首次覆盖，给予“增持”评级，目标价78.30 元。公司非晶业务全球领先，积极布局纳米晶及磁粉业务，随着海内外电网升级、新兴应用场景拓展，公司产品销量有望持续提升，我们预测公司2024-2026 年EPS 分别为3.17/3.64/4.21 元，参照可比公司估值，给予公司2024 年24.7x PE，对应目标价78.30 元，首次覆盖，给予“增持”评级。Introduction to this report:
The upgrading of old power grids in the US, India, and Europe, and the expansion of emerging application scenarios will drive a high increase in demand for amorphous, nanocrystalline, and magnetic powder. As an amorphous leader, the company will benefit from strong downstream demand.
Key points of investment:
For the first coverage, a “gain” rating was given, and the target price was 78.30 yuan. The company's amorphous business leads the world, and actively lays out the nanocrystalline and magnetic powder business. With the upgrading of power grids at home and abroad and the expansion of emerging application scenarios, the company's product sales are expected to continue to increase. We predict that the company's 2024-2026 EPS will be 3.17/3.64/4.21 yuan, respectively. Referring to comparable company valuations, the company will be given 24.7x PE in 2024, corresponding to a target price of 78.30 yuan. For the first time, coverage was given.
The global amorphous leader continues to build soft magnetic platforms and is committed to becoming a comprehensive solution provider.
The company is the world's largest amorphous strip production base, with a production capacity of 0.09 million tons. At the same time, it also lays out nanocrystalline and magnetic powder businesses to build a soft magnetic platform enterprise. The company has a strong technological leadership and is committed to comprehensive horizontal and vertical development from multi-band materials to core device production to become a leading provider of materials and comprehensive solutions.
With grid upgrades and the opening of new application scenarios, the company will benefit from high global demand. Demand for distribution transformers, photovoltaic power plants, etc. will drive the steady growth of the domestic amorphous market. Meanwhile, in countries and regions such as India, the United States, and Europe, the upgrading of old power grids and demand on the user side may usher in rapid growth. In addition, application scenarios for amorphous strips and products are constantly expanding, such as amorphous motors for new energy vehicles. As a leading global amorphous enterprise, the company will benefit from high demand at home and abroad.
AI is helping the recovery of consumer electronics. Demand is strong in fields such as new energy vehicles and photovoltaics, and the application potential of nanocrystals and magnetic powder is huge. The company is also developing nanocrystals and magnetic powder products. Nanocrystals and magnetic powder cores are ideal medium- and high-frequency soft magnetic materials. They are gradually replacing traditional soft magnetic materials, such as ferrite, and the permeability may continue to increase. At the same time, under the AI wave, as consumer electronics gradually picks up and demand for new energy vehicles and photovoltaics continues to grow rapidly, the application prospects for nanocrystals and magnetic powder products are huge.
Risk warning: demand falls short of expectations, fluctuating raw material costs, and risk of technology route substitution.
