新材料专题研究（9）：环球新材国际：中国珠光颜料龙头，收购默克表面解决方案业务

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights that Global New Materials International is a leading player in the pearlescent pigment market in China [2][4]. - Synthetic mica has a comparative advantage over natural mica [2][4]. - The pearlescent pigment market has rich development prospects, with a projected compound annual growth rate (CAGR) of 5.8% from 2023 to 2028 [58]. - The report emphasizes the importance of thermal insulation materials for new energy batteries [2][4]. Summary by Sections Company Overview - Global New Materials International is recognized as the leading producer of pearlescent pigments in China, with a comprehensive product range that includes over 2,000 varieties across different grades [4][12]. - The company has established a global marketing network, exporting products to over 100 countries and regions [4]. Market Analysis - The global pearlescent pigment market reached USD 1.7 billion in 2022 and is expected to grow to USD 2.5 billion by 2028 [58]. - The report notes that the synthetic mica market is expected to expand due to its superior properties compared to natural mica, including higher temperature resistance and better electrical insulation [36][74]. Financial Performance - The company reported a revenue growth from RMB 437 million in 2019 to RMB 1.057 billion in 2023, with a compound annual growth rate (CAGR) of 25% [12]. - The net profit for the same period showed a CAGR of 15%, with a peak profit of RMB 224 million in 2022 [12]. Research and Development - The company invested RMB 75 million in R&D in 2023, accounting for approximately 7.1% of its revenue, and successfully added 16 new patents [19][84]. - The report indicates that the company has developed new energy battery insulation materials based on synthetic mica, which have already been commercialized [77]. Recent Developments - The company has signed an agreement to acquire Merck's surface solutions business for EUR 665 million (approximately RMB 5.187 billion), expected to enhance its market position and product offerings [27]. - The second phase of the pearlescent materials factory has commenced production, with an annual capacity of 30,000 tons [82]. Profit Forecast - The report forecasts net profits of RMB 304 million, RMB 440 million, and RMB 551 million for 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of RMB 0.25, RMB 0.36, and RMB 0.44 [84][89].