NBTM(SH:600114) Ping An Securities·2024-10-29 00:01Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][7] Core Views - The company has shown significant growth in its MIM (Metal Injection Molding) business, with a year-on-year increase of 88.48% in revenue for the first nine months and a 72.12% increase in the third quarter [6] - The recovery in the consumer electronics sector and the increasing penetration of foldable smartphones are expected to further enhance the growth potential of the company's MIM business [7] - The company has three major new material technology platforms (P&S, SMC, and MIM) that are working synergistically, leading to increased orders and revenue [6] Financial Performance Summary - In Q3 2024, the company achieved total revenue of 1.258 billion yuan, representing a year-on-year increase of 23.41% and a quarter-on-quarter increase of 0.53% [5] - The net profit attributable to the parent company for Q3 2024 was 87 million yuan, up 22.16% year-on-year but down 19.70% quarter-on-quarter [5] - For the first three quarters of 2024, the company reported total revenue of 3.611 billion yuan, a year-on-year increase of 29.80%, and a net profit of 277 million yuan, reflecting a year-on-year increase of 158.70% [5] Revenue and Profit Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 415 million, 532 million, and 684 million yuan respectively, with corresponding P/E ratios of 28.3, 22.1, and 17.2 [7][8]