NBTM(SH:600114) Tebon Securities·2024-04-29 14:30Investment Rating - The report maintains a "Buy" rating for Dongmu Co., Ltd. (600114.SH) [10] Core Views - The SMC segment has a production capacity of 70,000 tons per year and has developed new generation soft magnetic and chip inductor products, expanding into downstream motor business through a stake in Xiaoxiang Electric [2] - The P&S segment's growth is exceeding expectations, driven by the domestic high-end automotive market, with automotive parts sales accounting for 77.94% of P&S revenue in 2023, reaching 1.539 billion yuan, a year-on-year increase of 11.45% [3] - The MIM segment is showing quarterly improvement, with a 171.67% year-on-year increase in revenue in Q1 2024, following the product launch of major clients [13] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 3.861 billion yuan, a year-on-year increase of 3.62%, and a net profit of 198 million yuan, up 27.08% [12] - For Q1 2024, revenue reached 1.102 billion yuan, a year-on-year increase of 37.42%, with a net profit of 81.17 million yuan, up 320.81% [12] Revenue Forecast - The company expects revenues of 4.859 billion yuan in 2024, 6.161 billion yuan in 2025, and 7.412 billion yuan in 2026, with corresponding net profits of 404 million yuan, 540 million yuan, and 640 million yuan respectively [14] Segment Analysis - The SMC segment has successfully developed four new high-performance soft magnetic materials, with applications in various industries including renewable energy and electric vehicles [2] - The P&S segment's revenue is projected to continue growing alongside the high-end automotive sector, with a significant increase in Q1 2024 [3] - The MIM segment is expected to contribute to revenue growth as new products are validated and production capacity increases [13]