Investment Rating - The report maintains a "Buy" rating for Tianma New Materials (838971) [1] Core Views - The company has achieved significant progress with its Low-α ray spherical alumina powder, which has low alpha particle content and high thermal conductivity, making it suitable for high-performance chip packaging [1][2] - The company is entering a new capacity release cycle in 2024, with a total capacity increase of 60,000 tons, which is expected to significantly enhance profitability [2] - The successful development of the Low-α ray spherical alumina powder enriches the product line and helps the company expand into high-end application markets, forming a multi-layered product structure [2] Financial Forecasts and Valuation - Revenue projections for Tianma New Materials are as follows: - 2022A: 185.93 million - 2023A: 188.79 million - 2024E: 297.41 million - 2025E: 413.11 million - 2026E: 499.24 million - Net profit forecasts are: - 2022A: 35.64 million - 2023A: 12.25 million - 2024E: 46.16 million - 2025E: 69.61 million - 2026E: 97.45 million - The report adjusts the net profit estimates for 2024-2026 to 46 million, 70 million, and 97 million respectively, with corresponding EPS of 0.44, 0.66, and 0.92 yuan per share [2][8]
天马新材：Low-α射线球形氧化铝取得阶段性成果，打开高质量发展空间