Investment Rating - The report maintains a "Recommended" rating for the company Tianma New Materials (838971.BJ) [1] Core Viewpoints - The company has achieved significant breakthroughs in its key research and development product, Low-α Ray Spherical Alumina Powder, which has successfully reduced the content of radioactive elements uranium (U) and thorium (Th) to below 5 ppb [1] - The company is transitioning from laboratory testing to industrialization and is preparing to engage with downstream customers for sample testing [1] - The R&D expenses for the first half of 2024 were 4.3695 million yuan, a year-on-year increase of 10.64%, with an R&D expense ratio of 4.02% [1] - The company has a rich reserve of ongoing projects, including high-purity alumina powders with purity levels of 4N and 5N, which are expected to disrupt the domestic market that heavily relies on imports [1] - New production capacities are being steadily implemented, with a 50,000-ton annual production line for electronic ceramic powder materials already in operation and a 5,000-ton high thermal conductivity powder production line nearing completion [1] Financial Forecasts - The company is projected to achieve a net profit attributable to shareholders of 0.43 billion yuan, 0.58 billion yuan, and 0.75 billion yuan for the years 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 247.63%, 35.75%, and 29.35% [4] - The expected revenue for 2024 is 289 million yuan, with a growth rate of 53.08% [4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.40 yuan, 0.55 yuan, and 0.71 yuan respectively [4]
天马新材点评报告：重要在研产品取得突破，助力公司加速成长