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天马新材(838971):北交所信息更新:50,000吨电子陶瓷粉体募投项目结项投产,2025Q1营收同比+16%
KAIYUAN SECURITIES· 2025-06-17 07:33
Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company achieved a revenue of 0.58 billion yuan in Q1 2025, representing a year-on-year increase of 15.82%, while the net profit attributable to the parent company was 0.9719 million yuan, a decrease of 86.98% year-on-year [3] - The company has made significant progress in the research and development of low-alpha spherical alumina, with the new production line for 50,000 tons of electronic ceramic powder now operational, expected to contribute to revenue growth [5][3] - The financial forecasts for 2025-2027 have been adjusted, with net profits projected at 0.41 billion yuan (previously 0.58 billion), 0.54 billion yuan (previously 0.73 billion), and 0.72 billion yuan respectively [3] Financial Summary - For 2025, the company is expected to generate a revenue of 3.31 billion yuan, with a year-on-year growth of 29.8% [7] - The projected net profit for 2025 is 0.41 billion yuan, with an EPS of 0.39 yuan, and a P/E ratio of 82.7 times [7] - The gross margin is expected to be 22.5% in 2025, with a net margin of 12.3% [10] Industry Insights - The electronic materials industry in China is projected to grow significantly, with the market size reaching 4,809.7 billion yuan in 2023, and the semiconductor materials market accounting for 1,295.5 billion yuan, or 26.94% of the total [4] - The strategic shift towards domestic production and reduced reliance on foreign materials is expected to create substantial opportunities within the semiconductor and electronic materials sectors [4]
天马新材(838971) - 投资者关系活动记录表
2025-04-02 12:30
Group 1: Investor Relations Activities - The company conducted specific investor research and analyst meetings from March 31 to April 1, 2025, via an online conference [3][4]. Group 2: Fundraising Projects - The company has three fundraising projects: - The 50,000 tons electronic ceramic powder production line project has been completed - The 5,000 tons spherical alumina production line is in trial production and customer sample verification - The R&D center construction is expected to be completed within the year [4]. Group 3: Production Capacity - The three rotary kilns and backend processing workshops of the electronic ceramic powder production line have reached operational status, maximizing capacity utilization based on customer demand and raw material prices [5]. Group 4: Sales Growth - Sales of electronic ceramic powder materials increased by 92.25% year-on-year, with a 55% share of total sales in 2024, driven by demand from consumer electronics and automotive electronics [6]. Group 5: R&D Investment - R&D expenses have increased by over 20%, focusing on high-purity nano-alumina and third-generation semiconductor packaging materials, with collaborations with several research institutions [7]. Group 6: Raw Material Price Trends - The price of industrial alumina has decreased to around 3,000 RMB/ton in Q1 2025, with expectations of a weak bottoming phase throughout the year [8]. Group 7: Overseas Market Strategy - The company is focusing on overseas markets, supplying high-end products like electronic ceramic powder and spherical alumina through domestic subsidiaries and traders, with ongoing sample verification for several products [9]. Group 8: Product Development - The company has made breakthroughs in low-alpha spherical alumina powder and is transitioning to industrialization, with equipment installation and debugging ongoing for the upgraded production line [10].
天马新材(838971):24年归母净利润+221% 新产能/新产品助力公司持续突破
Xin Lang Cai Jing· 2025-03-31 10:34
重要在研产品Low-α射线球形氧化铝产品向产业化过渡。公司重要在研产品 Low-α 射线球形氧化铝取得 阶段性成果,该产品检测放射性元素铀(U) 和钍(Th)的含量均低于 5ppb 级别,公司现已掌握该产 品的核心技术,实验室阶段取得突破进展,处于向产业化过渡阶段,该高端小型电子级生产线升级改造 已进行设备安装调试,公司将全力推进该产线建设并尽快推进产出品验证工作。该产品技术壁垒高、工 艺难度大,属于高算力芯片的填充材料,在高带宽存储器(HBM)封装技术中有重要应用空间,能够 减少信号串扰、提高信号完整性、保障芯片的高性能运行。公司不断丰富产品体系,挖掘和覆盖新的高 端应用领域,逐渐形成基础产品、核心产品和创新高端产品的多层次矩阵式产品结构,打造高端精细氧 化铝粉体材料产业基地。 核心观点: 下游电子材料行业需求释放及公司积极开拓新市场,电子陶瓷/高压电器用粉体营收+92%/+94%。2024 年,公司主营产品电子陶瓷粉体材料实现销售收入1.4 亿元,同比+92.25%,占总营收比例的55.08%, 较上年+16.67ppt;高压电器用粉体材料产品实现销售收入0.18 亿元,同比+94.46%。公司毛利率为 ...