云母市场规模持续扩大，新能源业务凸显经济效益。云母绝缘材料在高温冶炼、特种线缆、智能家电、轨道交通等多个行业领域发挥了重要作用。根据弗若斯特沙利文的研究，预计至2027 年世界云母材料市场复合增长率为18.00%，达到418.10 亿元。公司紧跟市场需求，积极开拓新能源业务；2024H1，公司新能源绝缘材料收入13347.65 万元，同比增长204.09%。随着公司新能源绝缘材料武汉生产基地和平安马来生产基地的陆续投产，公司交付能力将得到更大提升，有望促进业绩的持续稳定增长。Key investment points:
The company is one of the leaders in the global mica insulation materials industry. The company specializes in R&D, production and sales of mica insulation materials, glass fiber cloth and new energy insulation materials. It is committed to providing professional high-temperature insulating material products and technical services to global customers, and is one of the leading enterprises in the global mica insulation material industry. The mica insulation materials produced by the company mainly include insulating mica paper, fire-resistant mica tape, high temperature resistant mica board, mica special-shaped parts and heating parts. Glass fiber cloth mainly includes industrial grade glass fiber cloth and electronic grade glass fiber cloth. New energy insulation materials mainly include mica covers, mica partitions, mica monitoring boards, and composite mica tape used in power battery modules and energy storage systems. The company's products are widely used in wire and cable, household appliances, new energy vehicles, energy storage systems, wind power, photovoltaics and rail transit.
The company's profit level continues to grow. From 2021 to the first three quarters of 2024, the company achieved total revenue of 0.877 billion yuan, 0.842 billion yuan, 0.927 billion yuan, and 0.777 billion yuan, a year-on-year increase of 30.84%, a decrease of 3.93%, an increase of 10.07%, and an increase of 14.75%; net profit after deduction of 0.121 billion yuan, 0.125 billion yuan, 0.16 billion yuan, 0.153 billion yuan, the same The year-over-year increase was 377.17%, 2.97%, 28.52%, and 28.64%. The company's share of overseas revenue continued to rise. 2024H1, the company's overseas revenue was 0.139 billion yuan, up 34.63% year on year, gross profit margin was 52.65%, up 3.82 pct year on year, and overseas revenue accounted for 28.41%, up 4.35 pct year on year.
The scale of the mica market continues to expand, and the new energy business highlights economic benefits. Mica insulation materials play an important role in various industries such as high-temperature smelting, special cables, smart appliances, and rail transit. According to Frost & Sullivan's research, the world mica materials market is expected to have a compound growth rate of 18.00% to reach 41.81 billion yuan by 2027. The company closely followed market demand and actively developed the new energy business; with 2024H1, the company's revenue for new energy insulation materials was 133.4765 million yuan, an increase of 204.09% over the previous year. With the successive commissioning of the company's new energy insulation materials production base in Wuhan and the production base in Ping'an Malaysia, the company's delivery capacity will be further enhanced, which is expected to promote continued steady growth in performance.
The company actively carries out technological innovation and product iteration. The company insists on technological innovation and product iteration to drive the company's development; with 2024H1, the company invested 23.9708 million yuan in R&D, accounting for 4.88% of revenue. New products developed by the company such as coated mica tape, ceramic mica tape, new energy composites, aramid fiber mica paper, and high-conductivity thermal mica paper have achieved large-scale sales, and revenue from high-value-added products has increased dramatically; the company's multiple product lines have implemented automation, informatization, and digital upgrades to improve management efficiency; process reliability has been guaranteed and operational efficiency has been improved through collaborative research and development in the industrial chain.
Profit forecast. We expect the company's net profit to be 0.202, 0.251, and 0.312 billion yuan respectively in 2024-2026, with corresponding EPS of 1.09, 1.35, and 1.68 yuan/share, respectively. Referring to the valuation of comparable companies in the same industry, we gave a PE valuation of 25-27 times in 2024, with a corresponding reasonable value range of 27.25-29.43 yuan. For the first time, coverage gave a “superior to the market” rating.
Risk warning. Market competition intensifies; raw material supply and prices fluctuate.
