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]
骏鼎达：公司研究报告：国内高分子改性保护材料领先企业，功能性保护套管市场空间巨大