NANYA NEW MATERIAL(688519) 华鑫证券·2025-04-29 06:21Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [12]. Core Insights - The company has reached an inflection point in performance, with high-end copper-clad laminates (CCL) driving revenue growth. In 2024, the company achieved a revenue of 3.362 billion yuan, a year-on-year increase of 12.70%. The CCL business generated 2.603 billion yuan in revenue, up 11.82%, with a gross margin of 3.07%, an increase of 4.32 percentage points [4][5]. - The first quarter of 2025 saw a significant revenue increase of 45.04% year-on-year, reaching 952 million yuan, with a net profit of 21 million yuan, reflecting a 109.04% increase year-on-year, primarily due to product structure optimization and improved gross margins [4][5]. Summary by Sections Market Performance - The company has shown strong market performance, with a current stock price of 37.04 yuan and a total market capitalization of 8.8 billion yuan. The stock has traded within a 52-week range of 16.68 to 40.29 yuan [1]. Business Developments - The U.S. government's restrictions on AI chip exports, including NVIDIA's H20, present opportunities for domestic AI chip manufacturers, enhancing the company's CCL business performance [6]. - The domestic AI chip Ascend 910C is positioned to compete with global leaders, with a transistor count of 53 billion and a half-precision (FP16) computing power exceeding 800 TFLOPS, achieving 60-80% of NVIDIA's H100 performance [7]. Industry Positioning - The company is a key player in the domestic AI computing power supply chain, focusing on CCL and prepreg products, which are essential for printed circuit board manufacturing [10]. - The company has established long-term partnerships with leading PCB manufacturers and maintains close technical collaborations with major clients in the industry [9]. Financial Forecast - Revenue projections for 2025-2027 are 4.740 billion, 5.996 billion, and 7.555 billion yuan, respectively, with corresponding EPS of 0.89, 2.06, and 3.42 yuan. The current stock price corresponds to PE ratios of 41.6, 18.0, and 10.8 times for the respective years [12][14].