NBTM(600114) 华源证券·2025-03-26 11:09Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [6][9]. Core Views - The company is positioned as a leading player in the powder metallurgy sector, with significant growth potential driven by its MIM (Metal Injection Molding) business, particularly in the foldable screen hinge market [6][11]. - The report highlights the expected growth in the global foldable screen hinge market, projecting a CAGR of 31.56% from 2023 to 2027, with market size increasing from 4.17 billion to 12.5 billion yuan [8][36]. - The company is also expanding its SMC (Soft Magnetic Core) and PS (Powder Metallurgy) businesses, which are expected to contribute to stable revenue growth [11][43]. Summary by Sections 1. Company Overview - The company has evolved from its roots in powder metallurgy since 1994, expanding through acquisitions and diversifying into MIM, SMC, and PS businesses [16][20]. - The stable shareholding structure supports the company's strategic initiatives, including the acquisition of remaining shares in Shanghai Fuchi to enhance its MIM business [17][41]. 2. MIM Business - The MIM business is set to benefit from the rising demand for foldable screen hinges, which are critical components in foldable smartphones [34][36]. - The company has established five production lines for module manufacturing, enhancing its capabilities in MIM parts and modules [39][40]. - The report anticipates significant growth in the MIM segment, with revenue growth rates projected at 91%, 32%, and 21% for 2024 to 2026 [10][11]. 3. SMC Business - The SMC business is positioned to capitalize on the growing demand in the renewable energy sector, with a projected market size reaching 10.93 billion yuan by 2025 [53][54]. - The company has developed a comprehensive product matrix, integrating soft magnetic powder and chip inductors, to meet diverse market needs [43][44]. - The report notes that the company’s production capacity for SMC has reached 70,000 tons per year, supporting its growth strategy [56]. 4. PS Business - The PS business is expected to maintain stable growth, with the company leveraging its partnerships to enter the robotics sector through its investment in Xiaoxiang Electric [4][19]. - The report emphasizes the advantages of powder metallurgy components in automotive applications, highlighting the potential for increased market penetration [4][19]. 5. Financial Forecasts - The company’s projected net profits for 2024, 2025, and 2026 are 395 million, 541 million, and 653 million yuan, respectively, with corresponding growth rates of 99.5%, 37.1%, and 20.7% [7][9]. - The current price-to-earnings ratios are estimated at 30, 22, and 18 for the same years, indicating a favorable valuation compared to peers [9][10].