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东睦股份:材料业务多点开花,稳健前行-20250429
NBTMNBTM(SH:600114) HTSC·2025-04-29 04:10

Investment Rating - The investment rating for the company is maintained as "Buy" [8] Core Views - The company has shown robust performance with a revenue increase of 33.20% year-on-year in 2024, reaching 5.143 billion RMB, and a net profit growth of 100.59% to 397 million RMB [1][2] - The company is focusing on three major material technology platforms: Powder Metallurgy (P&S), Soft Magnetic Composite (SMC), and Metal Injection Molding (MIM), targeting sectors such as new energy and high-end manufacturing [4] - The company is expected to maintain stable earnings with projected net profits of 487 million RMB, 585 million RMB, and 626 million RMB for 2025, 2026, and 2027 respectively [5] Revenue and Profitability - In Q1 2025, the company achieved a revenue of 1.459 billion RMB, a year-on-year increase of 32.41%, while the gross margin was 21.95%, showing a slight decline [3] - The MIM business has seen significant growth, with a revenue increase of 92.19% year-on-year, driven by the recovery in the smartphone market [2][3] Financial Projections - The company forecasts a revenue of 5.737 billion RMB for 2025, with a year-on-year growth of 11.56% [7] - The expected earnings per share (EPS) for 2025 is projected at 0.79 RMB, with a price-to-earnings (PE) ratio of 27.7 times, leading to a target price of 21.88 RMB [5][9]