Investment Rating - The investment rating for the company is "Recommended" (maintained) [7]. Core Views - The company, Tianma New Materials (stock code 838971), has been focusing on the research, production, and sales of fine alumina powder for over 20 years, with a strong market position in the electronic ceramics and electronic glass sectors [7]. - In Q1 2024, the company achieved revenue of 49.82 million yuan, a year-on-year increase of 40.93%, and a net profit attributable to the parent company of 7.46 million yuan, up 56.09% year-on-year, indicating a potential acceleration in growth due to new capacity coming online and recovery in downstream industries [7]. - The fine alumina market has significant potential, with the company establishing long-term partnerships with leading downstream enterprises, contributing to its competitive edge [7]. - The company has seen a continuous increase in R&D investment, with a year-on-year growth of 18.56% in 2023, and is developing high-purity alumina powders that could disrupt the current reliance on imports in the industry [7]. - The company is entering a capacity release phase with ongoing projects that are expected to enhance profitability through both increased sales and product structure optimization [7]. - The stock repurchase plan is expected to enhance earnings per share and shareholder value, with projected net profits for 2024-2026 showing substantial growth [7]. Summary by Sections Company Overview - Tianma New Materials specializes in fine alumina powder, with major applications in electronic ceramics and electronic glass, contributing approximately 39% and 38% to revenue in 2023, respectively [7]. Financial Performance - In Q1 2024, the company reported revenue of 49.82 million yuan, a 40.93% increase year-on-year, and a net profit of 7.46 million yuan, reflecting a 56.09% growth [7]. - The projected net profits for 2024, 2025, and 2026 are 50 million yuan, 72 million yuan, and 99 million yuan, respectively, indicating growth rates of 308.73%, 44.26%, and 37.13% [7]. Market Position - The fine alumina market is characterized by high hardness, high melting point, and good insulation properties, with applications across integrated circuits, consumer electronics, and power engineering [7]. - The company has been recognized as a national-level "specialized and innovative" enterprise and has established stable partnerships with major clients [7]. R&D and Future Growth - The company has increased its R&D spending by 18.56% in 2023, holding multiple patents and expanding its R&D team [7]. - The development of high-purity alumina powders aims to meet domestic demand and reduce import reliance, potentially becoming a new revenue growth driver [7]. Capacity Expansion - The company is in the process of releasing new production capacities, including a 50,000-ton electronic ceramic powder production line, which is expected to enhance sales and optimize product structure [7].
天马新材：深耕精细氧化铝二十余年，产能释放+结构优化引领高质量成长