维持“增持”评级。2024年前三季度，公司实现营收约13.88亿元，同比+6.54%；归母净利2.63 亿元，同比+10.33%；扣非归母净利2.52亿元，同比+16.35%。2024Q3 公司实现营收约4.78 亿元，同比+5.01%，环比+2.11%；归母净利约0.96 亿元，同比+29.7%，环比+4.98%。公司非晶带材业务全球领先，随着非晶电机应用空间打开，公司产品销量有望持续提升，我们维持公司2024-2026 年EPS 的预测，分别为3.17/3.64/4.21 元。参照可比公司估值，并考虑公司是细分领域全球龙头，且具备成长性，给予公司2025 年25x PE，上调目标价至91 元（原为77.99 元），维持“增持”评级。Introduction to this report:
In 24Q3, the price of the company's amorphous strip products stabilized, net profit to mother increased month-on-month, and performance was in line with expectations. As a global leader in the amorphous strip industry, the company will benefit from domestic and overseas distribution grid upgrades and high prosperity in downstream fields such as new energy vehicles, and its performance is expected to continue to grow.
Key points of investment:
Maintain an “Overweight” rating. In the first three quarters of 2024, the company achieved revenue of about 1.388 billion yuan, +6.54% year over year; net profit to mother 0.263 billion yuan, +10.33% year over year; net profit after deducting non-return to mother 0.252 billion yuan, +16.35% year over year. 2024Q3 achieved revenue of approximately 0.478 billion yuan, +5.01% YoY, +2.11% month-on-month; net profit to mother was approximately 0.096 billion yuan, +29.7% YoY, +4.98% month-on-month. The company's amorphous strip business is leading the world. As application space for amorphous motors opens up, the company's product sales are expected to continue to increase. We maintain the company's 2024-2026 EPS forecast of 3.17/3.64/4.21 yuan, respectively. Referring to comparable company valuations, and considering that the company is a global leader in the segment and has growth potential, the company was given 25x PE in 2025, raised the target price to 91 yuan (originally 77.99 yuan), and maintained the “gain” rating.
Q3 Prices of amorphous products stabilized, and the company's performance increased month-on-month. As competitor-oriented silicon steel prices rebounded, the price of the company's amorphous strip products stabilized. The 24Q3 company's gross operating profit was about 0.152 billion, +0.016 billion compared to the previous year, and +0.01 billion compared to the previous month. The company's expenses increased slightly during the Q3 period, totaling 0.054 billion yuan, +0.01 billion yuan year over year, and +0.003 billion month-on-month, mainly due to a slight increase in management and sales expenses. In addition, credit impairment losses increased, and net operating income decreased month-on-month. The company's Q3 net profit to mother was +0.0046 billion yuan month-on-month to 0.0959 billion yuan, and the performance was in line with expectations.
The company is a global leader in amorphous materials, and there is still room to increase production capacity in the future. As the world's largest amorphous strip production base, the company's production capacity is about 0.105 million tons. The newly built 0.015 million ton amorphous production line has already been put into operation, and production is expected to be released in Q4. Furthermore, there is still room for the company's future strip production capacity. At the same time, the company is also developing nanocrystals and magnetic powder businesses. 24H1 has been recognized by customers in the fields of optical storage and new energy vehicles.
Power grid upgrades and the opening of new application scenarios have brought broad demand for amorphous strips. In particular, the transformation of distribution grids in the US, Europe and other regions, as well as the advancement of rail transit and photovoltaic power plant construction, is expected to increase demand for amorphous strips. In addition, the application scenarios of amorphous strips and their products are constantly expanding, such as the application of amorphous motors in new energy vehicles and low-altitude aircraft. As an industry leader, the company will benefit from rapid growth in domestic and international demand. At the same time, in the field of nanocrystals and magnetic powder, AI technology is boosting the boom in the consumer electronics sector, and demand in fields such as new energy vehicles and photovoltaics is growing rapidly, and the application potential of nanocrystals and magnetic powder is huge.
Risk warning: demand falls short of expectations, fluctuating raw material costs, etc.
