Jiangsu Boqian New Materials Stock (SH:605376) Tianfeng Securities·2024-10-28 04:35Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5]. Core Views - The company achieved significant revenue growth in the first three quarters of 2024, with a total revenue of 727 million yuan, representing a year-on-year increase of 48%. The net profit attributable to the parent company reached 85 million yuan, a year-on-year increase of 562.4% [1]. - The recovery in demand for MLCC (Multi-Layer Ceramic Capacitors) and the continuous rebound in nickel powder sales are key drivers of the company's performance. The report anticipates sustained improvement in performance due to the recovery of the consumer electronics market and the strong development of the automotive electronics market [2][3]. - The company is positioned as a leader in nickel powder for MLCC applications, with expected net profits of 124 million yuan, 172 million yuan, and 228 million yuan for 2024, 2025, and 2026, respectively [2]. Financial Summary - For 2024, the company is projected to achieve a revenue of 951.78 million yuan, with a growth rate of 38.16%. The net profit attributable to the parent company is expected to be 123.95 million yuan, marking a significant recovery from a loss in 2023 [4][9]. - The report highlights a projected PE ratio of 57 for 2024, decreasing to 31 by 2026, indicating an improving valuation as earnings recover [4][10]. - The company's gross margin for Q3 2024 was reported at 19.8%, with a net profit margin of 10.6%, reflecting the impact of production line adjustments and foreign exchange losses on short-term profitability [1][3].