Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights that Tianma New Materials is positioned to benefit from the rising demand for high-bandwidth memory (HBM) materials, particularly spherical alumina, which is crucial for AI server applications. The company is expected to see significant revenue growth due to its new production lines and innovative products [4][10] - The report maintains profit forecasts for the company, projecting net profits of 0.52 billion, 0.75 billion, and 0.94 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.49, 0.71, and 0.89 yuan per share [4] Summary by Sections HBM and AI Servers - HBM technology is essential for overcoming the "memory wall" in AI servers, which limits performance due to bandwidth constraints. HBM provides significantly higher bandwidth and capacity compared to traditional DRAM, making it a preferred solution for AI applications [5][8] - The HBM market is projected to grow substantially, with Goldman Sachs estimating a market size of 30 billion USD by 2026, driven by high demand and pricing [10][11] Tianma New Materials' Production Capacity - Tianma New Materials focuses on high-performance fine alumina powder, recognized as a national-level specialized and innovative "little giant" enterprise. The company is expanding its production capacity with new lines for spherical alumina, electronic ceramic powders, and barium stone [4][30] - The company has completed 27% of its new 5,000-ton spherical alumina production line, which is expected to significantly enhance its market presence [30] Financial Projections - The report forecasts revenue growth for Tianma New Materials, with expected revenues of 339 million, 465 million, and 577 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 79.3%, 37.2%, and 24.1% [3] - The projected P/E ratios for the company are 18.7, 13.0, and 10.5 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation compared to the industry average [4][3]
天马新材：北交所公司深度报告：HBM赋能AI新纪元，产能释放+创新产品预期迎新增长级