Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved double growth in revenue and profit in the first half of 2024, with operating income of 108.71 million yuan, a year-on-year increase of 33.05%, and a net profit attributable to shareholders of 15.19 million yuan, a year-on-year increase of 5.46% [1]. - The growth is attributed to the recovery in downstream industries, particularly consumer electronics, leading to a significant increase in orders for electronic ceramic substrates and high-voltage electrical powder materials [1]. - The company’s gross margin was 26.08%, and net margin was 13.97%, with an increase in the expense ratio due to higher management costs [1]. Financial Performance Summary - In Q2 2024, the company reported operating income of 58.89 million yuan, a year-on-year increase of 27.05% and a quarter-on-quarter increase of 18.21% [1]. - The net profit for Q2 was 7.73 million yuan, a year-on-year decrease of 19.69% but a quarter-on-quarter increase of 3.53% [1]. - The company’s R&D expenses increased by 10.64% year-on-year, with a R&D expense ratio of 4.02% [1]. Future Projections - The company is expected to see net profits of 50 million yuan, 72 million yuan, and 99 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 308.73%, 44.26%, and 37.13% [4]. - The projected operating income for 2024 is 322 million yuan, with a growth rate of 70.64% [4]. - The company is positioned to enter a growth phase due to new production capacity and recovery in downstream industries [1].
天马新材点评报告：营收利润双增长，受益于下游消费电子复苏