深圳市骏鼎达新材料股份有限公司投资者关系活动记录表 编号：20241212 | --- | --- | --- | |-------------------------|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | □ 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 | □业绩说明会 | | 投资者关系活动 | □ 新闻发布会 | □ 路演活动 | | 类别 | □ 现场参观 其他（参加" 活动） | 2024 年度深圳辖区上市公司集体接待日" | ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [1][4]. Core Insights - The company has shown strong revenue growth, with a 36.48% year-on-year increase in revenue to 363 million yuan in the first half of 2024, and a 57.43% increase in net profit to 80 million yuan [1][4]. - The automotive sector is the primary driver of revenue growth, contributing approximately 62.28% of total revenue, with sales from this sector increasing by 43.02% year-on-year [1][4]. - The company is expected to benefit from ongoing demand in the automotive sector and stable growth in non-automotive applications, with significant investments in production capacity expansion [4][8]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 363 million yuan, a 36.48% increase year-on-year, and a net profit of 80 million yuan, up 57.43% [1][4]. - The gross margin improved to 46.91%, an increase of 4.77 percentage points compared to the same period in 2023 [1][4]. Revenue Breakdown - Revenue from the automotive sector reached 226 million yuan, accounting for 62.28% of total revenue, with a year-on-year growth of 43.02% [1][4]. - The new energy vehicle segment saw a remarkable growth of 70.11% year-on-year, becoming a core growth engine for the company [1][4]. Future Outlook - The company anticipates continued demand in the automotive sector, supported by policies promoting vehicle upgrades and a growing market for new energy vehicles [1][4]. - The report projects total revenue for 2024-2026 to be 807 million yuan, 1.021 billion yuan, and 1.244 billion yuan, with year-on-year growth rates of 25.4%, 26.5%, and 21.8% respectively [4][8]. Capacity Expansion - The company is expanding its production capacity with new facilities in Suzhou and Mexico, which are expected to enhance operational efficiency and support revenue growth [4][8]. - A new investment of 400 million yuan in Dongguan is planned to further increase production capacity by 20% [4][8].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 112.35-121.98 yuan for 2024, based on a PE multiple of 35-38x [6][8] Core Investment Thesis - The company is a leading domestic enterprise in high-molecular modified protective materials, with significant market potential in functional protective sleeves [3] - It has strong R&D capabilities, with 28 invention patents and 113 utility model patents as of 2023 [3] - The automotive sector is the primary application area, contributing 61.82% of revenue in 2023, with sales reaching 398 million yuan, a 30.21% YoY increase [5] - Revenue from new energy vehicle customers grew 44.61% YoY to 151 million yuan in 2023 [5] - The company is expanding internationally, with overseas revenue reaching 154 million yuan (23.98% of total revenue) and a higher gross margin of 52.73% compared to domestic operations [11] Financial Performance & Projections - Revenue grew from 467 million yuan in 2021 to 644 million yuan in 2023, with a 38.46% YoY increase in Q1 2024 [10] - Net profit is projected to grow from 140 million yuan in 2023 to 304 million yuan in 2026, with EPS increasing from 2.49 yuan to 5.44 yuan [6][12] - Gross margin is expected to improve from 43.4% in 2023 to 48.2% by 2026 [12] - ROE is forecasted to decline to 14.0% in 2024 but recover to 17.4% by 2026 [12] Market & Industry Context - China's automotive exports surged 57.9% YoY to 4.91 million units in 2023, contributing 55.7% to total domestic auto sales growth [5] - The company's products are widely used in automotive, construction machinery, rail transit, and communication electronics sectors [10] - Functional protective sleeves are priced at 1.98 yuan/meter, with production capacity utilization expected to grow at 90-92% annually from 2024-2026 [13] Valuation & Peer Comparison - The company's 2024E PE of 28.34x is below the peer average of 36x [25] - PB ratio is projected to decline from 3.97x in 2024 to 2.91x by 2026 [25] - EV/EBITDA is expected to improve from 17.96x in 2024 to 10.87x by 2026 [25] Strategic Initiatives - The company established a subsidiary in Mexico to target North and South American markets, focusing on automotive, construction machinery, and communication electronics sectors [11]

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