NBTM(SH:600114) Tianfeng Securities·2025-08-14 03:44Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8][19]. Core Views - The company achieved a record high in half-year performance with revenue of 2.93 billion yuan, up 24.5% year-on-year, and a net profit of 261 million yuan, up 37.6% year-on-year [1][5]. - The MIM business is experiencing rapid growth, with a year-on-year increase of 57.26%, driven by the demand from the consumer electronics sector and the introduction of new products [2][3]. - The company is focusing on diversifying its applications in areas such as foldable screen hinges, AI, and robotics, leveraging its MIM technology [3][4]. Financial Performance Summary - In H1 2025, the company reported a main business revenue of 2.91 billion yuan, with the P&S, SMC, and MIM segments generating revenues of 1.26 billion, 444 million, and 1.21 billion yuan respectively [2]. - The gross profit margin for H1 2025 was 23.72%, with the MIM segment showing a margin of 25.47%, indicating improved profitability [2]. - The net profit margin for H1 2025 was 11.12%, reflecting a significant increase of 2.42 percentage points year-on-year [2]. Business Segment Insights - The MIM segment is primarily focused on the consumer electronics industry, contributing approximately 82.16% of its revenue, with significant growth expected in foldable smartphones [3]. - The P&S segment is capitalizing on the automotive industry's shift towards electrification, achieving revenue growth of 12.7% in automotive products [4]. - The SMC segment faced a revenue decline of 2.68% due to market competition, but there is potential for growth in AI-related applications [4]. Financial Projections - The company forecasts net profits of 536 million, 603 million, and 725 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 30.63, 27.24, and 22.67 [5][6].