Investment Rating - The report maintains a "Recommended" rating for the company Tianma New Materials (838971.BJ) [1] Core Insights - The company achieved revenue and profit growth in the first three quarters of 2024, with operating income reaching 180.69 million yuan, a year-on-year increase of 33.07%, and net profit attributable to shareholders of 25.21 million yuan, up 8.07% year-on-year [1] - The growth in revenue is attributed to the recovery in downstream demand, particularly from the consumer electronics sector, despite fluctuations in raw material prices affecting profitability [1] - The company has made significant breakthroughs in key R&D projects, particularly in Low-α spherical alumina powder, which is expected to enhance product offerings and market positioning [1] Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 43 million yuan, representing a year-on-year growth of 247.63%, with corresponding P/E ratios of 108, 79, and 61 for the years 2024, 2025, and 2026 respectively [4] - The company's gross margin for the reporting period was 25.25%, a decrease of 1.51 percentage points year-on-year, while the net profit margin was 13.97% [1] - The company is expected to continue its growth trajectory with new production capacities coming online and ongoing R&D efforts translating into marketable products [1][4]
天马新材点评报告：受益下游需求复苏，在研项目储备丰富