Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 29.43 RMB based on a 27x PE valuation for 2024 [5][22]. Core Insights - The company is a leader in the global mica insulation materials industry, focusing on R&D, production, and sales of mica insulation, fiberglass cloth, and new energy insulation materials. Its products are widely used in various sectors including cables, household appliances, new energy vehicles, energy storage, photovoltaic, and rail transit [2][22]. - The company's revenue and net profit have shown steady growth, with total revenue from 2021 to Q3 2024 being 877 million, 842 million, 927 million, and 777 million RMB, reflecting year-on-year changes of 30.84%, -3.93%, 10.07%, and 14.75% respectively. The net profit after non-recurring items was 121 million, 125 million, 160 million, and 153 million RMB, with significant growth rates [3][22]. - The mica market is expanding, with a projected CAGR of 18.00% until 2027, reaching 41.81 billion RMB. The company's new energy insulation materials revenue grew by 204.09% year-on-year in H1 2024, indicating strong economic benefits from this segment [4][22]. Financial Performance Summary - The company achieved total revenue of 8.77 billion RMB in 2021, 8.42 billion RMB in 2022, 9.27 billion RMB in 2023, and 7.77 billion RMB in the first three quarters of 2024, with a net profit of 1.21 billion RMB, 1.25 billion RMB, 1.60 billion RMB, and 1.53 billion RMB respectively [3][19]. - The overseas revenue accounted for 28.41% of total revenue in H1 2024, with a gross profit margin of 52.65%, indicating a growing international presence [3][22]. - The company plans to enhance its delivery capacity with new production bases in Wuhan and Malaysia, which are expected to contribute to stable revenue growth [4][22]. Profit Forecast - The forecast for net profit attributable to shareholders is 202 million RMB for 2024, 251 million RMB for 2025, and 312 million RMB for 2026, with corresponding EPS of 1.09, 1.35, and 1.68 RMB per share [5][22].
平安电工：首次覆盖：全球云母绝缘材料行业龙头，新能源业务凸显经济效益