Investment Rating - The report upgrades the investment rating to "Buy" for the company [2][3]. Core Views - The company plans to acquire Merck's global surface solutions business for €665 million (approximately RMB 51.87 billion), which is expected to significantly expand its global business footprint and increase revenue and EBIT by nearly threefold and 1.6 times, respectively [2][3]. - The acquisition is anticipated to enhance cost efficiency through supply chain synergies and leverage Merck's advanced technology to expand the application of pearlescent materials, potentially replacing traditional organic and metallic pigments [3]. - The company has been executing a dual strategy of organic growth and external expansion, with recent acquisitions positioning it to become a leader in the global pearlescent pigment market [3]. Financial Summary - Revenue Projections: The company expects revenues of RMB 1,435 million in 2024, RMB 1,700 million in 2025, and RMB 1,934 million in 2026, reflecting year-on-year growth rates of 34.8%, 18.5%, and 13.8%, respectively [2][5]. - Net Profit Projections: The projected net profit for 2024 is RMB 210 million, increasing to RMB 267 million in 2025 and RMB 308 million in 2026, with growth rates of 15.8%, 26.8%, and 15.8% [2][5]. - Profitability Metrics: The gross margin is expected to remain stable at 49.7%, while the net margin is projected to be 18.5% in 2024, improving to 20.2% by 2026 [2][5][7]. - Return on Equity (ROE): The ROE is forecasted to increase from 5.2% in 2023 to 7.7% by 2026 [2][5][7]. Market Data - As of August 6, 2024, the closing price of the company's stock is HKD 3.85, with a total share capital of 1.2 billion shares and net assets amounting to RMB 3.2 billion [1].
环球新材国际：拟收购德国默克相关业务，内源式发展与外延式扩张逐步兑现