NBTM(SH:600114) Shanxi Securities·2024-04-30 06:30Investment Rating - The report assigns a "Buy-A" rating to the company, indicating an expected price increase of over 15% compared to the benchmark index within the next 6-12 months [10][18]. Core Views - The company is expected to benefit significantly from the rapid growth of the foldable smartphone market, with a projected revenue increase of 28.5% in 2024, reaching approximately 49.63 billion yuan [20][21]. - The company's MIM (Metal Injection Molding) business is highlighted as a key growth driver, particularly due to its strong position in the foldable screen supply chain [10][21]. - The report notes that the company has shown stable growth in its P&S and SMC businesses, with a notable recovery in MIM revenue in the second half of 2023 due to the release of new foldable smartphone models [20][22]. Financial Data Summary - The company reported a revenue of 38.61 billion yuan in 2023, a year-on-year increase of 3.62%, with a net profit of 1.98 billion yuan, up 27.08% [20]. - For 2024, the company expects revenues of approximately 49.63 billion yuan, with net profits projected at 4.24 billion yuan, reflecting a year-on-year growth of 114.1% [12][20]. - The company's earnings per share (EPS) are forecasted to increase from 0.69 yuan in 2024 to 1.02 yuan by 2026, with a corresponding decrease in the price-to-earnings (P/E) ratio from 22.1 to 14.9 [12][15].