NBTM(600114) 中信建投·2025-03-12 05:42Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The acquisition of 20.75% of Shanghai Fuchi shares, increasing the company's stake to 85%, will solidify its strategic position in the MIM (Metal Injection Molding) business and enhance business synergy, reinforcing its competitive advantage in high-end manufacturing [1][3]. - The company's three main businesses (P&S, SMC, MIM) are expected to resonate positively, with the MIM business poised for rapid growth as the market for foldable smartphones expands [1][9]. - The company is considered an undervalued player in the humanoid robot sector, with potential growth driven by the integration of axial flux motors, P&S, and MIM technologies [1][10]. Summary by Sections Acquisition Details - The company plans to acquire 20.75% of Shanghai Fuchi through a combination of share issuance and cash payment, with the share price set at 14.68 CNY per share, which is 80% of the average trading price over the last 60 trading days [2]. Business Performance - The company anticipates a significant increase in net profit for 2024, projecting a year-on-year growth of 92%-107%, with revenues expected to exceed 5 billion CNY [3][7]. - The three main business segments are expected to achieve record highs, driven by increased orders and improved production efficiency [3][8]. Business Segments 1. P&S Business: Benefiting from the growth of the automotive sector and the exit of foreign competitors, the P&S business is expected to see stable growth [8]. 2. SMC Business: The SMC segment is experiencing continuous improvement in demand, particularly in the photovoltaic and home appliance sectors [8]. 3. MIM Business: The MIM segment is set for rapid development, particularly with the anticipated increase in foldable smartphone shipments, projected to reach approximately 10.86 million units in 2024, a 52.4% year-on-year increase [9]. Financial Projections - The company forecasts revenues of over 5 billion CNY in 2024, with net profits expected to reach between 395.95 million CNY and 655.71 million CNY by 2025 [13]. - The projected P/E ratios for 2024 and 2025 are 38 and 23, respectively, reflecting the company's growth potential and industry position [11].