NovelBeam Technology(SH:688677) Haitong Securities International·2025-05-07 09:37Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 46.69, corresponding to a 2025 PE of 32X [4][8]. Core Insights - The company experienced a revenue of RMB 443 million in 2024, a decrease of 5.90% year-on-year, while the net profit attributable to shareholders was RMB 135 million, down 7.11% [4][8]. - In Q1 2025, the company reported a revenue of RMB 147 million, reflecting a significant increase of 24.86% year-on-year, and a net profit of RMB 47 million, up 21.45% [4][8]. - The company’s EPS forecasts for 2025-2026 are RMB 1.48 and RMB 1.85, with a new forecast for 2027 at RMB 2.28 [4][8]. Financial Summary - The financial summary indicates that in 2023, the company had a revenue of RMB 471 million, which decreased to RMB 443 million in 2024, with projections of RMB 556 million in 2025 and RMB 681 million in 2026 [3][4]. - The net profit attributable to shareholders was RMB 146 million in 2023, decreasing to RMB 135 million in 2024, with an expected increase to RMB 179 million in 2025 and RMB 223 million in 2026 [3][4]. - The gross profit margin for 2024 was 64.51%, showing a slight increase from the previous year, and the first quarter of 2025 reported a gross profit margin of 64.98% [11]. Customer Orders and Market Expansion - Customer orders are recovering, with shipment volumes increasing significantly, particularly in Q1 2025, where shipments grew over 40% year-on-year and quarter-on-quarter [9]. - The company’s ODM business revenue was RMB 281 million in 2024, accounting for 63.81% of total revenue, while the self-owned brand product revenue was RMB 65.22 million, representing 14.80% [10]. Profitability and Cost Management - The overall gross profit margin remained stable, with expectations for long-term profitability to be maintained due to improvements in overseas subsidiaries' capacity and management [11]. - The company has increased its R&D and marketing expenses significantly in 2024 compared to 2023, which is expected to support future growth [11].