福莱新材：深耕涂布打印材料，进军柔性传感未来市场

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6][72][73]. Core Insights - The company specializes in printing materials and is expanding into the flexible sensor market, aiming for integrated growth [6][72]. - The company has shown steady revenue growth, with a projected increase in net profit from 0.85 billion to 1.41 billion from 2024 to 2026, corresponding to PE ratios of 48, 34, and 29 respectively [6][73]. - The flexible sensor business is positioned as a future growth curve, with ongoing development and partnerships in the field [6][72]. Summary by Sections 1. Deepening the Coating Printing Market - The company focuses on advertising inkjet printing materials, label printing materials, electronic-grade functional materials, and adhesive materials, with applications in various sectors [20][23]. - The company has maintained stable growth, achieving a revenue of 1.776 billion in the first three quarters of 2024, a year-on-year increase of 14.21% [6][27]. - The net profit for the same period was 0.7 billion, reflecting a year-on-year increase of 22.08% [6][27]. 2. Traditional Coating Market Stability - The demand for traditional printing materials remains stable, with the outdoor advertising market in China projected to grow by 5.2% annually from 2023 to 2028 [39]. - The label printing industry in China has also seen significant growth, with a market size of approximately 500 billion in 2023, a year-on-year increase of 4% [45]. 3. Positioning in the Flexible Sensor Market - The flexible tactile sensor technology is being developed for various applications, including medical devices and wearable technology [54][56]. - The company has been proactive in this area since 2018, with patents for flexible pressure and temperature sensors already filed [64][73]. 4. Profit Forecast and Valuation - The company is expected to achieve net profits of 0.85 billion, 1.20 billion, and 1.41 billion from 2024 to 2026, with corresponding PE ratios significantly lower than industry averages [73][74]. - The report highlights the company's integrated approach and its strategic positioning in the flexible sensor market as key drivers for future growth [72][73].