Jiangsu Boqian New Materials Stock (SH:605376)2024-08-21 01:12Investment Rating - The report adjusts the investment rating to "Outperform" [5] Core Views - The company focuses on the research, production, and sales of high-end metal powder materials for electronics, including nano and sub-micron nickel and copper powders, which are widely used in various industrial applications [5] - In Q1 2024, the company achieved a positive net profit attributable to shareholders, with revenue of 200 million yuan, a year-on-year increase of 60.33%. The expected net profit for the first half of 2024 is projected to be between 42 million and 58 million yuan, representing a year-on-year growth of 149.08% to 243.96% [5] - The company is strategically focusing on the development and mass production of small particle size powders, particularly those below 180 nanometers, and is optimizing the mass production process of silver-coated copper powder [5] - The profit forecast for 2024 has been adjusted down to 4.4 million yuan, with new profit forecasts for 2025 and 2026 set at 11 million and 18 million yuan, respectively. The target market capitalization is set at 6.2 billion yuan, indicating a potential upside of 16% from the current market value [5] Financial Summary - Total revenue for 2023 was 689 million yuan, with a projected increase to 875 million yuan in 2024, representing a year-on-year growth rate of 27% [6] - The net profit for 2023 was -32 million yuan, with a forecasted recovery to 44 million yuan in 2024, indicating a significant turnaround [6] - The earnings per share are expected to improve from -0.12 yuan in 2023 to 0.16 yuan in 2024 [6]