NBTM(600114) 国金证券·2024-07-29 00:30Investment Rating - The report gives a "Buy" rating for the company, with a target price of 20.63 RMB per share, based on a 28x PE valuation for 2024 [66][80]. Core Insights - The company is a leading player in the powder metallurgy industry in China, focusing on three main business segments: Powder Metallurgy Pressing (P&S), Metal Injection Molding (MIM), and Soft Magnetic Composite (SMC). The company leverages its technological platform and manufacturing processes to serve various sectors, including renewable energy, high-efficiency appliances, and electric vehicles [66][165]. - The MIM segment is expected to see significant growth due to the rising demand for foldable smartphones, with projected revenues of 16.45 billion RMB in 2024, reflecting a 60.87% increase [66][29]. - The SMC segment is also expanding, with anticipated revenues of 9.65 billion RMB in 2024, driven by increased production capacity and technological advantages [66][29]. - The P&S segment maintains a stable revenue stream, with expected revenues of 22.07 billion RMB in 2024, supported by the company's strong market position and export capabilities [66][29]. Summary by Sections Company Overview - The company is recognized as a leader in the powder metallurgy industry, with a diversified business model that includes P&S, MIM, and SMC. It has a strong market presence and a well-established customer base [66][165]. MIM Segment - The MIM segment is positioned for rapid growth, particularly in the foldable smartphone market, with a projected revenue increase of 60.87% in 2024. The company has established strong ties with major domestic clients, enhancing its market position [66][29]. SMC Segment - The SMC segment is expected to achieve revenues of 9.65 billion RMB in 2024, benefiting from increased production capacity and a focus on high-frequency and high-power applications. The company is actively expanding its capacity to meet growing demand [66][29]. P&S Segment - The P&S segment remains stable, with projected revenues of 22.07 billion RMB in 2024. The company continues to dominate the domestic market, accounting for 40.18% of total sales in the powder metallurgy sector [66][29]. Financial Projections - The company forecasts significant growth in net profit, with expected figures of 4.54 billion RMB in 2024, representing a 129.48% increase year-on-year. The overall revenue is projected to reach 4.86 billion RMB in 2024, marking a 25.77% growth [66][68].