资产的比 例已超50%，敬请广大投资者关注担保风险 ...

东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 关于为控股子公司提供担保的公告 证券代码：600114 股票简称：东睦股份 编号：2024-047 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担个别及连带责任。 重要内容提示： 被担保人名称：控股子公司上海富驰高科技股份有限公司 本次担保金额及已实际为其提供的担保余额：本次公司提供担保 最高限额为人民币20,000.00万元；截至本公告披露日，公司实际为其 提供担保余额为人民币37,461.00万元（本次担保项下为余额为0元） 本次担保是否有反担保：否 对外担保逾期的累计数量：无 特别风险提示：截至本公告披露日，公司（母公司）对控股子公司 提供的担保余额占公司2023年度经审计归属于上市公司股东的净资产的比 例已超50%，敬请广大投资者关注担保风险 一、担保情况概述 （一）担保基本情况 2024年9月11日，东睦新材料集团股份有限公司（以下简称"公 司"）与中国进出口银行宁波分行（以下简称"进出口银行"）签订了 《最高额保证合同》（编号 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price raised to 20.79 CNY, an increase of 4.04 CNY from the previous target [3][5]. Core Views - The company's revenue related to consumer electronics is rapidly growing, driven by the expanding foldable phone market, which is expected to continue benefiting the company [4]. - The MIM (Metal Injection Molding) segment is experiencing high growth, with a 101.11% year-on-year increase in revenue for the first half of 2024, supported by new product launches from major clients [5]. - The penetration rate of foldable phones is increasing, with Q2 2024 shipments in China reaching 2.57 million units, a year-on-year growth of 104.6%, indicating a penetration rate of 3.6% in the overall smartphone market [5]. Summary by Sections Investment Summary - The report maintains an "Accumulate" rating and raises the target price to 20.79 CNY, reflecting a positive outlook based on the company's growth potential and market valuation [5]. - EPS forecasts for 2024-2026 are set at 0.67, 0.99, and 1.31 CNY respectively, with a PE ratio of 21x for 2025 [5]. Market Data - The stock price has ranged between 10.04 and 16.37 CNY over the past 52 weeks, with a total market capitalization of 9.905 billion CNY [6]. - The current stock price is 16.07 CNY, indicating potential upside to the target price [3][6]. Financial Highlights - Revenue is projected to grow from 3.726 billion CNY in 2022 to 8.246 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 29.3% [9]. - Net profit attributable to the parent company is expected to increase significantly from 156 million CNY in 2022 to 807 million CNY in 2026, reflecting a robust growth trajectory [9].

证 券 2024 年 08 月 26 日 研 报 公 司 研 | --- | --- | --- | |---------------------------------------------------------|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1] Core Views - The company reported significant performance improvement in the first half of 2024, with revenue reaching 2.353 billion yuan, a year-on-year increase of 33.5%, and a net profit attributable to shareholders of 190 million yuan, up 431.53% year-on-year [4][5] - The main business revenue grew by 33.66% year-on-year, with the P&S segment increasing by 26.69% and the MIM segment showing a remarkable growth of 101.11% [4][5] - The company is expected to benefit from the recovery in the consumer electronics sector and the increasing penetration of foldable smartphones, leading to an upward revision of profit forecasts for 2024-2026 [5][6] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 2.353 billion yuan, a 33.5% increase year-on-year, and a net profit of 190 million yuan, reflecting a 431.53% increase year-on-year [4] - The company's main business revenue for 2024 is projected to reach 4.933 billion yuan, with a year-on-year growth of 27.8% [6] Business Segments - The P&S segment's revenue from automotive parts accounted for 75.72% of its total revenue, growing by 28.42% year-on-year, while the SMC segment's revenue from the photovoltaic sector represented 35.94% of its total revenue [5] - The MIM segment has seen a recovery in the consumer electronics market, with a sequential increase in revenue, supported by the launch of new products by major clients [5] Profit Forecasts - The profit forecasts for the company have been revised upwards, with expected net profits of 415 million yuan, 532 million yuan, and 684 million yuan for 2024, 2025, and 2026 respectively [5][6] - The corresponding price-to-earnings ratios are projected to be 21.1, 16.5, and 12.8 for the same years [6]

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Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.75 yuan [4][5]. Core Views - The company's profitability has significantly improved, with emerging fields such as foldable machines contributing to growth momentum. The company is expected to maintain high-speed growth due to developments in various sectors, including foldable machines and AI servers [3][4]. Financial Performance Summary - The company reported a revenue of 2.353 billion yuan for the first half of 2024, representing a year-on-year increase of 33.50%. The net profit attributable to shareholders reached 190 million yuan, up 431.53% year-on-year, while the net profit after deducting non-recurring items was 178 million yuan, a staggering increase of 6821.68% [4]. - Revenue breakdown by segments shows that P&S revenue was 1.111 billion yuan (up 26.69% year-on-year), SMC revenue was 456 million yuan (down 6.52% year-on-year), and MIM revenue was 767 million yuan (up 101.11% year-on-year) [4]. - The gross margins for the three main segments were 25.56%, 21.77%, and 24.30%, reflecting increases of 6.08 percentage points, 10.88 percentage points, and 2.49 percentage points respectively [4]. Growth Drivers - The growth in the MIM segment is attributed to the increasing demand for foldable machine hinges, with the company currently operating five production lines for foldable machine hinge modules. The company is also expanding its presence in the titanium powder market for 3D printing and titanium metal powder forming [4]. - The company has successfully developed high-speed connector covers for servers, with one product already in mass supply, indirectly supporting NVIDIA's GB200NVL72 server [4]. Market Outlook - The report highlights that the penetration rate of foldable screens is continuously increasing, and the company has successfully validated new product numbers, which are expected to act as catalysts for future growth [4].

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 19 日 东睦股份(600114.SH) 公司快报 MIM 产品快速增长，盈利能力持续提升 事件： 公司发布 2024 年半年度报告，2024H1 公司实现营业收入 23.53 亿 元，同比增长 33.50%；公司实现归母净利润 1.90 亿元，同比增长 431.53%。其中 24Q2 单季度，公司实现营业收入 12.51 亿元，同比增 长 30.22%，环比增长 13.50%；归母净利润 1.08 亿元，同比增长 561.92%，环比增长 33.57%。公司三大工艺平台协同发展，取得亮眼 增长，单季度盈利能力不断提升。公司 24Q2 单季度实现销售毛利率 24.80%，同比提升 6.09 个 pct，环比提升 0.77 个 pct。 折叠屏手机助推 MIM 业务成长，前瞻布局钛合金 MIM 工艺： 折叠屏市场正经历快速增长，据 IDC 数据，2024Q2 中国折叠屏手机 出货量达 257 万部，同比增长 104.6%。受益折叠屏行业高增，公司 24H1 MIM 产品收入达 7.67 亿元，同比增长 101.11%，紧随大客户新 产 ...

[Table_Main] 证券研究报告 | 公司点评 东睦股份(600114.SH) 2024 年 08 月 19 日 | --- | --- | |-------------------------------------------------------|---------------------------------------------| | 东睦股份（ 买入（维持） 所属行业：机械设备 / 通用设备 | 600114.SH ）： P&S 收 | | 入增速较快， 当前价格 ( 元 ) ： 14.24 新高， | SMC 营收创单季度 MIM 受益折叠屏手机营收 | | 证券分析师 | | | 翟堃 | | | 资格编号： s0120523050002 | 翻倍增长 | | 邮箱： zhaikun ＠ tebon.com.cn | | | 康宇豪 资格编号： S0120524050001 | | 投资要点 市场表现 0% 17% 34% 51% 69% 86% 东睦股份 沪深300 | --- | --- | --- | --- | |------------------------------ ...