Investment Rating - The report maintains a "Recommended" rating for Tianma New Materials, indicating a positive outlook based on expected growth and market conditions [3]. Core Insights - The company achieved significant revenue and profit growth in 2024, with operating income reaching 254.85 million yuan, a year-on-year increase of 34.99%, and net profit attributable to shareholders increasing by 221.44% to 39.38 million yuan [3][6]. - The recovery in the downstream consumer electronics industry has led to increased production and sales of the company's main products, with sales revenue from electronic ceramic materials expected to grow by 92.25% year-on-year [3]. - The establishment of an industry research institute aims to enhance collaboration with academic institutions and drive technological advancements in advanced aluminum oxide materials and ceramic membranes [3]. - The company has made breakthroughs in key research projects, including the development of Low-α ray spherical aluminum oxide powder, which is crucial for high-bandwidth memory packaging technology [3]. Financial Performance Summary - In 2024, the company is projected to achieve a net profit of 39.38 million yuan, with further growth expected in subsequent years, reaching 57.82 million yuan in 2025 and 74.78 million yuan in 2026 [3][6]. - The operating income is forecasted to grow from 254.85 million yuan in 2024 to 391 million yuan in 2025 and 483 million yuan in 2026, reflecting a robust growth trajectory [6]. - The company's gross margin is expected to remain stable, with a slight increase from 27.05% in 2024 to 27.74% in 2026 [6].