Investment Rating - The report maintains a "Buy" rating for Tianma New Materials (838971) [1][3] Core Views - The company reported a revenue of 181 million yuan for Q1-Q3 2024, representing a year-on-year increase of 33.07%, driven by a recovery in downstream demand and active market expansion [2] - Significant progress has been made in the development of the Low-α radiation spherical alumina powder, which is expected to be used in high-performance chip packaging, marking an important step in the advanced chip packaging materials sector [2] - The company is entering a new capacity release cycle in 2024, with total capacity expected to increase significantly, enhancing product diversity and customization capabilities, which will improve profitability [2] - The ongoing development of the Low-α spherical alumina powder is expected to enrich the product portfolio and facilitate exploration of new high-end application areas, solidifying the company's market position in the inorganic non-metallic materials industry [2] Financial Forecasts - The company’s projected revenues for 2024-2026 are 283 million yuan, 403 million yuan, and 481 million yuan, respectively, with corresponding net profits of 42.16 million yuan, 59.61 million yuan, and 83.02 million yuan [1][3] - The expected EPS for 2024-2026 is 0.40 yuan, 0.56 yuan, and 0.78 yuan, with P/E ratios of 106, 75, and 54 times, respectively [1][3]
天马新材：2024年三季度报告点评：下游需求回暖复苏在研产品取得重大进展