AT&M(000969) 天风证券·2025-04-07 10:48Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [5]. Core Views - The company's core industries are showing steady progress, with a focus on enhancing quality and efficiency in key sectors, particularly in high-performance materials and rare earth permanent magnets [2][4]. - The company is actively pursuing technological innovations to counteract the pressures from certain downstream industries, aiming for revenue growth and stable profitability [2]. - The company is building a "second growth curve" by investing in strategic emerging industries such as special powders and materials for controlled nuclear fusion, which are expected to inject new momentum into its development [4]. Financial Performance - In 2024, the company is projected to achieve revenue of 75.73 billion yuan, a year-over-year decrease of 7.5%, while the net profit attributable to the parent company is expected to be 3.72 billion yuan, reflecting a year-over-year increase of 49.26% [1]. - The fourth quarter of 2024 is anticipated to see revenue of 17.2 billion yuan, down 19.74% year-over-year and 10.96% quarter-over-quarter, with a net profit of 0.32 billion yuan, down 40.22% year-over-year and 45.70% quarter-over-quarter [1]. - The company’s EBITDA for 2024 is estimated at 1.18 billion yuan, with a projected net profit of 372.4 million yuan for the same year [11]. Industry Position - The company maintains a stable market share in the rare earth permanent magnet sector, with ongoing investments in high-performance materials and smart manufacturing [2]. - The company has successfully completed the acceptance of a 5,000-ton high-end rare earth permanent magnet product project, further solidifying its market position [2]. - The company is also expanding its presence in the controlled nuclear fusion sector, focusing on enhancing product technology and international collaboration [3]. Future Outlook - The company’s profit forecast for 2025-2027 has been adjusted, with expected net profits of 3.20 billion yuan, 3.47 billion yuan, and 3.92 billion yuan respectively, reflecting a cautious outlook amid industry competition and raw material price fluctuations [4]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 39.35, 36.33, and 32.17 respectively, indicating a positive long-term growth potential [4].