NBTM(SH:600114) Guotai Junan Securities·2024-09-03 02:38Investment Rating - The report maintains an "Accumulate" rating for the company with a target price raised to 20.79 CNY, an increase of 4.04 CNY from the previous target [3][5]. Core Views - The company's revenue related to consumer electronics is rapidly growing, driven by the expanding foldable phone market, which is expected to continue benefiting the company [4]. - The MIM (Metal Injection Molding) segment is experiencing high growth, with a 101.11% year-on-year increase in revenue for the first half of 2024, supported by new product launches from major clients [5]. - The penetration rate of foldable phones is increasing, with Q2 2024 shipments in China reaching 2.57 million units, a year-on-year growth of 104.6%, indicating a penetration rate of 3.6% in the overall smartphone market [5]. Summary by Sections Investment Summary - The report maintains an "Accumulate" rating and raises the target price to 20.79 CNY, reflecting a positive outlook based on the company's growth potential and market valuation [5]. - EPS forecasts for 2024-2026 are set at 0.67, 0.99, and 1.31 CNY respectively, with a PE ratio of 21x for 2025 [5]. Market Data - The stock price has ranged between 10.04 and 16.37 CNY over the past 52 weeks, with a total market capitalization of 9.905 billion CNY [6]. - The current stock price is 16.07 CNY, indicating potential upside to the target price [3][6]. Financial Highlights - Revenue is projected to grow from 3.726 billion CNY in 2022 to 8.246 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 29.3% [9]. - Net profit attributable to the parent company is expected to increase significantly from 156 million CNY in 2022 to 807 million CNY in 2026, reflecting a robust growth trajectory [9].