NBTM(SH:600114) Ping An Securities·2024-08-20 07:07Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1] Core Views - The company reported significant performance improvement in the first half of 2024, with revenue reaching 2.353 billion yuan, a year-on-year increase of 33.5%, and a net profit attributable to shareholders of 190 million yuan, up 431.53% year-on-year [4][5] - The main business revenue grew by 33.66% year-on-year, with the P&S segment increasing by 26.69% and the MIM segment showing a remarkable growth of 101.11% [4][5] - The company is expected to benefit from the recovery in the consumer electronics sector and the increasing penetration of foldable smartphones, leading to an upward revision of profit forecasts for 2024-2026 [5][6] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 2.353 billion yuan, a 33.5% increase year-on-year, and a net profit of 190 million yuan, reflecting a 431.53% increase year-on-year [4] - The company's main business revenue for 2024 is projected to reach 4.933 billion yuan, with a year-on-year growth of 27.8% [6] Business Segments - The P&S segment's revenue from automotive parts accounted for 75.72% of its total revenue, growing by 28.42% year-on-year, while the SMC segment's revenue from the photovoltaic sector represented 35.94% of its total revenue [5] - The MIM segment has seen a recovery in the consumer electronics market, with a sequential increase in revenue, supported by the launch of new products by major clients [5] Profit Forecasts - The profit forecasts for the company have been revised upwards, with expected net profits of 415 million yuan, 532 million yuan, and 684 million yuan for 2024, 2025, and 2026 respectively [5][6] - The corresponding price-to-earnings ratios are projected to be 21.1, 16.5, and 12.8 for the same years [6]