Sinoma Science & Technology (002080) 光大证券·2024-12-30 09:11Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Views - The company has a strong positioning in the LowDk electronic fabric sector, which is gaining attention due to its applications in high-frequency and high-speed electronic products. This strategic focus is expected to enhance the company's competitive advantage in high-end product markets [21][12]. - Despite the promising outlook in the LowDk electronic fabric area, the company has experienced significant declines in profits during the first three quarters of 2024, with a forecasted reduction in net profit for 2024-2026 [14][23]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 16.8 billion yuan, a decrease of 8% year-on-year, and a net profit attributable to shareholders of 610 million yuan, down 64% year-on-year. The gross margin and net margin were 17.8% and 4.5%, respectively, both showing declines compared to the previous year [2]. - The company's revenue and profit forecasts for 2024-2026 have been significantly lowered, with net profit estimates adjusted to 955 million yuan for 2024 (down 61%), 1.25 billion yuan for 2025 (down 57%), and 1.5 billion yuan for 2026 (down 55%) [14][25]. Industry Context - The LowDk electronic fabric is crucial for high-frequency and high-speed electronic products, widely used in 5G communication, AI, IC packaging, and aerospace. The company is actively developing the second generation of low dielectric glass fiber to meet the growing market demand [12][21]. - The glass fiber prices have shown signs of recovery, but the wind power and separator business segments are facing challenges due to increased competition and pricing pressures, impacting overall profitability [2][23].