Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is expected to achieve a revenue of 255 million yuan in 2024, representing a year-on-year growth of approximately 35%. The net profit attributable to the parent company is forecasted to be 39 million yuan, reflecting a significant increase of 221% year-on-year [3] - The company has made progress in the research and development of Low-α spherical alumina, which is crucial for high-end chip packaging, particularly for HBM chips. The product has achieved a low level of radioactive elements, indicating a high technical barrier [4] - The establishment of the Zhengzhou Advanced Alumina Materials and Ceramic Membrane Industry Research Institute, led by the company, aims to address key technological challenges in the industry and expand applications in various fields [5] Financial Summary - The company reported a revenue of 186 million yuan in 2022, with a decline of 10.6%. In 2023, revenue slightly increased to 189 million yuan, a growth of 1.5%. The forecast for 2024 is 255 million yuan, with a projected growth of 35% [6] - The net profit attributable to the parent company was 36 million yuan in 2022, which dropped to 12 million yuan in 2023. The forecast for 2024 is 39 million yuan, indicating a substantial recovery with a growth of 221.4% [6] - The company's gross margin is expected to stabilize around 26% from 2024 to 2026, while the net margin is projected to improve from 15.5% in 2024 to 15.9% in 2026 [12]
天马新材：北交所信息更新：公司Low-α射线球形氧化铝高壁垒，2024归母净利润预告+221%-20250302