NBTM(SH:600114) Tianfeng Securities·2025-04-05 03:20Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [7][18]. Core Views - The company achieved significant growth in 2024, with revenue reaching 5.143 billion yuan, a year-over-year increase of 33.2%, and a net profit of 397 million yuan, up 100.6% year-over-year [1][2]. - The three main business segments (P&S, SMC, MIM) have all reached historical highs in revenue, with MIM showing particularly strong growth of 92.3% [2][3]. - The company is strategically positioned to benefit from the growing demand in robotics and AI applications, particularly in the MIM segment, which focuses on foldable screen hinges [3][4]. Revenue and Profitability - In 2024, the company's main business revenue was 5.104 billion yuan, with P&S, SMC, and MIM segments contributing 2.237 billion, 0.902 billion, and 1.965 billion yuan respectively [2]. - The overall gross margin for 2024 was 24.0%, with improvements in the MIM segment's gross margin due to increased operational efficiency [2][4]. - The net profit margin for 2024 was 9.1%, reflecting a significant increase of 4.1 percentage points year-over-year [2]. Business Segment Analysis - MIM segment revenue reached 1.965 billion yuan, with a focus on consumer electronics, medical, and automotive sectors, particularly benefiting from foldable devices [3]. - P&S segment primarily serves the automotive industry, generating 1.71 billion yuan in revenue, with growth opportunities arising from robotics applications [4]. - SMC segment revenue grew by 9.1%, with a notable increase in sales of chip inductors and UPS soft magnetic materials, driven by AI computing trends [5]. Financial Forecasts - The company expects net profits of 565 million, 716 million, and 894 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 22, 17, and 14 [5][6]. - Revenue projections for the next few years are 6.228 billion yuan in 2025, 7.307 billion yuan in 2026, and 8.316 billion yuan in 2027, indicating a steady growth trajectory [6][12].