【私募调研记录】易正朗调研耐普矿机

Group 1 - The core viewpoint of the news is that Nepe Mining Machinery is expected to achieve significant revenue and profit growth in 2024, driven by strong performance in its manufacturing business and successful overseas market expansion [1] Group 2 - Nepe Mining Machinery is projected to achieve operating revenue of 1.122 billion yuan in 2024, representing a year-on-year increase of 19.62%, and a net profit of 116 million yuan, reflecting a growth of 45.46% [1] - The main manufacturing business revenue is expected to reach 921 million yuan, with a year-on-year growth of 12.9% [1] - Revenue from rubber wear parts is anticipated to grow by 12.7% year-on-year, while revenue from mineral processing equipment is expected to decline slightly by 0.1% [1] - The gross margin for the main manufacturing business is projected to be 39.93% in 2024, an increase of 1.79% compared to the same period last year [1] Group 3 - The company has made significant progress in overseas market development, with growth rates of 125% in Africa, 77% in the Asia-Pacific and Middle East regions, and 58% in Latin America [1] - Nepe Mining Machinery has successfully developed a high-alloy forged composite liner, which has doubled its lifespan and reduced weight by 30% [1] - The sales of the composite liner are being promoted through direct visits and technical exchanges with existing customers [1] Group 4 - The decline in revenue in the fourth quarter of 2024 is primarily attributed to a decrease in orders, production capacity issues, price reductions by competitors, and a slowdown in the growth of overseas orders [1]