WMM(SZ:002149) Xin Lang Cai Jing·2025-05-07 10:35Core Viewpoint - The company is experiencing short-term performance fluctuations due to external environmental factors and insufficient effective demand, but its strong position in the high-end titanium material processing industry and the smooth progress of key projects are expected to lead to continuous performance improvement [1]. Investment Highlights - The target price is maintained at 23.69 yuan with an "Accumulate" rating. Despite short-term performance fluctuations, the company is a core supplier in the domestic rare metal materials processing sector. EPS forecasts for 2025 and 2026 are 0.59 yuan and 0.74 yuan respectively, with a 2027 forecast of 0.9 yuan. Based on a comparable company average PE of 38 times for 2025, and considering the company's complete processing and manufacturing chain, a PE of 40.15 times is assigned for 2025, maintaining the target price of 23.69 yuan and the "Accumulate" rating [2]. - In 2024, the company is expected to achieve revenue of 2.946 billion yuan (-8.7%) and a net profit attributable to shareholders of 158 million yuan (-19.59%). In Q1 2025, revenue is projected at 754 million yuan (+7.01%) with a net profit of 32 million yuan (-12.39%). R&D investment continues to increase, with 173 million yuan allocated in 2024, a research expense ratio of 6.79% (+1.06 percentage points), reaching a recent peak, which is expected to further expand market opportunities [2]. Company Positioning - The company is deeply engaged in the high-performance metal materials sector, serving strategic emerging industries such as aerospace and weaponry, providing critical material support for the localization of major equipment, and is a core supplier in the domestic rare metal materials processing field [3]. - The company possesses a complete processing and manufacturing chain, with core processes such as smelting, forging, rolling, finishing, composite and post-processing, and deep processing all under its control, which is expected to drive continuous revenue growth [3]. - Key projects such as the "Large-scale Low-cost Titanium Alloy Production Line for Marine Engineering" and the "Upgrading and Industrialization of Metal Composite Materials for Clean Energy" have been completed, and the "Industrialization Project for High-performance Refractory Metal Materials for Aerospace and Nuclear Applications" has been initiated, further consolidating the company's industry position and enhancing core competitiveness [3]. - The company has established a military market committee and other departments to leverage overall advantages, strengthen resource sharing, systematically develop new products, and expand into new fields, resulting in 68 new customers and over 600 million yuan in orders for new products and fields in 2024 [3]. Catalysts - The acceleration of equipment construction in special fields downstream of titanium materials and the construction of nuclear power projects are expected to serve as catalysts for growth [4].