云路股份：专注先进磁材，全球非晶合金龙头

Investment Rating - The report initiates coverage on Yunlu Advanced Materials with a "Buy" rating, citing its leadership in the amorphous alloy sector and growth potential in nanocrystalline and soft magnetic powder core businesses [6][60] Core Business and Market Position - Yunlu Advanced Materials is a global leader in amorphous alloy materials, with a product portfolio that includes amorphous alloy, nanocrystalline alloy, and magnetic powder materials [2] - The company holds the top global market share in amorphous alloy thin strips, a key component in amorphous transformers used in power distribution [16] Amorphous Alloy Business - The amorphous alloy segment, primarily used in power distribution transformers, benefits from increasing domestic penetration and expanding overseas markets, particularly in East Asia, Southeast Asia, and Europe [2] - Amorphous motors, with their high power density and energy efficiency, are emerging as a new application area, particularly in new energy vehicles and low-altitude aircraft [3] Nanocrystalline Alloy Business - Nanocrystalline alloys, known for their high saturation magnetic density and low high-frequency loss, are increasingly replacing traditional ferrite materials in mid-to-high frequency applications [4] - The company produced 5,274 tons of nanocrystalline products in 2023, with growing demand from consumer electronics and new energy vehicles [4] Soft Magnetic Powder Core Business - Magnetic powder cores, used in energy conversion devices, are seeing strong demand from sectors like new energy power generation, new energy vehicles, and consumer electronics [5] - The company continues to expand its magnetic powder product line, leveraging high-growth downstream markets [5] Financial Performance and Projections - Revenue for 2023 was 1.772 billion yuan, with a year-on-year growth of 22.43%, and net profit attributable to shareholders was 332 million yuan, up 46.62% [8] - Revenue is projected to grow to 1.876 billion yuan in 2024, 2.092 billion yuan in 2025, and 2.309 billion yuan in 2026, with net profit expected to reach 3.67 billion yuan, 4.07 billion yuan, and 4.50 billion yuan respectively [6][8] Valuation and Peer Comparison - The company's 2024-2026 PE ratios are estimated at 20X, 18X, and 17X, lower than the industry average of 26X, 20X, and 16X, indicating undervaluation [6][60] - Comparable companies include Atech, Poco New Materials, and Shenma Electric Power, with Yunlu's valuation metrics showing a discount to peers [60] Growth Drivers - Domestic grid investment and overseas market expansion are key growth drivers for the amorphous alloy business [6] - Nanocrystalline and soft magnetic powder core businesses are expected to open new growth avenues, particularly in high-frequency and energy-efficient applications [4][5] Technological Advancements - The company has developed amorphous 3D wound cores, addressing issues like noise and fragility in traditional amorphous transformers, which is expected to drive further adoption [37] - Ongoing R&D in amorphous motors and nanocrystalline materials positions the company to capitalize on emerging applications in new energy vehicles and low-altitude aircraft [3][4]