天安新材：鹰牌陶瓷稳步扩张，布局泛家居产业链

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][20]. Core Views - The company has a strong foundation in the building ceramics and polymer composite materials sectors, focusing on expanding its presence in the home furnishing industry [3][89]. - The acquisition of Eagle Brand Ceramics has significantly enhanced the company's product offerings and market reach, with a notable increase in revenue from this segment [3][121]. - The automotive interior materials segment is experiencing rapid growth, driven by the overall expansion of the automotive industry, particularly in the electric vehicle sector [2][146]. Summary by Sections Revenue and Profit Forecast - Total revenue is projected to grow from 3,142 million yuan in 2023 to 4,527 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 11.50% [1]. - The net profit attributable to shareholders is expected to increase from 120.95 million yuan in 2023 to 228.47 million yuan in 2026, with a significant growth rate of 21.71% in 2026 [1]. - The earnings per share (EPS) is forecasted to rise from 0.40 yuan in 2023 to 0.75 yuan in 2026, indicating a positive trend in profitability [1]. Business Expansion and Strategy - The company has been actively expanding its product lines through acquisitions, including Eagle Brand Ceramics and Ruixin Materials, which have diversified its offerings in building ceramics and fireproof boards [2][3]. - The company is leveraging its subsidiaries' channel resources to enhance its home decoration and public decoration businesses, thereby creating a comprehensive home furnishing industry chain [1][3]. - The Eagle Brand Ceramics operates on a light asset model, which allows for rapid business expansion and a significant increase in the number of distributors and stores [20][21]. Automotive Interior Materials - The automotive interior materials segment has seen substantial growth, with revenue increasing from 296 million yuan in 2020 to 487 million yuan in 2023, representing a CAGR of 18% [2][159]. - The growth is supported by the rising demand in the automotive sector, particularly with the increasing production of electric vehicles [2][159]. - The company has established partnerships with major automotive brands, enhancing its market position and revenue potential in this segment [161]. Market Position and Competitive Advantage - The company has a competitive edge due to its extensive distribution network and the integration of various product lines, which allows for cross-selling opportunities [20][21]. - The focus on a dual-track strategy of "ceramics + home furnishing" is expected to drive sales and improve customer engagement [21][140]. - The company is also enhancing its supply chain efficiency through the establishment of central warehouses, which reduces logistics costs and improves delivery times [20][129].