TMT(600458) 甬兴证券·2024-11-26 04:29Investment Rating - The report initiates coverage with a "Buy" rating for the company, citing its competitive advantages in new material applications and expected growth driven by the wind power industry, capacity expansion, and new material applications [2][3] Core Views - The company is a leading player in multiple sectors, including global rail transit elastic components, wind power blades, and automotive vibration reduction, with significant market shares in each [2] - Wind power blade capacity expansion is underway, with a target of over 4,000 sets by the end of the 14th Five-Year Plan, and the company is leveraging polyurethane materials to reduce costs [2] - The company is accelerating its international layout in rail transit vibration reduction components, with overseas revenue growing by 19% in H1 2024 [2] - The newly established Industrial and Engineering Division is focusing on vibration reduction and isolation applications, achieving breakthroughs in multiple fields [2] - The company is actively restructuring its German subsidiary, Boge, to improve efficiency and expand its presence in the new energy vehicle market [2] - Significant progress has been made in the high-performance polymer materials market, with sales reaching 436 million yuan in 2023 [2] Wind Power Sector - The company ranks second domestically in wind power blade production, with sales of approximately 15.89GW in 2023, a 33.5% year-on-year increase [2] - The company is expanding its domestic and overseas production capacity, with new factories in Southwest China, Xinjiang, Sheyang, and Mengxi regions, and is targeting over 4,000 sets of wind power blade capacity by the end of the 14th Five-Year Plan [2] - The company is focusing on material substitution and lightweighting to reduce costs, using PET, polyurethane, and pultrusion materials [2] - The company's wind power blade business is expected to benefit from the growth of the wind power industry, with projected net profits of 588 million yuan, 813 million yuan, and 978 million yuan for 2024-2026, respectively [2] Rail Transit Sector - The company is a global leader in rail transit elastic components, with a 30% market share in global rail vehicle vibration reduction components as of H1 2024 [2] - The company has established strategic partnerships with major rail vehicle manufacturers such as China CRRC, WABTEC, ALSTOM, and SIEMENS, and is expanding its overseas market presence [2] - Rail transit revenue reached 1.154 billion yuan in H1 2024, a 23.95% year-on-year increase, with overseas revenue growing by 19% [2] Industrial and Engineering Sector - The company's Industrial and Engineering Division, established in 2022, is focusing on vibration reduction and isolation applications in industries, bridges, and buildings, achieving significant market breakthroughs [2] - The division has secured a 70% market share in domestic wind power vibration reduction and a 50% share in wind power couplings, with new orders in bridge and building vibration isolation growing by 70% year-on-year in 2023 [2] Automotive Sector - The company ranks third globally in automotive vibration reduction and is the first to achieve mass production of active vibration reduction products [2] - The company is restructuring its German subsidiary, Boge, to improve efficiency and expand its presence in the new energy vehicle market, with a focus on low-cost production regions and the Chinese market [2] Polymer Materials Sector - The company has made significant progress in high-performance polymer materials, including polyurethane, long glass fiber reinforced thermoplastic composites, and aramid materials, with sales reaching 436 million yuan in 2023 [2] - The company is focusing on the research and application of new materials, achieving breakthroughs in areas such as polyurethane and long glass fiber reinforced thermoplastic composites [2] Financial Projections - The company's revenue is projected to grow from 17.538 billion yuan in 2023 to 25.915 billion yuan in 2026, with a CAGR of 13.9% [2] - Net profit attributable to the parent company is expected to grow from 386 million yuan in 2023 to 978 million yuan in 2026, with a CAGR of 38.2% [2] - The company's PE ratio is expected to decrease from 19.19x in 2023 to 10.16x in 2026, indicating strong growth potential [2]