Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has made significant progress in the development of Low-α ray spherical alumina, which opens new growth opportunities. The product has achieved a breakthrough with uranium (U) and thorium (Th) content below 5 ppb, and the company is transitioning from laboratory testing to industrialization [3][4] - The company maintains its profit forecast for 2024-2026, expecting net profits of 0.45 billion, 0.62 billion, and 0.78 billion respectively, with corresponding EPS of 0.42, 0.58, and 0.74 yuan per share, leading to PE ratios of 25.2, 18.1, and 14.3 times [3][4] Financial Summary - The company's revenue for 2024 is projected to be 296 million, with a year-over-year growth of 57.0%. The net profit for the same year is expected to be 45 million, reflecting a significant increase of 264.3% compared to 2023 [6] - The gross margin is expected to stabilize around 26.1% in 2024, with a net margin of 15.1% [6] - The company's total assets are projected to grow from 519 million in 2023 to 559 million in 2024, while total liabilities are expected to increase from 82 million to 105 million [6]
天马新材：北交所信息更新：Low-α射线球形氧化铝取得突破性进展，打开增长新空间