Investment Rating - The report does not explicitly provide an investment rating for the company Core Insights - The company is a leading enterprise in domestic polymer modified protective materials, with a broad market space for functional protective sleeves [41] - The company was established in September 2004 and went public on the Shenzhen Stock Exchange in March 2024, focusing on the design, R&D, production, and sales of polymer modified protective materials [42] - The company has shown stable revenue growth, with a net profit growth of 108.28% year-on-year in Q1 2024, driven by increased sales in the automotive and telecommunications sectors [43] - The automotive sector is a major application area for the company's products, contributing 61.82% of total revenue in 2023, with significant growth from the new energy vehicle industry [44] - The company has a technological R&D advantage, holding 28 authorized invention patents and 113 utility model patents, which enhances its competitive edge in the market [45] - The company is expanding its international market presence by establishing a subsidiary in Mexico, which will cater to customers in North and South America [46] Financial Performance - The company's revenue for 2021 to Q1 2024 was 467 million, 522 million, 644 million, and 165 million respectively, with year-on-year growth rates of 43.14%, 11.90%, 23.28%, and 38.46% [51] - The net profit after deducting non-recurring items for the same period was 95 million, 110 million, 134 million, and 44 million respectively, with year-on-year growth rates of 42.99%, 16.02%, 21.47%, and 108.28% [51] - In Q1 2024, the company's gross profit margin was 49.36%, an increase of 5.05 percentage points year-on-year, and the net profit margin was 27.65%, an increase of 9.49 percentage points year-on-year [43]
骏鼎达：国内高分子改性保护材料领先企业，功能性保护套管市场空间广阔