证券代码:300818 证券简称:耐普矿机 编号:2025-001 答：目前处于市场推广阶段，前期毛利率会较低。随着市场接 受度的认可、渗透率的提升，将带动公司备件整体毛利率的提高。 5、锻造衬板市场的前景如何？预计未来几年会给公司带来多 大的业绩增量？ 江西耐普矿机股份有限公司 投资者关系活动记录 | | 特定对象调研 | | 分析师会议 | | | --- | --- | --- | --- | --- | | 投资者关系活 | 媒体采访 | | 业绩说明会 | | | 动类别 | 新闻发布会 | | 路演活动 | | | | 现场参观 | | 一对一沟通 | | | |  其他（线上交流） | | | | | | 中天汇富基金 | 古道和 | 上海国际信托 | 徐建春 | | | 泓德基金 | 郑祺鑫 | 长安国际信托 | 胡少平 | | | 睿道投资 | 荣令睿 | 慎知资产 | 李浩田、陈 | | | | | | 增博 | | | 尚诚资产 | 向红旭 | 三登投资 | 倪娜 | | | 德若私募 | 罗采奕 | 耕霁投资 | 黄梦可 | | | | | | Penny | | | ...

Core Viewpoint - The company reported strong revenue and profit growth for 2024, with a focus on cost control and overseas market expansion [3][4][5] Financial Performance - In 2024, the company achieved revenue of 1.12 billion, a year-on-year increase of 19.6% - The net profit attributable to shareholders was 120 million, up 45.5% year-on-year - The net profit excluding non-recurring items was 110 million, reflecting a 40.0% year-on-year growth - The gross profit margin was 37.4%, an increase of 0.9 percentage points year-on-year, while the net profit margin was 10.4%, up 1.8 percentage points year-on-year - In Q4 2024, the company reported revenue of 200 million, a decline of 30.3% year-on-year and 31.8% quarter-on-quarter, with a net profit of -4 million, indicating a shift from profit to loss [3] Cost Control and Profitability - The company effectively managed costs, with sales, management, and R&D expense ratios at 6.9%, 13.6%, and 3.5% respectively, all showing a decrease compared to the previous year - Core business revenue from wear-resistant parts reached 760 million, with a stable growth of 12.7% in mining rubber wear-resistant parts, although the gross margin slightly decreased by 1.0 percentage points - The mining metal parts business experienced rapid growth, with revenue increasing by 53.7% and gross margin improving by 9.1 percentage points, contributing to the overall increase in sales gross margin [4] Overseas Market Expansion - The company achieved overseas revenue of 760 million, a significant increase of 46.1%, with overseas revenue accounting for 67.6% of total revenue, up 12.3 percentage points year-on-year - Orders from overseas markets showed strong growth, with Africa increasing by 125%, Asia-Pacific and Middle East by 77%, and Latin America by 58% - The construction of overseas production bases is progressing, with a factory in Zambia completed in October 2024, and facilities in Chile and Peru under development, indicating a commitment to expanding in global mining regions [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - The company achieved a revenue of 1.12 billion yuan in 2024, representing a year-on-year growth of 19.6%. The net profit attributable to shareholders reached 120 million yuan, up 45.5% year-on-year, with a net profit margin of 10.4%, an increase of 1.8 percentage points [1][3]. - The company has shown strong overseas revenue growth, reaching 760 million yuan, a 46.1% increase year-on-year, with overseas revenue accounting for 67.6% of total revenue [3]. - The company is actively expanding its production bases overseas, with a factory in Zambia completed in October 2024 and ongoing construction in Chile and Peru, aiming to enhance its market presence in regions like Latin America and Africa [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.12 billion yuan, with a gross profit margin of 37.4%, up 0.9 percentage points from the previous year. The net profit margin was 10.4%, reflecting a solid increase [1][2]. - The fourth quarter of 2024 saw a revenue decline to 200 million yuan, a decrease of 30.3% year-on-year and 31.8% quarter-on-quarter, with a net loss of 4 million yuan [1]. Cost Management - The company has effectively controlled costs, with sales, management, and R&D expense ratios decreasing to 6.9%, 13.6%, and 3.5%, respectively [2]. - The core business of wear-resistant parts generated 760 million yuan in revenue, with a notable growth in metal parts, which saw a 53.7% increase in revenue [2]. Overseas Expansion - The company’s overseas revenue growth is significant, with orders from Africa increasing by 125%, and the Asia-Pacific and Middle East regions growing by 77% [3]. - The establishment of production bases in key mining regions is expected to bolster the company's international market development [3]. Profit Forecast and Valuation - The report adjusts the profit forecasts for 2025 and 2026, predicting net profits of 140 million yuan and 180 million yuan, respectively, while introducing a forecast for 2027 at 220 million yuan [3][5]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.82 yuan, 1.04 yuan, and 1.28 yuan, respectively [5].

谢谢大家参加内部矿机2024年度业绩交流会昨天晚上我们发布了2024的年报整个回顾2024年度我们 遇到一些困难但是整体的结果还是有一个比较好的增长下面我对2024年年度的业绩进行一个详细的介绍整个2024年度我们营业收入是增长接近20% 然后利润的话净利润的话是增长了45%达到1.16个亿其中净利润相比我们业绩预告下限的1.2亿少了300多万的利润它主要是在我们1月份发布业绩预告之后会计事务所的审计 在对一些收入上面的一个确认的条件跟我们财务部的判断是有一点点差别导致收入上面这块比预计的少一点点然后利润就少了几百万这是经济论 登产品介绍我们这个的情况的话就是我们去年制造业的收入是增长了有一个多亿从8.16增长到9.21大概增长了13%左右毛利率的话同比2023增长了1.8% 另外一块还有一块EPC这块那个类型的业务去年2024年是有两个亿相比2023年1.22个亿 增长了60%左右50%多60%如果按具体产品来说的话我们主打的那个矿用橡胶符和耐磨配件这个是去年是6.11个亿相比前年的话是增长了大概11%到12%的样子 毛利率这块的话有一个点的相较它主要还是去年这块整个折旧的金额增加比较多产能的提升的比较大的 ...

Group 1 - Jiangxi Naipu Mining Machinery Co., Ltd. has obtained a patent for a "Cylindrical Screening Integrated Discharge Hopper" with authorization announcement number CN 222710192 U, applied on March 2024 [1] - The patent describes a new design that includes a mounting ring at the bottom of the cylindrical screen and a discharge component that consists of a hopper and feed pipes, which allows for efficient separation of mineral slurry and ore [1] - The design aims to prevent slurry discharge while collecting larger particles, enhancing operational efficiency in mineral processing [1] Group 2 - Jiangxi Naipu Mining Machinery Co., Ltd. was established in 2005 and is located in Shangrao City, primarily engaged in the manufacturing of specialized equipment [2] - The company has a registered capital of 1,531.55013 million RMB and a paid-in capital of 525 million RMB [2] - The company has made investments in 11 enterprises, participated in 359 bidding projects, and holds 154 patents along with 20 trademark registrations [2]

Group 1 - Nepean Mining (300818.SZ) released its 2024 annual report on April 3, 2025, indicating that 81 institutional investors disclosed holdings in Nepean Mining A-shares, totaling 32.913 million shares, which represents 20.82% of the total share capital [1] - The top ten institutional investors collectively hold 15.78% of the shares, with a decrease of 1.84 percentage points compared to the previous quarter [1] - The report highlights that the top institutional investors include various funds and companies such as 兴全商业模式优选混合型证券投资基金 (LOF) and UBS AG [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for 1.42% of the total, while nine funds decreased their holdings, representing a reduction of 1.22% [2] - A total of 65 new public funds were disclosed this period, including notable funds like 诺安优选回报混合 and 华商盛世成长混合 [2] - One new foreign institution, UBS AG, was disclosed this period, indicating a continued interest from foreign investors [2]

Core Viewpoint - The company reported significant revenue and profit growth for the year 2023, but faced challenges in cash flow management and potential financial risks in 2024 [1][2]. Group 1: Financial Performance - The company achieved an operating revenue of 1.122 billion yuan, a year-on-year increase of 19.62% [1] - The net profit attributable to shareholders was 116 million yuan, up 45.46% year-on-year, while the net profit after deducting non-recurring gains and losses was 110 million yuan, reflecting a 39.98% increase [1] - The basic earnings per share were 0.76 yuan, and the company plans to distribute a cash dividend of 0.7 yuan per 10 shares, totaling an estimated 11.81 million yuan [1] - The total assets reached 2.573 billion yuan, a 7.8% increase from the previous year, and the net assets attributable to the parent company grew by 18.5% to 1.58 billion yuan [1] Group 2: Quarterly Performance - The fourth quarter revenue was 201 million yuan, with a net profit loss of 3.89 million yuan and a non-recurring net profit loss of 7.05 million yuan [1] Group 3: Market Expansion - The company added 38 new customers in 2024, with significant growth in overseas markets: orders in Africa increased by 125%, Asia-Pacific and Middle East by 77%, and Latin America by 58% [1] - The company is implementing an internationalization strategy through the establishment of overseas production bases and deepening customer cooperation [1] Group 4: Industry Dynamics - The demand in the mineral processing equipment industry remains stable, driven by the equipment wear cycle and new projects [2] - However, the industry is characterized by high volatility, and the expansion into overseas markets faces geopolitical, exchange rate, and regional economic uncertainties [2] - The company has secured a project for a 750M slurry pump in Tibet, filling a gap in the domestic market and strengthening its competitive position in the mineral processing equipment sector [2]

Group 1: Company Announcements - WuXi AppTec announced the sale of 50.8 million shares of WuXi AppTec Holdings through block trading, with a transaction amount of approximately HKD 2.178 billion, resulting in an investment gain of about RMB 1.847 billion, which accounts for over 10% of the company's latest audited net profit attributable to shareholders [1] - Jinlongyu plans to invest RMB 1.2 billion to construct a production line for key materials for solid-state batteries in Huizhou New Materials Industrial Park [2] - Dazhu CNC is conducting preliminary research on the issuance of overseas securities (H shares) and listing [3] - Anyuan Coal Industry plans to acquire 57% of Jinhui Magnetic Separation and simultaneously divest its coal business, which is expected to constitute a major asset restructuring [4] - Yuntian Lifa announced that its subsidiary has completed the delivery and acceptance of AI training and inference computing power services, positively impacting the company's operational performance [5] - AVIC Industry plans to voluntarily withdraw its A-share listing and will be suspended from trading starting April 3, 2025 [6] Group 2: Financial Performance - Naipu Mining reported a 45.46% year-on-year increase in net profit for 2024 and plans to distribute a cash dividend of RMB 0.7 per 10 shares [7] - New Hope expects a profit of RMB 430 million to RMB 500 million in the first quarter, marking a turnaround from losses [7] - Jinbei Automobile reported a net profit of RMB 382 million for 2024, a year-on-year increase of 214.06% [7] - Hailu Heavy Industry anticipates a year-on-year net profit increase of 50% to 65% for the first quarter of 2025 [8] Group 3: Major Transactions and Investments - Baiyin Nonferrous Metals completed the acquisition of a mining company's equity, increasing its copper metal resources to approximately 930,000 tons [9] - Ningbo Port expects to complete a container throughput of 12.11 million TEUs in the first quarter, a year-on-year increase of 10.9% [11] - Huafeng Communication reported a year-on-year net profit increase of 38.38% for 2024 [11] - Kid King anticipates a year-on-year net profit increase of 72.44% for 2024 and plans to distribute a cash dividend of RMB 0.5 per 10 shares [11]

业绩简评 2025 年 4 月 2 日公司发布 24 年年报，24 年实现营业收入 11.22 亿元，同比增长 19.62%，实现归母净利润 1.16 亿元，同比增长 45.46%，实现扣非归母净利润 1.1 亿元，同比增长 39.98%。 经营分析 公司核心耐磨备件业务稳健增长，新签大单后续有望继续保持较 好增速。公司24年耐磨备件实现收入7.57亿元，同比增长18.82%， 其中橡胶耐磨备件 6.11 亿元，同比增长 12.7%；金属耐磨备件 1.46 亿元，同比增长 53.7%。25 年 2 月 21 日公司公告分别与哈萨克斯 坦共和国某矿业公司旗下两处矿山项目签订了 5 年期《备件供货 合同》，合同金额折合人民币 1.62 亿元（不含税），为该客户提供 磨机进料端衬板、筛板、护板等选矿备件。公司目前在国内、海 外市场实现了较多大客户开拓，考虑当前铜、金价格均处高位， 矿山机械行业有望保持较高景气度，公司耐磨备件业务后续有望 继续保持较好增长。 深入推进国际化发展战略，24 年海外收入高增长。24 年公司实现 海外收入 7.58 亿元，同比增长 46.1%。新增客户 38 家，海外市场 订单不断取得突破 ...

Core Insights - The company, Nipe Mining Machinery, reported a revenue of 1.122 billion yuan for 2024, representing a year-on-year growth of 19.62% (adjusted) and a net profit of 116 million yuan, with a year-on-year increase of 45.46% (adjusted) [1] - The company specializes in the research, production, sales, and service of heavy mining equipment and wear-resistant parts, focusing on high-performance rubber materials to enhance equipment efficiency and reduce costs [1][2] Financial Performance - Nipe Mining Machinery achieved an operating income of 1.122 billion yuan, a 19.62% increase compared to the previous year [1] - The net profit reached 116 million yuan, marking a 45.46% increase year-on-year [1] - The basic earnings per share were reported at 0.76 yuan, with a cash dividend distribution plan of 0.7 yuan per 10 shares (tax included) [1] Market Expansion - The company's wear-resistant materials and heavy mining equipment have been applied in several large domestic metal mines and exported to countries such as Mongolia, Chile, and Kazakhstan [2] - In 2024, Nipe Mining Machinery added 38 new clients, with significant growth in overseas orders, including a 125% increase in Africa, 77% in the Asia-Pacific and Middle East regions, and 58% in Latin America [2] - The company secured a project for a 750M slurry pump in Tibet, filling a domestic gap in this equipment type and reinforcing its market leadership [2] Product Development - A milestone was achieved with the successful application of a new forged composite liner in a large mine in Tibet, which is expected to drive the development of other equipment and parts [2] - The successful trial of the 760NZJM flow component in the South American market has broken the long-standing monopoly of international giants in this heavy slurry pump category [2] Future Strategy - Nipe Mining Machinery aims to enhance its global production layout to better implement its international strategy, focusing on increasing market share in Latin America, Central Asia, and Africa [3] - The company targets to have international market sales revenue account for 60%-80% of its total revenue in the future [3] - Plans include improving product design and wear-resistant material research capabilities, while also increasing production capacity for large and high-end mining equipment to meet growing market demand [3] - The company intends to strengthen its comprehensive service capabilities, evolving into a leading manufacturer of mining equipment with integrated supply, design consulting, and operational maintenance capabilities [3]