悦安新材：MIM技术替代和电感需求增长，新产能渐迎释放-20250509

Investment Rating - The investment rating for the company is "Accumulate-A" with a 12-month target price of 32.4 CNY per share, while the current share price is 26.18 CNY [5]. Core Views - The company reported a revenue of 418 million CNY in 2024, representing a year-on-year increase of 13%, but the net profit attributable to shareholders decreased by 12% to 70 million CNY [1]. - The growth in demand for inductors is boosting the demand for soft magnetic powders, while technological substitution is enhancing the demand for Metal Injection Molding (MIM) materials [2]. - The company is in the process of ramping up production capacity from its fundraising projects, with the first phase of the Ningxia project expected to enter trial production in 2025 [8]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 418 million CNY, with a net profit of 70 million CNY, and a gross margin of 35.40%, down by 5.06 percentage points year-on-year due to increased operating costs [1]. - For Q1 2025, the company reported a revenue of 96 million CNY, a year-on-year increase of 9%, and a net profit of 17 million CNY, reflecting a slight increase of 0.3% year-on-year [1]. Product Segments - Atomized Alloy Powder: Revenue for 2024 was 46 million CNY, up 13% year-on-year, with sales volume increasing by 27% to 867 tons [2]. - Carbonyl Iron Powder: Revenue reached 122 million CNY in 2024, a 6% increase year-on-year, with a sales volume of 2887 tons, up 9% [2]. - MIM Feedstock: Revenue surged by 34% to 74 million CNY in 2024, with sales volume increasing by 72% to 1540 tons [2]. - Soft Magnetic Powder: Revenue increased by 19% to 153 million CNY, driven by the rising demand in the automotive electronics sector [3]. - Absorbing Materials: Revenue grew by 83% to 4 million CNY, with sales volume increasing by 78% [3]. Capacity Expansion - The company has existing capacities of approximately 5000 tons/year for carbonyl iron powder and over 1000 tons/year for atomized alloy powder [8]. - The fundraising projects are expected to add 6000 tons/year for carbonyl iron powder and 4000 tons/year for atomized alloy powder, with the Ningxia project expected to begin trial production in 2025 [8]. Dividend Policy - The company plans to distribute a cash dividend of 2.50 CNY per 10 shares, totaling 30 million CNY, with a payout ratio of 42.62% [9].