GRIPM(688456) 国投证券·2024-05-11 10:30Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 47.04 CNY per share, while the current stock price is 35.12 CNY [2][31]. Core Insights - The company is a leading enterprise in metal powder materials, with significant growth potential in 3D printing and electronic paste sectors [4][6]. - The company reported a total gross profit of 223 million CNY in 2023, representing a year-on-year increase of 9.49%, with a gross margin of 8.31% [5]. - The company plans to expand its production capacity and explore new product technology iterations, particularly in the electronic paste and 3D printing sectors [6][44]. Financial Performance - In 2023, the revenue from 3D printing powder materials was 30.45 million CNY, up 42.98% year-on-year, with a gross margin of 29.70% [9]. - The revenue from copper-based metal powder materials was 1.528 billion CNY, a year-on-year increase of 0.76%, with a gross margin of 7.76% [15]. - The revenue from microelectronic tin-based solder powder materials was 800 million CNY, down 13.53% year-on-year, with a gross margin of 8.50% [15]. Growth Strategy - The company aims to double its sales in the 3D printing sector in 2024 and is actively expanding its customer base [9][30]. - The company is progressing with its fundraising projects, including the establishment of production bases in Thailand and Chongqing, which are expected to enhance production capacity significantly [30]. Market Outlook - The company is expected to achieve revenues of 3.3704 billion CNY, 3.9131 billion CNY, and 3.9288 billion CNY for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 103.3 million CNY, 146.9 million CNY, and 155 million CNY [19][31].