Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced significant revenue growth driven by the continuous release of downstream demand, with a reported revenue of 110 million yuan in H1 2024, representing a year-on-year increase of 33.1% [1] - The company is entering a capacity release cycle in 2024, which is expected to lead to rapid growth in performance [1] Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit attributable to shareholders of 15.2 million yuan, up 5.5% year-on-year, and a non-recurring net profit of 14.1 million yuan, up 23.7% year-on-year [1] - For Q2 2024, the company reported revenue of 58.9 million yuan, a year-on-year increase of 27.1%, but a net profit decrease of 19.7% to 7.7 million yuan [1] Business Segments - Revenue from electronic ceramic powder materials reached 62.9 million yuan, up 119.1% year-on-year, while revenue from electronic and photovoltaic glass powder materials was 20.4 million yuan, down 40.1% year-on-year [1] - The gross profit margins for these segments were 28.5% and 20.6%, respectively, with the electronic ceramic segment showing a slight decrease in margin [1] Capacity Expansion - The company has completed the construction of a 50,000-ton electronic ceramic powder production project and is in the equipment debugging and trial production phase for a 5,000-ton high thermal conductivity powder production line [1] - The company plans to accelerate the certification of new customers and products to improve sales conversion rates [1] Profit Forecast - The company is expected to achieve net profits of 446 million yuan, 615 million yuan, and 775 million yuan for the years 2024, 2025, and 2026, respectively, with a compound annual growth rate (CAGR) of 85.0% [1] - The corresponding price-to-earnings (PE) ratios are projected to be 21, 16, and 12 times for the same years [1]
天马新材：2024年中报点评：下游需求持续释放，募投新产能释放在即