联瑞新材：配套下游升级，填料艺术家打破垄断

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 86.46 CNY per share based on a target PE of 45 times the expected net profit for 2025 [3]. Core Viewpoints - The company specializes in producing electronic filler powders, primarily used in EMC (Epoxy Molding Compound) and CCL (Copper Clad Laminate), with a projected 48% year-on-year growth in net profit for the first three quarters of 2024 [1][17]. - The advanced packaging market is expected to grow at a compound annual growth rate (CAGR) of 10.7% from 2024 to 2029, with increasing demands for low CUT points and low radioactivity in filler materials [1][29]. - The company has established itself as a leading domestic manufacturer of spherical silica powder, showcasing superior profitability and growth compared to competitors, particularly in the high-end CCL market [2][17]. Summary by Sections Company Overview - The company focuses on producing silica powder, including spherical and angular types, with applications in EMC and CCL, which together account for over 70% of its revenue [10][17]. Investment Logic - The advanced packaging market is projected to grow at a CAGR of 10.7% from 2024 to 2029, with specific requirements for low CUT points and low radioactivity in fillers [1][29]. - The company’s spherical inorganic non-metallic powder materials meet industry-leading electrical performance and purity standards, essential for advanced packaging applications [1][37]. Market Expansion - The application of spherical silica powder in CCL is expected to increase, particularly in high-end products as the demand for special substrates continues to rise [2][38]. - The company is positioned to benefit from the expansion of high-end CCL applications, with major clients including leading global manufacturers [2][17]. Profit Forecast and Valuation - The company’s projected net profits for 2024, 2025, and 2026 are 259 million CNY, 357 million CNY, and 487 million CNY, respectively, reflecting a compound growth rate of 41% [3][5]. - The target market capitalization is set at 16.1 billion CNY, with a target price of 86.46 CNY per share based on a PE ratio of 45 for 2025 [3][5].