Investment Rating - The report maintains a "Buy" rating for the company Yubang New Materials (301266) [1][12]. Core Views - The company has launched a new type of welding tape technology, which is expected to benefit from the increasing penetration rate of BC technology. The continuous R&D innovation is anticipated to drive long-term growth [1][6]. - In the first three quarters of 2024, the company achieved revenue of 2.477 billion yuan, a year-on-year increase of 21.04%, and a net profit attributable to shareholders of 46 million yuan [1][6]. - The company has established stable partnerships with leading manufacturers in the photovoltaic industry, enhancing its market share in the welding tape sector [1][6]. Financial Summary - Revenue projections for the company are as follows: 2023A: 2,762 million yuan, 2024E: 3,369 million yuan, 2025E: 4,087 million yuan, 2026E: 4,889 million yuan, with growth rates of 37.36%, 21.98%, 21.32%, and 19.61% respectively [4][7]. - The net profit attributable to shareholders is projected to be: 2023A: 151 million yuan, 2024E: 86 million yuan, 2025E: 158 million yuan, 2026E: 255 million yuan, with growth rates of 50.69%, -42.97%, 83.44%, and 61.30% respectively [4][7]. - The company’s gross margin for the first three quarters of 2024 was 6.06%, a decrease of 6.54 percentage points year-on-year, indicating pressure from industry competition [1][6].
宇邦新材：推出新型焊带技术，研发创新带来长期成长