OTIC(000962) 民生证券·2024-10-29 09:00Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on expected earnings growth and market performance [1]. Core Views - The company has shown steady growth in its tantalum and niobium business, with a significant increase in operating profit and a positive outlook for future demand in consumer electronics and high-margin products [1][2]. - The company is actively returning capital to shareholders through dividends, reflecting confidence in its operational performance [1]. - The anticipated recovery in military demand is expected to benefit the company's investment returns, particularly from its subsidiary [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 895 million yuan, a year-on-year increase of 14.63%, and a net profit attributable to shareholders of 156 million yuan, up 6.58% [1]. - The gross profit margin for the first three quarters of 2024 was 19.32%, an increase of 1.74 percentage points year-on-year [1]. - The company forecasts net profits of 227 million yuan, 312 million yuan, and 416 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 28, 20, and 15 [2][5]. Revenue and Profit Growth - The company expects a revenue growth rate of 12.2% for 2024, with a significant increase of 33.5% projected for 2025 [2][5]. - The net profit growth rate is anticipated to be 21.5% in 2024 and 37.2% in 2025 [5]. Key Financial Metrics - The company reported a net profit margin of 16.89% for 2023, expected to rise to 18.30% in 2024 [5]. - The return on equity (ROE) is projected to increase from 7.81% in 2023 to 8.66% in 2024 [5]. - The company maintains a strong liquidity position with a current ratio of 4.80 in 2023, expected to be 4.62 in 2024 [5].