NBTM(600114) 天风证券·2024-11-01 13:51Investment Rating - The report maintains a "Buy" rating for the company, with expected PE ratios of 26x, 20x, and 17x for 2024, 2025, and 2026, respectively [4][6] Core Views - The company's Q3 revenue continued to grow significantly, with MIM business contributing the main growth momentum [1][2] - The company's three major platforms (MIM, P&S, SMC) are synergistically driving growth, with MIM benefiting from the foldable smartphone boom [3][4] - The company is expected to achieve revenue of 4.88 billion yuan in 2024, with a year-on-year growth of 26.4% [5] Financial Performance - Q3 2024 revenue reached 1.258 billion yuan, up 23.4% year-on-year [1] - Net profit attributable to the parent company in Q3 2024 was 87 million yuan, up 22.2% year-on-year [1] - Gross margin in Q3 2024 was 22.28%, down 0.83 percentage points year-on-year [2] Business Segments - MIM business revenue grew 88.5% year-on-year in the first three quarters of 2024, with Q3 growth of 72.1% [2][3] - P&S business revenue increased 16.6% year-on-year in the first three quarters, but only 0.05% in Q3 [2] - SMC business revenue declined 0.8% year-on-year in the first three quarters, but grew 15.1% in Q3 [2] Future Outlook - The company aims to achieve annual revenue of 4.85 billion yuan in 2024, with Q4 expected to continue the growth trend [2] - MIM business is expected to be the main driver of future growth, benefiting from the foldable smartphone trend [3][4] - The company is expanding its presence in the automotive sector and accelerating the industrialization of axial flux motors [3] Valuation and Projections - The company's EPS is projected to be 0.65 yuan, 0.85 yuan, and 1.02 yuan for 2024, 2025, and 2026, respectively [5] - Revenue is expected to grow to 6.874 billion yuan by 2026, with a CAGR of 17.53% from 2024 to 2026 [5] - Net profit margin is forecasted to increase from 8.27% in 2024 to 9.18% in 2026 [5][10]