NBTM(600114) 国泰君安·2024-08-20 05:44Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.75 yuan [4][5]. Core Views - The company's profitability has significantly improved, with emerging fields such as foldable machines contributing to growth momentum. The company is expected to maintain high-speed growth due to developments in various sectors, including foldable machines and AI servers [3][4]. Financial Performance Summary - The company reported a revenue of 2.353 billion yuan for the first half of 2024, representing a year-on-year increase of 33.50%. The net profit attributable to shareholders reached 190 million yuan, up 431.53% year-on-year, while the net profit after deducting non-recurring items was 178 million yuan, a staggering increase of 6821.68% [4]. - Revenue breakdown by segments shows that P&S revenue was 1.111 billion yuan (up 26.69% year-on-year), SMC revenue was 456 million yuan (down 6.52% year-on-year), and MIM revenue was 767 million yuan (up 101.11% year-on-year) [4]. - The gross margins for the three main segments were 25.56%, 21.77%, and 24.30%, reflecting increases of 6.08 percentage points, 10.88 percentage points, and 2.49 percentage points respectively [4]. Growth Drivers - The growth in the MIM segment is attributed to the increasing demand for foldable machine hinges, with the company currently operating five production lines for foldable machine hinge modules. The company is also expanding its presence in the titanium powder market for 3D printing and titanium metal powder forming [4]. - The company has successfully developed high-speed connector covers for servers, with one product already in mass supply, indirectly supporting NVIDIA's GB200NVL72 server [4]. Market Outlook - The report highlights that the penetration rate of foldable screens is continuously increasing, and the company has successfully validated new product numbers, which are expected to act as catalysts for future growth [4].