AT&M(000969) 中邮证券·2024-05-13 14:00Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Views - The company's performance meets expectations, with a strong momentum in its new materials business [5]. - The tungsten and molybdenum products are actively expanding into emerging markets, enhancing market share [6]. - The company is leveraging its collaborative production advantages for smooth capacity expansion [6]. - A significant adjustment in product structure is underway to create a second growth point [6]. Financial Performance - In 2023, the company achieved operating revenue of 8.187 billion yuan, a year-on-year increase of 10.55%, and a net profit attributable to shareholders of 249 million yuan, up 18.19% [17]. - For the years 2024, 2025, and 2026, projected operating revenues are 10.151 billion yuan, 11.989 billion yuan, and 13.704 billion yuan, representing year-on-year growth rates of 23.98%, 18.11%, and 14.30% respectively [31]. - The net profit attributable to shareholders is expected to reach 378.73 million yuan, 501.94 million yuan, and 587.16 million yuan for the same years, with growth rates of 51.80%, 32.53%, and 16.98% respectively [31]. - The earnings per share (EPS) are projected to be 0.36 yuan, 0.48 yuan, and 0.56 yuan for 2024, 2025, and 2026 [31]. Market Insights - The global wireless charging market was valued at 100.164 billion yuan in 2022, with the domestic market at 28.677 billion yuan, indicating rapid market expansion [7]. - The 3C electronics sector accounts for 50% of the MIM injection molding products' application, showcasing the suitability of MIM technology for miniaturized and complex precision components [7]. Company Overview - The company has a total market capitalization of 9.5 billion yuan and a circulating market capitalization of 9.3 billion yuan [2]. - The asset-liability ratio stands at 41.3% [3]. - The largest shareholder is China Steel Research Technology Group Co., Ltd. [4].