联瑞新材：高阶品占比提升

Investment Rating - The report assigns a "Buy" rating for Lianrui New Materials (688300) with a first-time coverage [3][7]. Core Views - The company achieved a revenue of 694 million yuan in the first three quarters of 2024, representing a year-on-year growth of 35.79%. The net profit attributable to shareholders was 185 million yuan, up 48.10% year-on-year, and the net profit excluding non-recurring gains and losses was 169 million yuan, increasing by 57.52% year-on-year. The company has optimized its product structure, with high-end products accounting for about 70% of total revenue [6]. - The Lowα spherical alumina product line continues to grow rapidly, addressing challenges in high-density packaging in storage chips. The radioactive element content in these products is below 5 ppb, with some as low as 1 ppb, and they have been successfully supplied to leading industry clients [6]. - The company focuses on R&D-driven innovation and product upgrades, targeting advanced applications in AI, 5G, and HPC packaging, among others. It continues to develop various high-performance functional powder materials [6]. Financial Summary - The company is projected to achieve revenues of 960 million yuan, 1.22 billion yuan, and 1.55 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 258 million yuan, 335 million yuan, and 441 million yuan for the same years. The current stock price corresponds to a PE ratio of 39x, 30x, and 23x for 2024-2026 [7][10]. - The revenue growth rates are forecasted at 34.87%, 27.46%, and 26.98% for the years 2024, 2025, and 2026, respectively [10][12]. - The company’s EBITDA is expected to be 374.4 million yuan, 473.34 million yuan, and 599.07 million yuan for the years 2024, 2025, and 2026, respectively [10]. Market Performance - The stock has shown a significant decline of 46% from its peak, indicating potential volatility in the market [4]. - The latest closing price is 54.00 yuan, with a total market capitalization of 10 billion yuan [5]. Shareholder Structure - The largest shareholder is Guangdong Shengyi Technology Co., Ltd. [5].