Changzhou Fusion New Material (688503) 中泰证券·2024-11-17 10:05Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's performance has shown fluctuations due to demand impacts, but new technologies and products are expected to contribute to future growth [1][4]. - The company reported a revenue of 9.826 billion yuan for the first three quarters of 2024, a year-on-year increase of 32.8%, while the net profit attributable to shareholders was 421 million yuan, a decrease of 4.5% year-on-year [2][5]. - The introduction of new products, such as copper paste for photovoltaic cells, is anticipated to accelerate industrialization and benefit from new technology [4][6]. Financial Summary - Revenue projections for 2022A to 2026E are as follows: 6,504 million yuan (2022A), 10,290 million yuan (2023A), 13,766 million yuan (2024E), 16,266 million yuan (2025E), and 18,443 million yuan (2026E), with growth rates of 28% (2022A), 58% (2023A), 34% (2024E), 18% (2025E), and 13% (2026E) [2][4]. - Net profit attributable to shareholders is projected to be 391 million yuan (2022A), 442 million yuan (2023A), 560 million yuan (2024E), 700 million yuan (2025E), and 844 million yuan (2026E), with year-on-year growth rates of 59% (2022A), 13% (2023A), 27% (2024E), 25% (2025E), and 21% (2026E) [2][4]. - The company's P/E ratios are projected to be 35.3 (2022A), 31.2 (2023A), 24.6 (2024E), 19.7 (2025E), and 16.3 (2026E) [2][4]. Market and Product Development - The company has introduced new products that are expected to accelerate growth, including a packaging positioning adhesive developed for the 0BB technology process, which has achieved scale production [6]. - The company is also addressing the packaging requirements for BC components with new insulation and battery protection adhesives, which are expected to facilitate the industrialization process [6].