Fulai New Material(605488) 华鑫证券·2024-12-24 09:23Investment Rating - The report assigns a "Buy" investment rating to the company, indicating a positive outlook for its stock performance over the next 12 months [36]. Core Insights - The company is a leading player in the domestic advertising inkjet printing materials sector and is expanding into the electronic skin field to explore new growth opportunities [36]. - The company achieved a net profit of 0.70 billion yuan in the first three quarters of 2023, reflecting a year-on-year growth of 14.21% [36]. - The average gross profit margin has rebounded to 15.01%, showing a significant recovery compared to previous years [36]. - The company is in the process of building a pilot production line for flexible sensors, which are crucial for electronic skin applications, and expects to complete this within three months [36]. Financial Forecast - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.51 yuan, 0.58 yuan, and 0.71 yuan respectively [36]. - The corresponding price-to-earnings (P/E) ratios for these years are estimated to be 33.9, 30.0, and 24.6 [36]. - The report anticipates a net profit growth rate of 41.9% for 2024, followed by 12.7% in 2025 and 22.0% in 2026 [13].