NBTM(SH:600114) Minsheng Securities·2024-04-30 04:30Investment Rating - The report maintains a "Recommended" rating for the company [1][13]. Core Views - The company achieved better-than-expected performance with a strong synergy among its three main businesses, leading to a significant increase in revenue and profit [13]. - The company reported a revenue of 3.86 billion yuan in 2023, a year-on-year increase of 3.6%, and a net profit attributable to shareholders of 198 million yuan, up 27.1% [13]. - In Q1 2024, the company achieved a revenue of 1.1 billion yuan, a year-on-year increase of 37.4%, and a net profit of 81 million yuan, reflecting a substantial growth of 320.8% [13]. Financial Forecasts - The company is projected to achieve revenues of 4.89 billion yuan, 6.06 billion yuan, and 7.64 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 26.6%, 23.9%, and 26.2% [5][15]. - The net profit attributable to shareholders is expected to reach 382 million yuan, 527 million yuan, and 675 million yuan for the same years, corresponding to growth rates of 93.2%, 37.9%, and 28.0% [5][15]. - The earnings per share (EPS) are forecasted to be 0.62 yuan, 0.86 yuan, and 1.09 yuan for 2024, 2025, and 2026, respectively [5][15]. Business Performance - The company’s three main business segments, P&S, SMC, and MIM, have shown strong performance, with P&S revenue reaching 1.98 billion yuan, an increase of 8.51%, and SMC revenue at 826 million yuan, up 17.13% [13]. - The MIM segment experienced a decline of 11.42% in revenue, but is expected to recover due to improvements in the consumer electronics sector [13]. - The company has made strategic partnerships in the automotive sector, with automotive parts sales accounting for 77.94% of P&S revenue [13]. Strategic Developments - The company is expanding its production capacity and has completed the construction of new facilities to support its SMC business, aiming for an annual production capacity of 70,000 tons [13]. - The company is also investing in new business areas, including increasing its stake in Shenzhen Xiaoxiang Electric and planning to establish a production line for axial flux motors [13].