EMT(SH:601208)2024-04-19 06:30Investment Rating - The report provides a positive outlook for the company, indicating an "Outperform" rating, expecting the stock's total return to exceed the relevant market benchmark over the next 12-18 months [10][27]. Core Insights - The company has successfully advanced key projects, including the "Special Functional Polyester Film Project" and several others, enhancing its core competitiveness through external development [1]. - The construction progress of various industrialization projects is in line with expectations, indicating effective project management and execution [1]. - Strategic partnerships have been established with companies like Chemax and Zhangyi Chemical to develop high-end photoresist materials, creating a synergistic industrial chain in the photoresist sector [1]. - Collaborations with companies such as Shanjin Optoelectronics and Yangzhou Wanrun aim to accelerate the domestic substitution of optical-grade polyester films for polarizers [1]. Financial Projections - The report includes detailed financial forecasts for various business segments, projecting sales revenue and cost figures for the years 2023 to 2026 [4]. - For the optical film segment, sales revenue is expected to grow from 961.71 million in 2023 to 1412.48 million by 2026, with a gradual increase in gross margin from 14.80% to 18.00% [4]. - The electronic materials segment is projected to see sales revenue rise from 1308.02 million in 2023 to 1705.94 million in 2026, with a stable gross margin of around 18% [4]. - The new energy materials segment is anticipated to grow from 161.08 million in 2023 to 214.40 million in 2026, with a gross margin of 24% [4].