Investment Rating - The report does not provide a specific investment rating for the company [7] Core Insights - The company, Tianma New Materials, reported a revenue of 181 million yuan for the first three quarters of 2024, representing a year-on-year increase of 33.07%. The net profit attributable to shareholders was 25.21 million yuan, up 8.07% year-on-year, while the net profit after deducting non-recurring gains and losses was 21.31 million yuan, reflecting an 11.44% increase year-on-year [3] - The growth in revenue is driven by a recovery in downstream demand, particularly in the sales of electronic ceramics and high-voltage electrical powder. However, rising costs have pressured profit margins, with a gross margin of 24.00% in the third quarter, down 1.30 percentage points year-on-year and 1.96 percentage points quarter-on-quarter [3] - The company has achieved significant progress in the research and development of new products, specifically a low-alpha ray spherical alumina powder, which has shown promising results in terms of low radioactive element content [14] Summary by Sections Financial Performance - For the third quarter, the company achieved a revenue of 71.97 million yuan, a year-on-year increase of 33.09%. The net profit after deducting non-recurring items was 7.17 million yuan, down 6.76% year-on-year [3] - The company’s management expenses increased significantly, with a 57.1% rise in management costs to 10.20 million yuan, primarily due to stock incentive expenses and increased operational costs [10] Product Development - The company has made advancements in its R&D efforts, particularly with the low-alpha ray spherical alumina powder, which is intended for high-end chip packaging applications [14]
天马新材：下游需求复苏，新产品研发取得阶段性成果