Investment Rating - The report gives a "Buy" rating for the company with a target price of 34.9 CNY, based on a PE of 25x for 2025 [7]. Core Viewpoints - The company is positioned to grow by expanding its product offerings from traditional mica materials to comprehensive solutions, particularly in the fields of new energy safety protection composite materials and high-temperature mica insulation materials [1][15]. - The company has a strong competitive edge due to its robust product innovation capabilities and advanced manufacturing processes, which allow for rapid market response and high-quality product offerings [4][6]. Summary by Sections 1. Mica Business as a Foundation - The company has a complete solution from mica raw materials to various mica insulation products, focusing on R&D and expanding upstream to the mineral sector [2][30]. - The overseas sales are primarily directed towards Asia, Europe, and North America, with a significant portion of high-end exports contributing to higher profit margins [2][44]. 2. New Energy Mica - The new energy mica business is experiencing rapid growth, with revenue expected to reach 2.2 billion CNY in 2024, reflecting an 81.41% increase year-on-year [15][48]. - The implementation of new national standards for electric vehicle batteries in 2026 is anticipated to drive further upgrades in mica materials, enhancing safety features [3][47]. 3. High-Temperature Mica Insulation Materials - The company is expanding its product range from single mica to comprehensive solutions, maintaining high profit margins, with a projected revenue of 7.3 billion CNY for mica insulation materials in 2024 [37][42]. - The gross margin for high-temperature mica insulation materials is expected to improve, driven by the company's established market presence and cost advantages [24][41]. 4. Glass Fiber Materials - The company is transitioning from glass fiber cloth to glass fiber products, which are expected to open up new downstream applications in various industries [55][56]. - Glass fiber products are utilized as reinforcement materials in mica insulation, enhancing the overall product performance [20][56]. 5. Financial Forecast and Valuation - Revenue projections for 2025-2027 are 12.6 billion CNY, 15.1 billion CNY, and 18 billion CNY, with corresponding net profits of 2.6 billion CNY, 3.1 billion CNY, and 3.7 billion CNY, reflecting consistent growth rates of around 19-20% [5][6]. - The company is expected to maintain a competitive PE ratio compared to peers, supporting the investment thesis [5][6].
平安电工（001359）：首次覆盖报告：传统与新能源并进，为安全保驾护航